Key reminders and updates
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Before you consider moving abroad and plan to continue to practise in the UK or serve UK clients, you need to check if you still need compliant professional indemnity insurance (PII). Obtaining ICAEW-compliant cover can become more difficult once you or your firm are based overseas because insurance is regulated by territory. Follow the guidance provided to find out what you need to know.
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Find support on managing the potential risks and ethical challenges of AI.
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In our recent webinar on ICAEW's Practice Assurance Monitoring Report 2026, Dean Neaves, Senior Manager, Quality Assurance Department, joined Quality Assurance Reviewers Dan Bevington and Hilary Barrett to discuss findings from more than 2,000 reviews completed in 2025. While the report highlights recurring areas requiring attention, the results show that most firms are meeting expected standards, with high levels of compliance, positive feedback on the monitoring process and strong awareness of cyber security risks.
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We are pleased to introduce three new members of the ICAEW Regulatory Board (IRB): Jane Fowler, Marina Gibbs and Julie Hendry. They began their initial three-year terms at the start of July, with Jane joining as a non-lay member and Marina and Julie joining as lay members.
Audit
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In our recent Audit Monitoring Insights webinar, Nick Reynolds, QAD’s Head of Audit, and Helen Storr, Quality Assurance Manager, shared the findings from the latest audit monitoring report. Visits revealed an overall improvement in file quality and identified examples of ISQM 1 best practice, but they also highlighted some ongoing weaknesses and risk factors.
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The application form for responsible individuals (RIs) has been updated to include more reflection on how well an applicant demonstrates core auditing behaviours. ICAEW’s Elaine Griffiths, Director of Regulatory Practice, and Helena Murray, Head of Regulatory Practice (Audit), discuss the changes and what they mean for firms and RIs.
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Hear from our audit team during this free webinar on 8 September. They will focus on ISQM 1, drawing on findings from ICAEW's quality assurance monitoring reviews. You could earn up to one hour towards your CPD learning.
Anti-Money Laundering (AML)
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Parliament has approved the Money Laundering and Terrorist Financing (Amendment) Regulations 2026, introducing 15 targeted reforms to strengthen the UK’s AML regime while reducing unnecessary compliance burdens on firms. The amendments came into effect on 30 June 2026.
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This booklet contains a sanitised summary of feedback from law enforcement agencies on their use of SARs.
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Save the date for our free webinar on 4 November to hear the results of our 2026 AML Supervision Report and our 2026 thematic review which will focus on the AML compliance review. Earn up to 1 hour in CPD.
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New guidance is available for when you are applying as a tax agent with HMRC. Ensure your processes are up to date.
Legal services
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Recognising inflationary and other pressures on registered firms and to continue delivering our programme of activity to fulfil our objectives under the Legal Services Act, we propose a 1% increase to 2027 probate and oaths accreditation fees and a 95% reduction in the levy. Please review the information provided and respond to our proposed budget, fee and levy levels for 2027 by 14 August 2026.
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This guidance explains the Court of Appeal’s decision in Mazur and its broader relevance to ICAEW-accredited legal services firms carrying out probate work. While the appeal decision does not change the position for ICAEW accredited firms, it reinforces the importance of effective supervision where work is delegated to unauthorised staff.
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ICAEW-accredited probate firms are invited to respond to the Office for Legal Complaints’ consultation on proposed changes to the Legal Ombudsman’s Scheme Rules, case fees and publication of decisions. Share your views by midday on 2 September 2026.
Insolvency
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A new research study commissioned by the Insolvency Service has found that Members’ Voluntary Liquidations are operating effectively, paying creditors in full in almost all cases.
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As one of the Recognised Professional Bodies, ICAEW joins ICAS and IPA to confirm interim guidance for insolvency practitioners/office holders on motor finance redress claims. The interim guidance remains in place while legal challenges to the FCA scheme continue. Read the article for the latest position and next steps.
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For more than 17 years, pre-pack administrations have been the subject of regulatory scrutiny and reform. Allison Broad, Head of Insolvency Monitoring at ICAEW, examines the evolution of SIP 16 oversight, highlights common issues identified through regulatory reviews, and considers what the Insolvency Service’s 2026 changes mean for practitioners and future monitoring.
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Comment by 6 August on proposed changes to Statement of Insolvency Practice (SIP) 2, emphasising the need for thorough analysis, enhanced reporting to regulators and clarity on what constitutes a company’s records.
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Register for our free in-person event in Belfast on 24 September. Our in-person Restructuring & Insolvency Roadshow provides updates on current legal, regulatory and practical developments impacting IPs. By attending, earn up to 3.5 hours of CPD, and network with the insolvency monitoring team and fellow professionals.
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Register for this year's free online roadshow webinars. For 2026 these will again be one-hour, bite-sized sessions. Attending all virtual roadshows could contribute up to 3 hours of verifiable CPD (or 1 hour per roadshow), providing you can demonstrate that the content is relevant to your role, including the one-hour ethical requirement by attending the session on dealing with vulnerable individuals.
