The new framework has three standards, well-led, effective approach to regulation and operational delivery. Regulators were assessed against two of the standards: well-led and effective approach to regulation. ICAEW was scored highly, with a green rating of sufficient assurance on the well-led standard, and an amber rating of partial assurance on the effective approach to regulation standard. This puts ICAEW as the third highest ranking legal services regulator out of nine regulatory bodies, following the Solicitors Regulation Authority and the Cost Lawyers Standards Board.
ICAEW received recognition for best practice innovative work being done on our new continuing professional development regime which aligns with the LSB’s focus on ongoing competence of professionals.
The LSB has identified some specific actions it would like ICAEW to address. Work is underway in addressing these recommendations before the 2024 performance assessment process begins in the summer.
ICAEW rated green for well-led as a legal services regulator
Author: Professional Standards Department
Published: 12 Mar 2024
The results of the Legal Services Board (LSB)’s annual performance review have been published and ICAEW has been rated green for well-led by the LSB. The review covers the period October 2022 to May 2023, and is the first assessment under a new performance framework which came into force on 1 January 2023.
