Profession should shell out to protect its good name

The profession should itself pay for the privilege of having the term ‘accountant’ protected, the chief executive of the Association of International Accountants (AIA) has said.

Philip Turnbull, the body’s chief executive, said that an overwhelming number of the body’s members backed the move because it would guard against the public receiving bad advice and also shield the profession from having its reputation tarnished.

But the suggestion that it should be paid for by the profession itself may prove controversial.
Calls for the government to regulate the issue have been criticised by senior regulators, who
say the move would be expensive.

‘You wouldn’t go to an unqualified doctor or solicitor, and the public deserves the same when it comes to financial advice,’ said Turnbull. He added that 87% of AIA accountants supported the ongoing efforts. The body represents 5,000 members across the globe, with 2,000 UK-based accountants.

‘There are lots of arguments against it and it all comes back to resources,’ said the AIA chief executive. ‘People have been saying that it will be expensive and difficult to monitor, but that’s why we’ve got the Financial Reporting Council in place. The most important thing is to push the legislation through.’

Growing pressure to legally protect the term ‘accountant’ led to the Liberal Democrats treasury spokesman Vince Cable tabling an early day motion in Parliament, sparking further debate among advisers, politicians and the general public.

Turnbull added that the AIA is in contact with the other accountancy bodies who all believed that the term should only be able to be used by those having undergone recognised training and holding professional indemnity insurance. ‘There is widespread confusion among the public on this matter and it is only right that they should be protected by knowing that they are dealing with a qualified professional,’ he said.