The Institute of Chartered Accountants in England and Wales (ICAEW) Approved Regulator and Licensing Authority Application for Probate Activities


Reference Number: 
2012/ICAEW

Application: 
ICAEW applications to become an Approved Regulator and Licensing Authority for Probate Activities

Status (7 March 2014): 
The LSB has now made its decision and has sent the recommendations to the Lord Chancellor:

Decision Period: 
14 December 2012 to 14 December 2013

Schedule 4, 15(2) and Schedule 10, 13(1) of the Legal Services Act requires that the LSB must give a decision on an application being made to the Board. This can be extended to no more than 16 months (Schedule 4, 15(4) and Schedule 10, 13(4)).

Documents: 

Synopsis

Application

Annex 1-3

Annex 4

Annex 5 – 8

Annex 9 – 23

On 10 May 2013 the Law Society submitted a letter to the LSB setting out its views on the application. The ICAEW were invited to comment on the letter and did so on 11 June 2013.

The Law Society letter 

ICAEW response

Advice received from the mandatory consultees:

The Lord Chief Justice

The Legal Services Consumer Panel (LSCP)

The Office of Fair Trading

Advice received from the selected consultees:

The Financial Reporting Council

The Insolvency Service

On 1 July 2013 the ICAEW submitted a letter and document setting out minor amendments to their application:

ICAEW Letter

Annexes

The LSB elected to seek further advice from the LSCP as some of the amendments related to the proposed client protection arrangements. The LSCP’s supplementary advice was received on 19 July 2013.

LSCP supplementary advice

On 25 September 2013, we received written representations to each of the advices provided to the LSB

ICAEW written representations

On 14 November 2013, the ICAEW wrote to the LSB indicating changes to their applications in relation to the appeals body to be in place to hear and determine appeals against probate decisions.

ICAEW letter to LSB regarding the appeals body

Decision: 
The LSB is granting the applications.

For more information please see our Decision Notice and Annex 3: Regulatory Arrangements.