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Regulatory consultations

As an improvement regulator, the Professional Standards Department (PSD) will initiate and respond to consultations on issues that relate to our regulatory responsibilities. We invite the views of the ICAEW members and the individuals and firms regulated/supervised by ICAEW, consumers of accountancy services and other stakeholders.

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Open regulatory consultations

We encourage you to respond to the questions in ICAEW-initiated open consultations for an opportunity to have your say on regulatory matters when proposed changes are put forward.

Currently there are no open regulatory consultations. Please keep checking our latest news communications for when one is open. Open regulatory consultations are announced through these news outlets and published on this Regulatory Consultations web page.

Regulatory News
A round-up of regulatory and conduct updates and communications from the ICAEW Professional Standards Department.
Regulation and Conduct LinkedIn
We announce new regulatory consultations on our LinkedIn channel.

Closed regulatory consultations

The closed regulatory consultations below are ICAEW-initiated consultations to which you can no longer respond and awaiting review of all responses received. Once this is complete, we will include a summary of our findings and move it to the archive below for closed consultations.

2025 Consultation: Proposed changes to the ICAEW Legal Services Regulations
  • ICAEW consultation and response
  • 13 Jan 2025
The ICAEW Regulatory Board is consulting on proposed changes to ICAEW’s Legal Services Regulations. These changes incorporate new provisions relating to the reserved legal service of the administration of oaths and requirements relating to first tier complaints introduced by the Legal Services Board (LSB) in May 2024.
Audit Regulations consultation: notification of movement of audits
  • ICAEW consultation and response
  • 05 Jun 2024
ICAEW proposes to make changes to the UK Audit Regulations and Guidance which will require audit registered firms to notify ICAEW when they are appointed as auditors to certain entities. Notification would also be required where audit fees are significantly higher than fees in the firm’s existing portfolio. The aim is to increase the transparency of the movement of these audits between audit firms.
2025 probate fees consultation
  • ICAEW consultation and response
  • 15 Jul 2024
Recognising inflationary pressures and to continue to deliver our ongoing programme of activity to fulfil these objectives and those of the Legal Services Act, we propose no change to 2025 probate registration fees for firms with 5 or fewer principals, and a 3% increase for all other firms.
Legal Services Compensation Scheme review and consultation
  • ICAEW consultation and response
  • 11 Apr 2024
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.

Closed regulatory consultations archive

The archive of closed regulatory consultations below includes ICAEW-initiated consultations that have been closed and actioned after responses have been collated and reviewed.

PSD responses to consultations

On occasion, the ICAEW Professional Standards Department (PSD) responds to consultations published by third parties in our industry. Recent responses are included below. 

ICAEW Response to Consultation on Guidance for the New Regulatory Objective on Economic Crime
  • ICAEW consultation and response
  • 17 Feb 2025
  • PDF (223kb)
ICAEW welcomes the Legal Services Board’s (LSB) consultation on guidance for the new regulatory objective of ‘promoting the prevention and detection of economic crime’. We are the largest accountancy professional body supervisor in the UK for AML compliance and as a Supervisory Authority, we support the government’s efforts to prevent economic crime and welcome the measures introduced by the ECCTA 2023.
ICAEW supports proportionate approach to AML regulation
  • Article
  • 18 Jun 2024
ICAEW has submitted its response to a recent government consultation on improving the effectiveness of the Money Laundering Regulations 2017 (MLRs). Michelle Giddings, ICAEW’s Head of AML, looks at the proposals and draws out the key points for ICAEW-supervised firms.
ICAEW REP 049/24 Raising standards in the tax advice market - Strengthening the regulatory framework and improving registration
  • Representation
  • 24 May 2024
  • PDF (430kb)
A representation dated 23 May 2024 to a consultation published by HMRC on 6 March 2024.
ICAEW response to Justice Select Committee on probate
  • ICAEW consultation and response
  • 26 Jan 2024
  • PDF (220kb)
ICAEW welcomes the opportunity to respond to the Justice Select Committee's call for evidence on probate. Our response reflects the views of ICAEW accredited probate practitioners (probate practitioners) and other individuals with experience using the service delivered by HM Courts and Tribunals Service. Our submission addresses certain questions the Committee has sought evidence on within each section.

PSD responses to consultations archive

In the accordions below, you can find past PSD responses to consultations published by third parties in our industry. 

ICAEW non-regulatory representations

ICAEW makes representations to policymakers on behalf of the accountancy profession explaining how changes to policy and legislation will impact day-to-day practice. Find the latest ICAEW representations, as well as those from previous years, and learn the views of ICAEW in its non-regulatory role. 

 

Further support

Useful links

Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: