Key reminders and updates
Top regulatory resources of 2024
Grouped by regulated area, review the most accessed resources from last year to help you remain compliant in 2025.
Get it covered: meeting PII run-off obligations
Under ICAEW’s Professional Indemnity Insurance (PII) Regulations, firms ceasing to engage in practice must obtain appropriate run-off insurance. Sarah-Jane Owen, PII and Regulatory Manager at ICAEW, and David Gooding, a member of ICAEW’s PII Committee, explain why this is mandatory and address some common misconceptions, reminding firms of their obligations.
Commissions and fees: fully informed consent
A recent Court of Appeal judgment has clarified the law around the payment of commissions without the knowledge or consent of a client. The case related to payments made by lenders to car dealers, but the legal principles are relevant to other professions, including accountants. We look at the case and what it means.
Disciplinary update: December 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Audit
Audit eligibility changes: check your firm will meet new requirements
An important revision has been made to the Audit Regulations to bring them in line with the Companies Act 2006. The updated regulations came into effect on 1 October 2024 and firms will have until 1 April 2025 to comply. It is possible the changes may impact on firms’ eligibility to be audit registered. We explain the changes, why they have been made and advise what firms should do now.
Anti-Money Laundering (AML)
Asking the right questions: how to protect against professional enabling
We will explore the role of accountants in 'high-end' money laundering and the risks and red flags that firms might come across in their day-to-day work. We will also cover the money laundering risk that exists within audit and accounting services and the steps that firms can take to protect themselves against being professional enablers. Finally we will signpost some common pitfalls to help you and your firm ensure you aren’t making these kinds of mistakes and we will finish with a live Q&A.
Insolvency
Welcome to new insolvency practitioners
- Link
- 13 Jan 2025
As an ICAEW-licensed IP, you have access to a wealth of resources, including best practice advice, free Restructuring and Insolvency Community membership (where you can access event recordings to support your CPD), marketing resources, and the licensed IP logo.
Probate
2025 Consultation Proposed changes to the ICAEW Legal Services Regulations
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.
Get ready for the 2025 Probate Diversity Survey
The next Probate Diversity Survey is this spring. Join us to find out how to prepare – from understanding the process to using the free online survey tool plus changes for 2025. There will also be an opportunity to ask questions. The webinar is free, and will take place on 5 February, 13:00-14:00. A recording will be available if you miss it.
HM Courts and Tribunals Service Update: timeliness, digital improvements and upcoming webinars
In December, ICAEW and other regulators attended a quarterly update meeting with HM Courts and Tribunals Service (HMCTS). Rachel Clements, Regulatory Policy Manager, provides practitioners with the latest developments and key insights from the session.