Parjinder Basra, Acting Chair, ICAEW Regulatory Board

IRB Acting Chair's Foreword

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14 Apr 2023

"In the spirit of continuous improvement, I am pleased with the changes we have made and the improvements we have implemented during the year."

Parjinder Basra, Acting Chair, ICAEW Regulatory Board

Duncan Wiggetts, Chief Officer, Professional Standards Department

PSD Chief Officer’s Foreword

“2023 has seen the implementation of the biggest changes in ICAEW’s CPD Regulations for decades, the conducting of three consultations for proposed changes to important regulations and the submission of a response to a very important consultation on the future of AML supervision.”

Duncan Wiggetts , Chief Officer, Professional Standards Department

1,111

regulatory applications received**

805

licensed insolvency practitioners*

1,672

firms authorised to provide investment business advice*

2,743

monitoring reviews carried out**

953

new complaint files opened**

1,089

investigations completed**

* as at 31 December 2023
** for the whole of 2023

2,137

firms registered for statutory audit**

357

firms accredited for probate services*

c 10,500

firms supervised for compliance with AML regulations*

96%

satisfaction with the management of our monitoring process

197,669

social media impressions**

457,777

unique website visits**

Our role is to act in the public interest and to strengthen consumer confidence and trust

Dean Neaves, Senior Manager (DPB and Practice Assurance), Quality Assurance Department

Helena Murray, Head of Regulatory Practice, Regulatory Practice and Policy (RPP) team

Paul Brooks, Lay Chair, Conduct Committee

Sandy Price, Anti-money Laundering (AML) Manager, Quality Assurance Department

Will Strickland, Senior Manager (Licensed Practices, including ATOL), Quality Assurance Department

Sumbul Phillips, Senior Lawyer, Committees and Tribunals team

Sarah-Jane Owen, PII and Regulatory Manager, Regulatory Practice and Policy team

Sophie Wales, Director Regulatory Policy, Regulatory Practice and Policy team

Dean Neaves

Senior Manager (DPB and Practice Assurance), Quality Assurance Department

“We have chosen AI and eligibility as our focus areas in 2024 as firms are seeking to harness this evolving technology.”

Helena Murray

Head of Regulatory Practice, Regulatory Practice and Policy (RPP) team

"Over the year, we have worked constructively with many firms who have received PE funding to gain the confirmation we need to ensure the firms remain compliant."

Paul Brooks

Lay Chair, Conduct Committee

"The ICAEW Conduct Committee takes a structured approach to decision making, dealing with members in a consistent and transparent way."

Sandy Price

Anti-money Laundering (AML) Manager, Quality Assurance Department

“I would encourage all of our supervised population to make use of the guidance and resources we provide.”

Will Strickland

Senior Manager (Licensed Practices, including ATOL), Quality Assurance Department

“We are approached by many regulators and other organisations, both in the UK and overseas, keen to utilise our expertise to help support their own monitoring requirements.”

Sumbul Phillips

Senior Lawyer, Committees and Tribunals team

“We have made significant improvements in how we advertise vacancies and grade applications, to create a process that is fair, transparent and aligned with ICAEW values.”

Sarah-Jane Owen

PII and Regulatory Manager, Regulatory Practice and Policy team

“The views of our key stakeholders were central ... We wanted to hear from our firms, insurers and brokers to ensure as many had the opportunity to input as possible.”

Sophie Wales

Director Regulatory Policy, Regulatory Practice and Policy team

“This consultation showed the value of engaging with our members and firms to ensure that changes [are] both in the public interest and workable.”

OUR STRATEGY

ICAEW’s regulatory and conduct strategy

ICAEW’s regulatory and conduct responsibilities are delivered by the Professional Standards Department (PSD). Our role is to strengthen trust and protect the public by following the 3Es: Enable, Evaluate and Enforce.

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Circle of rope with text outlining the three E's: Enable, Evaluate and Enforce.

Oversight of ICAEW’s regulatory and conduct functions

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Finances

Download the Finances Report 2023.

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ICAEW’s regulatory and conduct roles

Read more about ICAEW’s regulatory work.

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