Institutes failing one in three FDs

FDs surveyed in this week’s Accountancy Age/Reed Big Question complained of a practice-driven service that gave accountants in business little more than an annual subscription fee and monthly magazine.

One anonymous English ICA member said: ‘I do not feel that they provide anything useful for non-practice members.’

Another slammed the six institutes’ annual fees as taxes that you ‘just have to pay’.

The dissatisfied response from FDs remains unchanged from the 36% surveyed last year who branded the work of the institutes as an irrelevance.

Julian Aldridge, FD of the Northamptonshire Chamber, said: ‘I have to belong to maintain my letters and have to pay £130 to have four letters after my name.’Just over half of FDs contacted, however, thought their institutes gave value.

‘It is ludicrous that the UK still has a multitude of professional bodies’, said finance director Dave Collins of tailor Gieves and Hawkes. ‘A merger would eliminate huge costs, raise credibility and dramatically reduce subscriptions.’

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