ACCA draws attention to the development of a multiplicity of bodies and the result that accountancy is ‘very much less restrictive’ than other professions.
In its submission to the OFT, ACCA said: ‘The existence of so many bodies and different qualifications may be seen as good for consumers choice but it does carry certain dangers.
‘The qualifying and regulatory standards of different bodies vary quite substantially. Given the absence of any legal restriction on the title of accountant, the standing of the profession has always depended on the effort of professional bodies to associate themselves and their members with the highest standards.’
In conclusion ACCA states that it is unfair competition, rather than competition itself, that is the challenge for the profession and its regulators.