The move, which will see members’ subs jump £33, hitting £200 in 2003, comes at a time when the institute is struggling to balance its books and reduce a £2m deficit.
John Collier, the ICAEW’s secretary general, confirmed the planned increase, saying: ‘The increase will cover the incremental costs we have suffered in the last few years where our income and expenditure has got out of alignment.’
Last October, Accountancy Age revealed how the institute was considering a package of cuts to reduced its deficit, and that at the time no decision had been made on fees.
Collier blamed part of the deficit on the cost of the new regulatory framework, the introduction of the new ACA qualification and under-performing investments. In addition to the subscription rises, Collier said the institute had gone through ‘a tricky process’ to cut costs – departments were asked to cut budget plans by 11% across the board.
Last month the institute sold its publishing arm, ABG, for £25m but the windfall was invested to replace the institute’s ongoing income lost by the sale.
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