PracticeConsultingProfession blocked from legal services says ICAEW

Profession blocked from legal services says ICAEW

ICAEW slams lack of opportunity for accounting professionals to undertake legal services

Criticisms have been levelled at the legal services bill for not opening up
the market for legal work to be provided by the accounting profession.

ICAEW head of business law Felicity Banks said the bill ‘misses the
opportunity’ to reform the legal services market by not removing additional
regulatory burden upon accounting professionals looking to provide advice in
areas such as probate and trusts.

The bill contains details for the creation of alternative business structures
(ABS) under which different professionals can work together in the provision of
services to clients, albeit under the regulatory framework of the legal
profession. On top of this today’s Joint Committee report into the bill
highlighted concerns that the ABS should only be moved forward ‘cautiously’.

‘The Joint committee report is disappointing in that it, too, has failed to
recognise that the legal profession is one of a number of professions able to
provide services within their capabilities and subject to appropriate oversight.
We believe this is effectively anti-competitive and will continue to press for
more wide-ranging reform when the bill is debated in parliament,’ said Banks.

A spokesman for the House of Lords would not comment on the ICAEW’s concerns.

The report is available at
www.parliament.uk/parliamentary_committees/jcdlsb.cfm

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer