ICAEW authorises first non-ABS firm to carry out probate work

Print This Post

22 October 2014


Vernon Soare

Soare: “Exactly the type of firm we wanted to apply”

The Institute of Chartered Accountants in England and Wales (ICAEW) has authorised the first non-ABS accountancy firm to carry out probate work.

Kingston Smith became the first accountancy firm to be licensed by ICAEW as an alternative business structure to carry out probate work earlier this month.

Any accountancy firm wanting to provide probate services must become an ABS unless all its partners have been authorised to do probate.

Hope Shaw, a sole practice in Sherborne, Dorset, is the first non-ABS to be authorised by the ICAEW. Run by David Robinson, it provides services to individuals and local businesses.

“It was a logical step to apply to become regulated to do probate work,” Mr Robinson said. “It is an extra service we can provide to clients.

“It was natural to use ICAEW as the regulator given that it already regulates the other services I provide as a chartered accountant.”  

Vernon Soare, ICAEW executive director, said: “Hope Shaw is exactly the type of firm that we wanted to apply to do probate work and why ICAEW became a licensing authority and regulator.

“It makes sense for practices such as Hope Shaw to provide this extra service when they are already providing inheritance tax and succession planning advice.”

ICAEW became a licensing authority for accountants wanting to carry out probate and form ABSs in August 2014.

Peter James, head of regulatory policy at the ICAEW, said probate was a “natural add-on” to tax advice and that was its attraction. He said accountancy firms that became ABSs could provide a much wider range of services.

Around 250 accountancy firms are expected to become licensed either simply to provide probate services or as ABSs in the next few months.

 

Tags: , , ,



One Response to “ICAEW authorises first non-ABS firm to carry out probate work”

  1. Do they have an independent regulator ? Errrm…No.

    \do they carry the same level of PII ?

    A level playing field for Solicitors ?

  2. Sat on the Sidelines on October 22nd, 2014 at 3:33 pm

Leave a comment

* Denotes required field

All comments will be moderated before posting. Please see our Terms and Conditions

Legal Futures Blog

Three reasons why you should be more vigilant about the emails you send in 2018

Ben Mitchell DocsCorp

In December 2017, the Information Commissioner’s Office (reported that data security incidents between April and June 2017 had increased by 15% compared to the previous year. This is nothing new – data breaches have been on the rise for years. Yet law firms are often more concerned about protecting sensitive information from external threats than from a far more likely cause: human error. Human error was behind the forwarding of confidential plans from The Bank of England to The Guardian. The sender included the wrong recipient in the email and, ever since, autocomplete has been disabled and staff at the UK’s main financial regulator must now enter every single address manually.

January 17th, 2018