IRB Acting Chair's Foreword
"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
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Parjinder Basra, Acting Chair, ICAEW Regulatory Board
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
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Duncan Wiggetts , Chief Officer, Professional Standards Department
KEY STATISTICS
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
** 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 process197,669
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
“We have chosen AI and eligibility as our focus areas in 2024 as firms are seeking to harness this evolving technology.”
“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."
"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."
"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.”
“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.”
“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.”
“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.”
“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.”
“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.