ICAEW’s regulatory and conduct oversight structure diagram:
*All regulatory and disciplinary decisions are made by a lay majority or lay parity.
Updated to reflect the new disciplinary framework, effective June 2023
The following five bodies oversee ICAEW’s regulatory and conduct work:
The Financial Reporting Council (FRC) for audit regulatory work
The FRC carries out an annual inspection of PSD’s audit licensing, monitoring and enforcement work and publishes the results of its inspections. The FRC also undertakes reviews of complaints about PSD’s handling of audit and accountancy complaints.
The Insolvency Service (IS) for the regulation of insolvency practitioners
The IS carries out regular thematic reviews of PSD’s licensing, monitoring and enforcement work and publishes reports of its findings. The IS also carries out reviews of complaints about PSD’s handling of insolvency complaints.
The Legal Services Board (LSB) for probate regulatory work
The LSB publishes an annual performance assessment of all legal services regulators, including ICAEW.
The Office for Professional Body AML Supervision (OPBAS) for AML supervisory work
The OPBAS carries out a biennial inspection of PSD and publishes reports of its findings.
The Financial Conduct Authority (FCA) for DPB (Investment Business) regulatory work
The FCA has the power to review ICAEW’s work as a Designated Professional Body (DPB).
