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The Professional Standards Department February update

Author: ICAEW

Published: 14 Feb 2022

This month we have launched the second stage of our disciplinary framework consultation, issued an invite for a live webinar on insolvencies in the energy sector and provided feature articles on how firms can stay vigilant against fraudsters targeting COVID-19 business support schemes, as well as commentary on our highly anticipated anti-money laundering film: All Too Familiar. We have also provided a caution to firms that, due to the implementation of a new records management system, there may be some disruption to our usual processing times for regulatory applications.

Please plan ahead: regulatory applications and firm structure changes

ICAEW is implementing a new records management system this spring. As the new system goes live, there may be some disruption to our usual processing times, particularly during March and April. If you or your firm is considering a new regulatory application or change (e.g., to the structure of your firm or to your own registration record), please contact our regulatory support team by emailing regulatorysupport@icaew.com at the earliest opportunity.

Please note, you must notify us of any changes to the structure of your firm within 10 business days of the change. More information about maintaining your firm’s record is available here

Stage 2 is now open: Consultation on proposed changes to ICAEW’s disciplinary framework

The ICAEW Regulatory Board (IRB) has started a consultation process on its proposed changes to the ICAEW’s disciplinary framework that it has planned for 2022. The consultation is being carried out in stages:

Stage 1 of the consultation focuses on proposed changes to ICAEW’s disciplinary framework ie, changes to the Disciplinary Bye-laws (DBLs) and introduction of the Investigation and Disciplinary Regulations. The first stage of the consultation is open until 15 March 2022.

Stage 2 of the consultation focuses on focuses on consequential changes that need to be made because of the reduction in the number of DBLs. This stage of the consultation is open until 29 March 2022.

Is trust enough? AML and professional scepticism

ICAEW’s latest educational drama film, All Too Familiar, examines the role of professional scepticism in the fight against economic crime. Produced in collaboration with HMRC, the film looks at a real-life scenario of how firms and individuals may inadvertently become ‘professional enablers’ for criminals involved in everything from financial fraud to modern slavery and terrorism.

COVID-support fraud: staying vigilant on the frontline

Fraudsters have been targeting COVID-19 business support schemes since their inception. And although the key programmes ended during 2021, the issue has not gone away. For accountancy firms now preparing year-end accounts, staying alert to COVID-related fraud is more important than ever. 

The IRB: building a board for the future

The ICAEW Regulatory Board (IRB) is at a critical point in its development. It recently announced the appointment of a new chair and is currently recruiting new members. We talk to serving board members and the chair of the independent Regulatory and Conduct Appointments Committee about what makes an effective board, why diversity – in all its forms – is so important, and what qualities prospective members could bring to the mix.

Save the date: Insolvencies in the energy sector

Join Matt Higgins of FRP Advisory on 14 March to explore the issues IPs may have to deal with when appointed over an energy supplier.  Keep an eye out for further details relating to the event.

Listen again: Dealing with employees, their claims, and interactions with Redundancy Payments Service

Amidst a raft of legislative and regulatory matters with which to comply, dealing with employees as a major stakeholder in many insolvencies, is a critical part of an IP’s role.

Give your view: R&C News

Please let us know if you feel our monthly newsletter is useful/relevant to you and provide any topics or issues you would like us to cover in future communications.

Find out what is discussed at ICAEW Regulatory Board meetings

The ICAEW Regulatory Board aims to be as open and transparent as possible. It is now publishing its meeting minutes and papers for your review.

The latest Probate monitoring results

We carried out 40 probate monitoring review visits throughout 2021.

ICAEW’s role as an anti-money laundering supervisor

In Q4 2021, we carried out 168 monitoring review visits with ICAEW-supervised AML firms. 27% of these were categorised as high or high-medium risk of being used to enable money laundering.

View from the firms

All firms and insolvency practitioners (IPs) are asked to complete a survey anonymously after their review. We use the findings from these surveys to support the continuous improvement of our monitoring processes and procedures. The feedback is received and compiled by an independent survey company.

The latest feedback from firms/IPs in respect of the conduct of quality assurance reviews carried out in 2021 is now available for you to view.

2022 fee renewals

Fee renewal notices have been sent by email this year. Please check your inbox if you have not yet organised payment.

February disciplinary update

The February disciplinary update is now available, and we recommend reading the update to familiarise yourself with the latest cases we are seeing.

Keep updated

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