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June 28, 2012

ICAEW consults on regulator application

The Institute of Chartered Accountants in England and Wales (ICAEW) has launched a consultation over its request to become a regulator of probate services and Alternative Business Structures (ABS).

A successful outcome would enable the ICAEW to authorise individuals and firms for the reserved legal service of probate and to license firms as ABS, following a 2007 Legal Services Act.

The Act has stated practitioners, other than lawyers, can apply to provide reserved legal services, also leading to increase the number of multi-disciplinary business structures between accountants and lawyers.

ICAEW executive director of professional standards Vernon Soare said it hopes to authorise firms for probate and to license ABS within 12 months.

“The decision whether to become a provider of legal services and/or change to an ABS is for ICAEW members and firms to consider. We have developed guidance to help firms in making this decision,” he said.

The deadline to respond to the consultation is open until September.

 

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