Following last week’s confirmation that, from 23rd December, the Solicitors Regulation Authority (SRA) will finally become an Alternative Business Structures licensing power, the Institute of Chartered Accountants in England and Wales is now applying for the same rights.
The ICAEW is discussing its ABS licensing application with the Legal Services Board (LSB) and is expected to put itself forward early next year.
Felicity Banks is the Head of Business Law:
“We have lobbied for many years for solicitors to be allowed to work within accountancy firms that we regulate, to provide services direct to clients and continuing in compliance with their own codes of practice. This would remove unnecessary bureaucracy, and very much be in the interests of consumers.”¹
The SRA and Council for Licensed Conveyancers (CLC) have already secured their position as ABS licensing authorities. The SRA is expected to start accepting applications from Tuesday 3rd January 2012 with the first approved applications estimated to complete towards the end of February.
The CLC has already approved its first ABS, bestowing Premier Property Lawyers in Leicester with the honour of becoming the first Alternative Business Structure back in October.
¹Legal Week (Dec 2011)