ICAEW regulatory round-up: January 2023

Updates for ICAEW firms working in the regulated and supervised area(s) of probate and estate administration, audit, including local public audit, insolvency, DPB, consumer credit, quality assurance monitoring and anti-money laundering (AML).

Happy New Year from the Regulation and Professional Standards Department. In January’s update, the latest anti-money laundering guidance has been issued in ‘AML – the essentials Issue 27’, including key points for the accountancy sector post changes to the Money Laundering Regulations and a new AMLbites video on the topic of Trust and Company Service Providers. Access guidance on referrals to financial advisers and the latest updates for insolvency practitioners, including upcoming changes to the Statement of Insolvency Practice (SIP) 3.1 – Individual Voluntary Arrangements.

Keep updated: Please continue to visit the various sections under Regulation on the ICAEW website to stay up to date with all the latest regulatory-related guidance.

CPD for the future: reducing risk, enhancing trust

ICAEW’s revised CPD framework will launch later this year. Ahead of the changes, ICAEW President, Julia Penny, tells us why changes to the existing CPD regulations are necessary, why a risk-based approach to CPD is so important and explains how the latest requirements will improve trust and drive standards forward.

A disciplinary framework fit for the future

ICAEW’s disciplinary framework is being simplified and updated to make it more efficient and accessible. Ahead of the changes, Duncan Wiggetts, ICAEW’s Chief Officer for Professional Standards, explains the rationale behind the reforms and discusses how the revamped framework better meets the needs of a modern regulator. The framework is now expected to come into effect during the second quarter of 2023.

Regulatory applications

Submitting a regulatory application? Ensure you use the correct and most up-to-date version of the regulatory application forms and allow for a processing time of 8-12 weeks. Access the latest forms under the Regulation area of the ICAEW website.

2023 fee renewal notices

Payment of regulatory fees (including affiliate fees) was due on 1 January. Please check your email inbox for our renewal notices and ensure payment has been arranged.

Quality assurance monitoring reports

To ensure firms have the tools and resources to help maintain expected standards, annual monitoring reports are an important resource for firms regulated by ICAEW. Available in one place, the latest reports are on their own page under Regulation.

Disciplinary update: January 2023

Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.

Statutory regulated services overseen by ICAEW

ICAEW’s Professional Standards Department authorises and monitors members, firms and affiliates to undertake areas of work regulated by law. Find out more by accessing their dedicated pages under Regulation:

Anti-money laundering updates

AML – the essentials, issue 27

Keep up to date with all the newest AML information in the latest issue.

Switching the dial

ICAEW’s anti-money laundering (AML) educational drama All Too Familiar is being used by firms of all sizes to support in-house training. Caroline Smale and Simon Morrison from Bishop Fleming tell us how the film tapped into people’s emotions and changed how staff think and feel about AML.

Register of Overseas Entities Regulations – changes effective from 12 January

The amendments are designed to address concerns about the practical difficulties of verifying a person’s status as a beneficial owner.

Webinar: Money laundering risk – A practical guide

Join anti-money laundering professionals and members of ICAEW’s AML supervision team for this free AML webinar focusing on risk.

Working in the regulated area of audit

Quality management in audit firms

New Quality Management Standards came into effect on 15 December 2022. Access a range of ICAEW resources to help your firm ensure it is complying with the new standards.

New ban on provision of auditing services to Russia

Find out about changes to legislation that came into effect from mid-December. The article highlights the definition of ‘auditing services’ and explains certain limited exemptions. Further guidance will be emailed to money laundering compliance principals in the new year.

Tracking risk

ICAEW’s new audit risk officer tells us about her role, how she is engaging with firms, and why ‘live’ monitoring is all about preventing problems before they occur.

Working in the regulated area of investment business

DPB Update Issue 14 – January 2023

In this issue, firms can access compliance tips, read guidance on referrals to financial advisers and use the reissued Traffic Light Guide to identify when FCA authorisation is needed. We also highlight support for DPB (Investment Business) licensed firms.

Working in the regulated area of insolvency

Changes to the Statement of Insolvency Practice (SIP) 3.1 – Individual Voluntary Arrangements

Insolvency practitioners should familiarise themselves with forthcoming changes to SIP 3.1. There will be a greater degree of emphasis on the insolvency practitioner’s responsibility to ensure the debtor has received suitable advice prior to entering an IVA and during its implementation.

Become an ICAEW insolvency licence holder

If your firm is interested in applying for an ICAEW insolvency licence, there are resources and processes to guide you.

VAT deregistration requests

HMRC is trialling a dedicated mailbox for insolvency practitioners to request VAT deregistration confirmation.

Insolvency round-up 2022: insights and reminders

Last year saw a return to onsite monitoring of insolvency practitioners (IPs). During a recent Restructuring and Insolvency Community Webinar, Allison Broad and Alison Morgan, from ICAEW’s Quality Assurance Department (QAD), discussed the outcomes of 2022’s reviews, provided some advice on how to avoid others’ mistakes, and urged IPs to help make monitoring visits more efficient.

Working in the regulated area of probate

2023 Probate Diversity Survey – this spring

The next Probate Diversity Survey is taking place in spring 2023. The survey should be carried out as close as possible to 31 March 2023. Participation in the survey is mandatory for ICAEW-accredited probate firms.

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