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ICAEW applies to regulate probate services and ABS

The Institute of Chartered Accountants in England and Wales (ICAEW) has submitted an application to the Legal Services Board to allow it to become probate services and Alternative Business Structures (ABS) regulator, following a public consultation.

The Legal Services Act 2007 opened the provision of reserved legal services to competition and enabled practitioners, other than lawyers, to become authorised to provide reserved legal services.

A successful application would therefore allow the ICAEW to authorise individuals and firms for the reserved legal service of probate and to license firms as ABS.

"As an experienced regulator I am confident ICAEW will ensure its members and firms provide excellent probate services to the public," ICAEW executive director of professional standards Vernon Soare said.

"As the first professional accountancy body to apply to license Alternative Business Structures, we recognise the importance of widening consumer choice in the legal services market and of protecting the consumer through effective regulation."

 

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Institute of Chartered Accountants in England and Wales

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