Parliament approves ICAEW as probate and ABS regulator

by Calum Fuller

More from this author

15 Aug 2014

  • Comments
ICAEW flag

PARLIAMENT has confirmed the ICAEW's new role as a regulator of probate services and alternative business structures (ABSs) from September.

The ability for member firms to be able to offer wider probate services has long been sought by the ICAEW. In December 2013, it was announced the ICAEW would gain the powers following an agreement with the Legal Services Board. The statutory order formally confirms the institute's appointment.

Prior to the change, firms would have to obtain an ABS licence, which allows accountants and solicitors operate within the same firm, in order to provide probate services. ABSs, or multi-disciplinary practices, were introduced under the Legal Services Act 2007 in an attempt to open up the legal services market. Price Bailey and the legal division of PwC currently operate under ABS license.

ICAEW executive director Vernon Soare said the Lord Chancellor's decision to name the institute as the first non-legal body to regulate probate services and license ABSs was "ground-breaking".

"Consumers looking for probate services will now be able to use appropriately qualified ICAEW Chartered Accountants and ICAEW-licensed ABS as an alternative to traditional providers."

More than 250 firms have expressed an interest in accreditation, Soare added, with numbers expected to rise following the announcement.

Visitor comments

blog comments powered by Disqus

Add your comment

We won't publish your address

By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

  • Send

Charterhouse Accountants

Finance Officer

Charterhouse Accountants, Beaconsfield, Permanent, Full Time, £ Competitive




Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials


Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you



Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.


iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.