Confusion reigns over N2

Confusion reigns over N2

More than 500 accountancy firms have dropped out of the ICAEW monitoring regime following the shake-up in investment advice regulation under the Financial Services Authority.

But confusion remains after the institute admitted some firms had registered with both the ICAEW and the FSA.

Talking at a meeting organised by the Small Practitioners Association, the institute’s head of regulatory policy, Peter Burton, said some firms had signed up with both the ICAEW and FSA, and others had opted to go with the wrong one.

However, Burton said that, following discussions with the FSA, these firms had been steered towards a more appropriate option.

According to the FSA, nearly one thousand accountancy firms had signed up for full regulation under the authority, which assumed full powers last weekend.

The ICAEW said 3,100 of its member firms had opted to be licensed by the institute, 550 had gone with the FSA and another 550 had dropped out altogether.

ACCA said so far only 100 of its firms had opted in to being monitored by the association, but that it had assumed all firms with existing authorisation would be licensed under the new system.

Before ‘N2’, the date when the FSA took over regulating investment advice, ACCA had monitored 4,500 firms.

Links

Small practitioners seek N2 clarity

‘Grey panthers’ to prowl the City

Alliance aims to cut FSA fees

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