ICAEW.com works better with JavaScript enabled.

Practising certificates: it’s time to re-evaluate

Author: ICAEW

Published: 19 Oct 2023

Do accountancy services make up less than 10% of your corporate finance boutique’s turnover? Under new guidelines coming into effect from 1 January 2024, it’s likely you’ll now need a practising certificate (PC).

Previously, smaller corporate finance businesses could provide accountancy and reserved services (as outlined in Annex 1 of the Statement on members engaging in public practice) without principals requiring a PC, as long as these services represented less than 10% of total practice income.

However, the guidelines are being updated to align with other regulations, such as the Money Laundering Regulations, and this 10% threshold will be removed from 1 January 2024.

It is the responsibility of members to make sure they have read the updated ICAEW Statement and apply for a PC if they now require one.

The scenario below provides further information. If you require personal guidance, please contact the ICAEW Advisory Services team  (+44 (0)1908 248 250).


I am a principal in a corporate finance boutique. I prepare information memorandums for the sale of body corporates.

The activity includes:

  • collating information from audited and unaudited financial statements that I do not prepare, or file, at Companies House;
  • budgets and forecasts presented to me by management; and
  • comparison of publicly available industry data.

My turnover derived from the provision of accountancy or reserved services does not regularly exceed 10%. Do I need a PC?


The guidance on “What is a public practitioner?” has changed. The old statement contained a paragraph stating that if the proportion of an entity’s reported turnover derived from accountancy or reserved services regularly exceeded 10% then you would be considered to be in public practice, therefore under the old statement you did not require a PC.

However, the 10% de minimis has been removed in the new statement to align it with other regulations such as the Money Laundering Regulations that do not contain a de minimis limit for supervision requirements. Therefore, in this situation you would now require a PC.

Practising certificate changes

Guideline changes mean that even if you didn't need a practising certificate before you may now need one. Apply by 30 April.

More support

Person holding office equipment
What's changed?

The practising certificate guidance has recently changed.

Find out more
Do I need a PC?

Find out whether you require a practising certificate.

Find out more

Read various scenarios to help you decide if you need a PC or not.

Read now
Open AddCPD icon

Add Verified CPD Activity

Introducing AddCPD, a new way to record your CPD activities!

Log in to start using the AddCPD tool. Available only to ICAEW members.

Add this page to your CPD activity

Step 1 of 3
Download recorded
Download not recorded

Please download the related document if you wish to add this activity to your record

What time are you claiming for this activity?
Mandatory fields

Add this page to your CPD activity

Step 2 of 3
Mandatory field

Add activity to my record

Step 3 of 3
Mandatory field

Activity added

An error has occurred
Please try again

If the problem persists please contact our helpline on +44 (0)1908 248 250