Key reminders and updates
Clients’ money requirements: avoid these common mistakes
ICAEW’s Clients’ Money Regulations are prescriptive and detailed, with the obvious objective of protecting clients’ money. Nevertheless, we find that a significant proportion of firms that hold clients’ money do not comply with one or more of the requirements. We have therefore highlighted some common areas that firms have problems with. Check through the list to ensure your firm is not making similar mistakes.
Disciplinary update: April 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
PII requirements: What changed on 1 September 2024?
Last year, the ICAEW Regulatory Board, working collaboratively with the Professional Indemnity Insurance Committee (PIIC), launched a review of ICAEW’s insurance requirements. A consultation relating to proposed changes ran between 18 October and 14 December 2023. Following careful consideration of the feedback we received, some of the proposals were taken forward and came into effect on 1 September.
Webinar invitation Prepare for changes to professional indemnity insurance requirements
ICAEW will present an update on what is changing on 1 September 2024, including what will happen next and how you can prepare. There will also be an opportunity to ask questions during the session. The webinar takes place on 21 May.
How the profession can embrace change, according to ICAEW’s new CEO
Alan Vallance, ICAEW’s new CEO, believes there is plenty of opportunity for the profession as the way we live and work is transformed.
Free survey tool: optional staff diversity survey
Following the completion of the 2023 Probate Diversity Survey, we are now offering non-probate firms the option to use the same free survey tool. Firms can use the tool to carry out a diversity survey of staff at their firm if they wish to. This is not a regulatory requirement.
Stepping up to the challenge
ICAEW’s Professional Standards Department (PSD) has recently made three new senior management appointments. We ask Sophie Wales, Director of Regulatory Policy, Sarah Brook, Director of Investigations, and Nick Reynolds, Head of Audit, about their new roles, and their priorities for the future.
Anti-Money Laundering (AML)
Share your experiences as an MLRO at a small firm
We are looking to speak to money laundering reporting officers at sole practices or smaller firms to inform our anti-money laundering communications and to share knowledge with other MLROs.
Audit
ISQM1: early findings from quality assurance monitoring
The International Standard on Quality Management 1 (ISQM1) replaced ISQC1 in December 2022 to help firms proactively manage audit quality. Over the last 15 months ICAEW Quality Assurance Department (QAD) reviewers paid close attention to how firms have adopted this new quality management system and provided relevant guidance where needed. We look at the early findings and highlight what QAD will be looking for in 2024.
Insolvency
Proposed amendments to FCA guidance for insolvency practitioners
The FCA has published a consultation on proposed amendments to FG21/4 - Guidance for insolvency practitioners on how to approach regulated firms. The amendments reflect legal, regulatory and economic changes since the guidance was first published and also seek to improve clarity and provide further information on certain aspects. The deadline for responses is 30 April 2024
Probate
Legal Services Compensation Scheme review and consultation
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.
Bishop Fleming: listening to clients
Bishop Fleming is committed to listening to client feedback across all its service lines. In this case study showing how ICAEW probate-accredited firms gauge client satisfaction, Alex Robins, Partner and Head of Trusts and Probate, and Paul Seymour, Chief Marketing Officer, share their insights.
