The ICAEW has defended its 9% hike in subscription fees as an attempt to further develop a ‘more flexible ACA qualification’.
The rise, which equates to an extra £21 on the current members’ fee of £231, is 5% above its normal inflationary increase.
But the institute refuted claims that the rise was required to fund its ongoing plans to consolidate with CIPFA.
An ICAEW spokeswoman insisted that the additional £1.5m raised from the increase would go towards maintaining the quality of the qualification.
Paul Druckman, ICAEW president, admitted that the increase was ‘significant’, but maintaining the quality of the qualification was ‘critical’ for the institute’s long-term success.
Bruce Lawson, ICAEW member and linked with lobby group ‘Members Against Consolidation’, argued that the proposed consolidation was meant to lead to cost savings for the institute.
The practicing fee certificate would increase by £5 to £123.
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