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Accountancy body make its application to become a regulator and licensing body for probate services (19 December 2012)

Date: 19/12/2012
Duncan Lewis, Legal News Solicitors, Accountancy body make its application to become a regulator and licensing body for probate services

Following the opening up of legal services from new law in 2007 designed to open up the legal market to new entrants the ICAEW has made an application to become a regulator and licensing body for probate services and alternative business structures (ABSs).
The application is part of years of planning and preparations towards it providing more services that its members could offer.
Alongside probate services, the institute wants to be a regulator for ABS, also known as multi-disciplinary practices, which would contain a mix of lawyer and accountancy partners.
The process should take a year, the institute has previously indicated.
The Legal Services Board, following consultation, has said it was serious on making the core will-writing and estate administration services reserved – and had launched another consultation with further details of its plans. As such, advisors providing those services would need to be regulated by an approved body.
The board had been pushing for the move to protect consumers, who it believes require better protection against unregulated services providers
While it recommended that tax advice relating to the preparation of the will would be a reserved service, it also said in the latest consultation that it did not want the proposed reservation of will-writing to bring service providers that do not write wills within the scope of legal services regulation.
Vernon Soare, ICAEW executive director of professional standards, said as an experienced regulator he was confident that ICAEW would ensure its members and firms provided excellent probate services to the public.
As the first professional accountancy body to apply to license alternative business structures, the ICAEW recognises the importance of widening consumer choice in the legal services market and of protecting the consumer through effective regulation he said.
Back in 2008 the ICAEW had went back on its plans to become a licensing body for probate, over fears that it would suffer disproportionate regulatory costs.
Last year ICAEW chief executive Michael Izza warned the Law Society to update its guidance, which he claimed restricted solicitors and accountants working together.

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