English ICA president Chris Swinson is due to meet industry minister Ian McCartney within the next week in a bid to keep his proposals for self-regulation of the profession on track.
Accountancy Age understands McCartney agreed to meet Swinson to allay fears that plans for a Review Board to oversee regulation of the profession had been sidelined.
McCartney, who is in charge of the review at the Department of Trade and Industry, last year encouraged Swinson to find a plan that all six accountancy bodies could accept in an attempt to meet a manifesto pledge to overhaul regulation of the profession.
Since April, when a plan was agreed, other interested parties have lobbied McCartney to accept alternative proposals. Labour backbench MPs Austin Mitchell and Jim Cousins have called on McCartney to adopt a statutory regulator, while the City regulator, the Financial Services Authority, has discussed the overlap with its own responsibilities.
Privately, Swinson has voiced disquiet that consideration of his proposals might be delayed beyond the parliamentary summer recess.
But it now looks likely they will not be dealt with until the DTI’s insolvency working party comes forward with proposals for the regulation of insolvency practitioners and a limited liability law for all partnerships is drafted.
Consultation is likely to be extended to consider how these proposals will overlap with plans for a Review Board.
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