The Scots ICA has urged the OFT to restrict entry to accountancy warning of the need to stop so-called ‘cowboy accountants’ from misleading the public.
The warning comes in response to the OFT’s consultation document into the accountancy profession.
The institute’s president Grenville Johnston said: ‘No one would want to be treated by an untrained doctor. Anyone can set up in business as an accountant without any formal training and without the need for any initial or continuing assessment of their competence. Clearly, this situation is not good for the safety of the public.’
Following requests from the Treasury ministers and the Department of Trade and Industry, the OFT began an examination of the profession in March. Accountancy and law are two professions excluded from provisions of competition law.
The OFT are looking specifically into three main areas: that of tight standards of entry to accountancy; restrictions on advertising; and whether some accountancy work can be opened up to people without the accepted professional qualifications.
The Treasury is concerned that exclusion of accountancy and law from the Competition Act, which came into force on 1 March this year, is distorting the market.
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast