Key reminders and updates
Government consultation on the tax advice market
As announced in the Spring Budget 2024, the government published a consultation on 6 March on its intention to raise standards in the tax advice market. The consultation sets out three possible options for a strengthened regulatory framework and also proposes that tax advisers will be required to register with HMRC.
Disciplinary update: May 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Griffin Stone Moscrop & Co: finding synergy
For Griffin Stone Moscrop & Co, becoming probate accredited was a way of ensuring clients had access to a full suite of services.
Quality Assurance monitoring feedback results
Find out what our firms thought of the monitoring review process in Q1 2024.
Lessons in leadership from ICAEW's CEO
In this special episode of Insights In Focus, we meet new ICAEW CEO Alan Vallance to discuss the leadership lessons of his career.
Anti-Money Laundering (AML)
Webinar: Customer due diligence in practice
A panel of money laundering reporting officers will provide practical insight into how they face the challenges of effective and compliant customer due diligence. The webinar will take place on 12 June 2024.
Changes to the National Risk Assessment
The Home Office and HM Treasury are updating the UK’s National Risk Assessments on Money Laundering and Terrorist Financing. They are seeking input from the accountancy sector through the below questionnaire. We encourage you to share information on the AML risks your firm has faced since 2020.
Improving the effectiveness of the Money Laundering Regulations
HM Treasury has published a consultation on improving the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 which place requirements onto a range of businesses to identify and prevent money laundering and terrorist financing. While the consultation is open, HM Treasury is holding a series of virtual, working-level events to discuss the consultation with interested stakeholders.
Audit
Professional Judgement Hub
ICAEW brings together a range of resources on professional judgement to help you develop your skills in approaching difficult judgements.
Probate
Probate service quality ‘unpredictable’
ICAEW gave evidence at a recent Justice Committee hearing on delays in the probate system.
ICAEW in partnership to research the impact of digital exclusion
ICAEW's Professional Standards Department is working with M.E.L. Research and other legal regulatory bodies to identify challenges faced by those with little or no access to digital information for legal and probate services. This research will help us support them in overcoming barriers to information they need for making informed decisions.
Legal Services Compensation Scheme review and consultation
As an approved legal services regulator, ICAEW is required to have in place appropriate compensation arrangements (the Scheme) for the purposes of consumer protection. The Scheme has been in place since 2014. ICAEW has therefore undertaken a review and is now inviting you to respond to its assessment of the Scheme and a proposal to continue with the current format.
Insolvency
Disciplinary case study: insolvency practitioner fees
Over the past year, ICAEW’s Conduct Department has seen an increase in the number of complaints which relate to the reasonableness of fees charged by insolvency practitioners (IPs). We look at the outcome of a recent disciplinary process which highlights the key issues with levels of remuneration drawn. We also hear from our Quality Assurance Department on what reviewers look at when considering IP fees during monitoring visits.
Webinar: 12 myths of HMRC insolvency
Richard Hopwood, Deputy Director at HMRC, presents an in-depth examination of the 12 myths surrounding HMRC’s Insolvency activities.
Process for directors’ loan accounts written off in corporate insolvency procedures - update
From 1 April, HMRC's mailbox relating to DLAs was decommissioned. Instead, IPs wishing to engage with HMRC regarding DLAs should write to Corporation Tax Services, HM Revenue and Customs, BX9 1AX. Please access the Insolvency Guidance bulletin for more information.
