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This month we publish more details around the changes to ICAEW’s disciplinary framework that all members and firms should be aware of. This update includes links to the new disciplinary bye-laws and relevant regulations. We also highlight details of changes to discrepancy reporting requirements, an audit quality alert and the latest updates for insolvency practitioners and probate accredited firms.

Key reminders and general updates

Updates to ICAEW's disciplinary framework
On 1 June 2023, revisions to ICAEW's disciplinary framework will come into effect.

The updated disciplinary framework clarifies processes and improves overall transparency and accessibility. The new framework will provide greater efficiency by improving the speed of investigations and disciplinary proceedings. We have also taken the opportunity to update the Appeal and Fitness to Practise Regulations with the same aims.

Importantly, the core aspects of the existing disciplinary framework and fitness regulations and processes will be maintained, while the new framework is simpler and easier to understand for all parties, including complainants and interested third parties.

Review of Professional Indemnity Insurance Regulations
ICAEW is conducting a review of its professional indemnity insurance (PII) requirements. This aims to ensure that the arrangements remain fit for purpose and provide adequate protection to the public while being mindful of the cost to the profession.

Disciplinary update: April 2023
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.

Supportive scepticism
In our interview with Angela Foyle, the IRB's newest member, she tells us why experience on the ground brings a useful perspective to regulation and talks about some of the challenges ahead.

ICAEW Regulatory Board papers
Find out what was discussed at recent board meetings.

Have you recently had a monitoring review?
Let us know your feedback.

Anti-money laundering (AML)

New discrepancy reporting requirements
You must now report a material discrepancy between the information you hold about a person with significant control or registrable beneficial owner of an overseas entity, and the information on the Companies House register for both new and existing clients.

AML webinar: firm-wide risk assessments
Join ICAEW’s anti-money laundering supervision team to gain an understanding of how to conduct an effective firm-wide risk assessment.

Checking the evidence: is your client who they say they are?
Risk-based client verification is at the core of customer due diligence. ICAEW's anti-money laundering (AML) team and AML experts from leading firms offer some tips on how to source reliable evidence to verify that your client is who they say they are.

Webinar recording: Money laundering risks - a practical guide
Our expert panel help you to understand the concept of risk when performing customer due diligence, emerging money laundering risks, how to ensure staff understand and recognise risk and host a question and answer session.


Audit quality concerns
Our Quality Assurance Department has raised concerns about audit quality. Find out the key drivers behind audits that require improvement.


Our role as the UK’s largest insolvency regulator
View ICAEW’s latest insolvency supervisory activity in the infographic.

Statement of Insolvency Practice 3.3 - Trust Deeds
A working group of the Joint Insolvency Committee has been reviewing Statement of Insolvency Practice 3.3 – Trust Deeds and are now inviting comments on the revised SIP.

Webinar recording - Bounce back loan SARs: what good looks like
A presentation by the Financial Intelligence Unit of the National Crime Agency and National Investigation Service on what constitutes a good quality suspicious activity report (SAR), focusing on bounce back loan fraud and misuse of other COVID support schemes.

HMRC bulletin: Deregistration Mailbox Trial Survey
HMRC has been trialling a dedicated mailbox for insolvency practitioners to request VAT deregistration confirmation. HMRC is now asking for your feedback on the trial. Please complete the survey to help HMRC gauge the success of the trial. Both the trial mailbox and the survey are open until 2 May.

Restructuring & Insolvency Conference 2023
This year's virtual conference takes place om 27 and 28 June. The event will include the latest insights, knowledge and thought leadership, with a focus on the economy, cyber-attacks and more.

Legal services updates

Legal Ombudsman's Scheme Rules have changed from 1 April 2023
The Legal Ombudsman's Scheme Rules set out the framework for how complaints are resolved between authorised persons and complainants under the scheme. As of 1 April 2023, after a consultation process in April 2022, a number of revisions to the existing Scheme Rules went into effect.

The changes can be broken down into four areas. They are:

  1. a change to its time limits;
  2. its discretion to decline to issue a formal Ombudsman decision, if no substantive comments are provided, in response to an investigator’s case decision, if neither party raise any substantive objection to the findings of the case decision;
  3. a change to the Ombudsman’s discretion to dismiss or discontinue a complaint in certain circumstances; and
  4. minor changes to review and refresh the existing Scheme Rules, including new dates and correcting previous typographical errors.

The guide sets out what the changes are and how they apply.

The ICAEW Engagement Letter helpsheet templates will be updated to reflect these changes.

Probate diversity survey deadline approaching
The deadline to submit your firm's diversity data is 30 April 2023. If you haven't already, please ensure you send your firm's results to regulatorysupport@icaew.com by this date.

Don’t forget to include a short paragraph interpreting the results as well as a summary of the data.

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