ICAEW spearheading move to protect term 'accountant'

The ICAEW is putting its full weight behind the campaign to get legal protection for the term ‘accountant’.

 
But chief executive Michael Izza told a meeting of the ICAEW’s council last month that not all member bodies of the CCAB, which is looking into the matter, were so keen to push forward the move.
 
Council members were also divided. Malcolm Bacchus said he had ‘grave doubts’. It would reduce choice for the general public and give government more leverage to tell accountants what to do, he said.
 
Meanwhile, legal protection of sorts could be introduced from December this year courtesy of the Money Laundering Regulations 2007, which will require all accountants offering advice to the public to be supervised by an approved regulatory body – or risk breaking the law.
 
Under the regulations, any accountants who are not monitored via their membership of such a body will have to apply to be supervised by Revenue & Customs, and will have to pay for the privilege.

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