REGULATION of probate services and licensing alternative business structures (ABSs) can now be undertaken by the ICAEW, after agreement from the Legal Services Board.
The ability for member firms to be able to offer wider probate services has long been sought by the institute, while ABS licensing allows for accountants and solicitors to joint-own firms.
ABSs were introduced under the Legal Services Act 2007, as part of opening up the legal services market. ABSs, also known as multi-disciplinary practices, can have some external ownership and investment, and also a mix of lawyers and non-lawyers working together in client-facing roles.
ICAEW executive director Vernon Soare (pictured) described the move as an “important step” by the board to open up legal services.
“In making this recommendation, the Legal Services Board has recognised that consumers can receive legal services from appropriately regulated ICAEW chartered accountants that are of equal quality to traditional providers.”
The institute will work with firms interested in providing probate service and becoming ABSs, to head towards their applications being approved next spring.
Colin McClatchie joins Robert Black, Rhona Brankin and Dame Lin Homer as a public interest member on the ICAS council
Former chief executive of HMRC Dame Lin Homer has been appointed to the ICAS council as a public interest member
Dame Elish Angiolini appointed as chair of the ICAS Discipline Board, and Lord Wallace of Tankerness appointed to its Regulation Board
The AAT has become the first accountancy body to sign the Women in Finance Charter, which is designed to help achieve gender balance in the financial services industry