This month, we highlight the extension of the Duty to Report Misconduct requirements to include firms, affiliates and other relevant persons. New resources include an AMLbites video on the topic of risks and red flags and guidance on the top 5 regulatory breaches by DPB Investment Business licenced firms. The results include links to key resources relevant to our most common finding areas. We also include the latest disciplinary cases and speak to the Quality Assurance Department on what firms should do if they are required to take follow-up action following a monitoring review.
Key reminders and general updates
A serious business: responding to follow-up actions
Most monitoring visits by ICAEW’s Quality Assurance Department conclude without the need for follow-up action. But in some cases, reviewers identify significant issues that require further action. What should you do if your firm finds itself in this position, and how can you help the process go smoothly?
Duty To Report Misconduct changes
The Duty to Report Misconduct has been extended to include firms, so it now applies to ICAEW members, firms, affiliates and relevant persons who must report, and who should be reported. (As defined in the new disciplinary framework, effective 1 June 2023). In addition, the public interest test has been removed and individuals and firms must now report any matter which may give rise to disciplinary action.
The guidance has also been updated in order to align terminology with the new disciplinary framework. For example, some committee names and references to specific Disciplinary Bye-laws have been amended.
New regulations and guidance
Small changes have been made to a range of regulations and guidance to align terminology, committee names and references to the recently updated Disciplinary Bye-laws.
Professional indemnity insurance review: have your say
Final chance to submit your feedback on PII before the review closes on 30 June.
June disciplinary update
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
CPD changes: resources
Revised CPD Regulations (effective November 2023) will place specific responsibilities on ICAEW member firms/other firms.
Access resources to help your firm prepare for the upcoming changes:
Anti-money laundering (AML)
AMLbites: Modern slavery and human trafficking
Watch and share our latest short video on topics relating to AML risks and red flags.
Anti-money laundering webinar: firm-wide risk assessments
Join ICAEW’s AML supervision team on 28 June for this free AML webinar. The webinar will break down the components of your firm-wide risk assessment (FWRA), helping you recognise and document:
- The purpose of the FWRA
- The risk categories
- The risks your business may be vulnerable to
- Risk mitigations
- How the FWRA impacts your customer due diligence
We will also signpost you to key resources and there will be a live Q&A.
DPB (Investment Business)
2022 DPB (Investment Business) monitoring results
All investment business licensed firms are monitored to ensure they are operating within the scope and eligibility criteria of their licence and that they have appropriate quality control procedures in place. Review the top 5 regulatory breaches by DPB Investment Business licenced firms in 2022 and access resources to ensure your firm does not make similar mistakes.
Building an intelligence picture
Insolvency practitioners play a key role in identifying bounce back loan fraud and misuse of other COVID support schemes. If you know how to submit a good quality suspicious activity report (SAR), it helps investigation and enforcement agencies bring criminals to justice. Find out what a good SAR looks like.
Consultation: Changes to Statement of Insolvency Practice 3.3
A working group of the Joint Insolvency Committee has been reviewing the Statement of Insolvency Practice (SIP) 3.3 – Trust Deeds and is now inviting comments on the revised SIP. This consultation closes on 10 July 2023.
HMRC is retaining the deregistration mailbox
HMRC will keep its dedicated mailbox for insolvency practitioners to request VAT deregistration confirmation. After trialling the service, HMRC has concluded the mailbox helps to reduce repeat calls into HMRC, saving costs and time, and helps to close cases more quickly.
Pre Pack Pool annual review
ICAEW licensed insolvency practitioners may be interested to read this recently published report.
Employee claims for insolvency practitioners webinar
Dealing with employee claims, including submissions to the Redundancy Payments Service and calculating and declaring dividends to employees, is a key aspect of an IP’s responsibilities. Tune in tomorrow to make sure you understand the requirements.
Restructuring & Insolvency Conference 2023
This year's virtual conference brings together an exciting programme with expert guest speakers, giving restructuring and insolvency professionals the latest insight, knowledge and thought leadership, with a focus on the economy, cyber-attacks and more.
2024 probate fees consultation
As an approved regulator and licensing authority for probate services, our activities are guided by and support the Legal Services Board's strategic themes: fairer outcomes, stronger confidence and better services, to strengthen trust and protect the public by enabling, evaluating and enforcing the highest standards in the profession.
Recognising inflationary pressures and to continue to deliver our ongoing programme of activity to fulfil these objectives and those of the Legal Services Act, we propose to increase probate registration fees by 5% for 2024.
Update to the probate engagement letter helpsheet
The helpsheet has been updated to reflect changes to the Legal Ombudsman scheme rules, effective from 1 April 2023. Only sections 3, 3.1.3, 3.1.6 and 3.1.9 have been updated. (Firms authorised or licensed to carry out probate services must make their clients aware of the compensation arrangements and complaints process.)