Institute of Chartered Accountants backs off in probate battle

Accountancy Age – 01/10/08

Costs and regulation force ICA to back off from enabling members to carry out probate work.

The ICAEW has backed off from its fight to enable accountants to offer probate services over fears of onerous regulation and costs.

In this morning's ICAEW council meeting, Vernon Soare, executive director professional standards, said that the decision to end its fight was made because of warnings that probate work was 'regulated in a very intrusive way' by the Legal Services Board.

The institute would also be liable for a share of £19m in startup costs and contributions to the board.
But Soare stressed that accountants currently providing probate services up to the point at which a solicitor is required, could continue to do so.

The institute has fought for a numbers of years for members to be able to obtain a grant of probate on behalf of clients, which previously only solicitors could undertake.

The ICAEW has backed off from its fight to enable accountants to offer probate services over fears of onerous regulation and costs.

In this morning's ICAEW council meeting, Vernon Soare, executive director professional standards, said that the decision to end its fight was made because of warnings that probate work was 'regulated in a very intrusive way' by the Legal Services Board.

The institute would also be liable for a share of £19m in startup costs and contributions to the board.
But Soare stressed that accountants currently providing probate services up to the point at which a solicitor is required, could continue to do so.

The institute has fought for a numbers of years for members to be able to obtain a grant of probate on behalf of clients, which previously only solicitors could undertake.

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Date: 01/10/08
Publication: Accountancy Age