Institutes – Swinson to talk with industry minister over self-regulation.

Institutes - Swinson to talk with industry minister over self-regulation.

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.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource