PracticeAuditLetters – Chain mail: institute circular arms firms over red-tape

Letters - Chain mail: institute circular arms firms over red-tape

As ever I read ‘Taking Stock’ with interest, more so when I saw mention of my own institute (ICAEW Out of Touch, page 36, 25 October).

At the risk of getting in the way of a good story I write to set the record straight. The need to be regulated in relation to certain advice about private company shares is not new. The current legislation requires regulation of the provision of advice on shares, with no distinction between listed and private company shares.

The new Financial Services and Markets Act does the same. There will continue to be work related to private company shares which will not raise the need for a Designated Professional Body licence. An institute mailing in September went to all firms, including those currently unauthorised, and included material allowing firms to decide whether they need licensing under the DPB arrangements.

Indeed arguments from the ICAEW meant the Treasury accepted that regulation should generally continue to be left to our institute, except where mainstream investment business is involved. Consequently, regulations will remain much less onerous than present or future FSA regulations, and should not impose additional burdens on firms.

Michael Groom, president, ICAEW.

Related Articles

PwC replaces EY as Domino's auditor

Audit PwC replaces EY as Domino's auditor

15h Alia Shoaib, Reporter
The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

Audit The ‘uncomfortable truth’ behind FRC’s Big Four fines recommendations

7d Carl Johnson, Stephensons
BDO holds off Big Four to retain top position as AIM auditor

Audit BDO holds off Big Four to retain top position as AIM auditor

1w Alia Shoaib, Reporter
FRC urged to fine Big Four firms penalties over £10m

Audit FRC urged to fine Big Four firms penalties over £10m

3w Alia Shoaib, Reporter
EY to audit Standard Chartered bank

Audit EY to audit Standard Chartered bank

1m Alia Shoaib, Reporter
KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
Top 50+50: Firms post significant growth in new tax and audit rankings

Audit Top 50+50: Firms post significant growth in new tax and audit rankings

2m Emma Smith, Managing Editor