The new framework has three standards, well-led, effective approach to regulation and operational delivery. Regulators were assessed against two of the standards: well-led and effective approach to regulation. ICAEW was scored highly, with a green rating of sufficient assurance on the well-led standard, and an amber rating of partial assurance on the effective approach to regulation standard. This puts ICAEW as the third highest ranking legal services regulator out of nine regulatory bodies, following the Solicitors Regulation Authority and the Cost Lawyers Standards Board.
ICAEW received recognition for best practice innovative work being done on our new continuing professional development regime which aligns with the LSB’s focus on ongoing competence of professionals.
The LSB has identified some specific actions it would like ICAEW to address. Work is underway in addressing these recommendations before the 2024 performance assessment process begins in the summer.