July 2025
Regulation and Conduct News July 2025
- Newsletter
- 16 Jul 2025
This month, we invite you to UK regional showings of Crossing the Line, provide you with the latest audit webinars on demand and new AML guidance on politically exposed persons. We’re also inviting your feedback on proposed 2026 probate fees and launch a new Insolvencybites video focused on suspicious activity reports.
Audit monitoring insights: Smaller audit firms and less complex audits – webinar highlights
- Article
- 15 Jul 2025
In the first of our audit monitoring insight series, Nick Reynolds and Neil Lawrinson explored the challenges and insights from audit monitoring visits, with a particular focus on smaller audit firms and less complex audits.
New OFSI FAQ on ‘domiciled’
- Website
- 14 Jul 2025
A new FAQ has been added to OFSI's FAQ page under 'definitions'. FAQ 153 addresses how OFSI applies the term 'domiciled' in financial sanctions legislation.
FCA publishes finalised guidance for treatment of politically exposed persons
- Website
- 14 Jul 2025
The FCA has updated its guidance to reflect changes to UK legislation since 2017, including clarification on the treatment of non-executive Board members in civil service departments, updates to risk levels for domestic PEPs, and revised sign-off requirements for PEP business relationships.
SARs in Action, issue 32
- Website
- 14 Jul 2025
The latest issue of the SARs in Action magazine has been published.
Audit monitoring insights – larger audit firms and complex audits
- Webinar
- 11 Jul 2025
Access the recording from the second webinar in the 2025 Audit Monitoring Insights series, focusing on larger audit firms and more complex audit portfolios. This session explores common challenges identified in audit file reviews – including risk assessment, fraud, use of experts, significant judgements and more.
2026 Probate fees consultation
- Article
- 11 Jul 2025
Recognising inflationary pressures and to continue delivering our programme of activity to fulfil our objectives under the Legal Services Act, we propose a small increase to the 2026 probate registration fees. Please review the information below, including our budget, medium-term business plan and the proposed new fee scale, and respond to our suggested fee levels for 2026.
Audit monitoring insights – smaller audit firms and less complex audits
- Webinar
- 09 Jul 2025
Access the recording from the first webinar in our 2025 Audit Monitoring Insights series, focusing on smaller audit firms and less complex audits.
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June 2025
HMCTS updates for probate practitioners: June 2025
- 02 Jul 2025
We update you on the outcome of our latest meeting with HM Courts and Tribunals Service (HMCTS). These meetings provide a platform for us to raise your feedback and help us to understand any operational issues affecting probate practitioners. Find out the latest information on operational performance, service updates and technical developments. We also provide an update on the feedback and questions that were raised during the meeting.
Financial sanctions: The Basics
- 30 Jun 2025
OFSI has released a new video series, ‘Financial Sanctions: The Basics’. This series provides high level, accessible guidance on OFSI’s processes and how to comply with financial sanctions obligations.
Annual return FAQs for firms accredited for legal services
- 26 Jun 2025
We have prepared these responses to frequently asked questions to assist firms with understanding recent changes to the annual return. These changes have been made in anticipation of new regulations that will come into effect later in 2025.
Just launched: Insolvencybites – our new bitesize training video series
- 20 Jun 2025
Our new series of short, focused videos created to help insolvency practitioners stay on top of key regulatory topics is now available and can be used to support your CPD.
May 2025
SARs Reporter Booklet May 2025
- 04 Jun 2025
This booklet contains a summary of feedback from law enforcement agencies on their use of SARs. This issue provides a snapshot of some of the examples UKFIU receive highlighting the work of law enforcement agencies in utilising SAR intelligence to initiate investigations and informing existing ones.
University of Leeds free conference 17 July: ‘Behind Closed Books: Money Laundering in UK Insolvency Proceedings’
- 27 May 2025
Book your place at a free conference addressing the lack of scrutiny regarding anti-money laundering implementation in the insolvency sector.
ICAEW Audit Monitoring Report 2025
- 27 May 2025
ICAEW has published its Audit Monitoring Report 2025, which provides a snapshot of results from last year’s quality assurance monitoring reviews. With 401 reviews conducted in 2024 and 790 audit files reviewed, the report highlights examples of best practice, common audit weaknesses, and progress with ISQM 1 implementation.
HMRC bulletin: Individual Voluntary Arrangements mailbox
- 16 May 2025
The introduction of mandatory email subject headings has been put in place by HMRC to help it deal with IVA enquiries as efficiently as possible. Read the bulletin for a summary of the new requirement.
April 2025
SARs in Action, issue 31
- 30 Apr 2025
In the latest issue, read an article from the National Economic Crime Centre on tackling Mini Umbrella Company fraud, a deep dive into organised immigration crime, and real-world SAR case studies showing the power of partnership in fighting financial crime. Plus, expert advice on how chargeback claims can affect DAML requests and why DAML outcomes can vary.
Professional Standards Update April 2025
- 23 Apr 2025
We spotlight the new Regulation and Conduct Annual Report: Protecting the public interest. There is a reminder about the next changes to Audit Regulations which will bring in new requirements from 1 June and we go behind the scenes ahead of the launch of our next training film. Read more information on ACSP registration including where to find your AML supervision number and register for probate and insolvency CPD opportunities.
Protecting the public interest: ICAEW’s Regulation and Conduct Annual Report 2024 is now available
- 23 Apr 2025
Read how as a world-leading improvement regulator, ICAEW acts in the public interest and strengthens consumer confidence and trust by holding ICAEW members and firms to high professional standards. Underpinned by independent decision-making, ICAEW delivers impartial and robust assurance to oversight regulators, the profession, the government and the public.
Consultation: Proposed revisions to ICAEW Sanctions Guidance
- 23 Apr 2025
ICAEW is consulting on new Disciplinary Sanctions Guidance. The guidance outlines how sanctions will be determined in disciplinary cases involving ICAEW-regulated firms and individuals. This guidance is used by ICAEW’s Conduct Committee, Tribunals Committee and Appeal Committee when considering disciplinary allegations.
March 2025
National Crime Agency: SARs Annual Report
- 31 Mar 2025
The National Crime Agency has published its Suspicious Activity Reports (SARs) Annual Report 2024, providing valuable insights into emerging money laundering threats and trends.
AML webinar: Understanding ACSP registration and compliance
- 28 Mar 2025
Join us on 11 June for our next AML webinar following the opening of the Companies House ACSP registration process.
Insolvency Monitoring Results 2024
- 26 Mar 2025
In 2024, we undertook 153 reviews with our accredited insolvency practitioners. Access our infographic to see the results and outcomes of those visits plus what help and support are available.
SARs Reporter Booklet March 2025
- 25 Mar 2025
This booklet contains a summary of feedback from law enforcement agencies on their use of SARs. The booklet provides a snapshot of some of the examples UKFIU receive highlighting the work of law enforcement agencies in utilising SAR intelligence to initiate investigations and informing existing ones.
February 2025
Part 1 – safeguarding the quality of your audits
- 27 Feb 2025
This is the first of three articles aimed at firms to help navigate the requirements of International Standard on Quality Management (UK) 1 (ISQM1), especially how and what to monitor.
UK announces largest sanctions package against Russia since 2022
- 26 Feb 2025
On 24 February, the UK Government designated 67 individuals and entities and specified 40 vessels under the Russia Sanctions Regime. One existing designation under the Russia Sanctions Regime has been varied.
Updates to the FATF 'grey list'
- 24 Feb 2025
The Financial Action Task Force has added Lao PDR and Nepal to the list of jurisdictions subject to increased monitoring but removed the Philippines.
SARs in Action issue 30
- 20 Feb 2025
The first issue of 2025 covers the UKFIU’s role in tackling Illegal Wildlife Trade, an NECC alert on AI bypassing due diligence, SARs Digital Service Delivery updates, and Operation DESTABILISE’s crackdown on major money laundering networks. Plus, the introduction of "Dear UKFIU," answering your SARs questions.
January 2025
New government guidance on Russian Sanctions Circumvention
- 31 Jan 2025
The UK Government has published two guidance documents to support UK industry counter and combat current and emerging trends relating to Russian sanctions circumvention.
SARs Reporter Booklet November 2024
- 30 Jan 2025
This booklet contains a summary of feedback from law enforcement agencies on their use of SARs. The booklet provides a snapshot of some of the examples UKFIU receive highlighting the work of law enforcement agencies in utilising SAR intelligence to initiate investigations and informing existing ones.
Latest SARs in Action issues
- 30 Jan 2025
Issue 29 examines efforts to combat human trafficking, highlights the Hydroponics Cell’s Amber Alert, recaps the 2024 Global Financial Institutions Partnership Summit, and celebrates the TECAs winners.
Issue 28 focuses on CARIN’s role in asset recovery, the Egmont Group’s impact on financial intelligence, and collaborative efforts by the National Economic Crime Centre Public Private Partnerships Team.
Probate News, Issue 25
- 27 Jan 2025
Give your view on proposed changes which, among other amendments, will introduce the service of the administration of oaths, sign up to the Probate Diversity Survey webinar to learn what’s new for 2025 and access resources and an update from HMCTS.
December 2024
Disciplinary update: December 2024
- 18 Dec 2024
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Get ready for the 2025 Probate Diversity Survey
- 17 Dec 2024
The next Probate Diversity Survey is this spring. Join us to find out how to prepare – from understanding the process to using the free online survey tool plus changes for 2025. There will also be an opportunity to ask questions. The webinar is free, and will take place on 5 February, 13:00-14:00. A recording will be available if you miss it.
Professional Standards Update December 2024
- 10 Dec 2024
We share an update regarding poor conduct in relation to tax matters, highlight upcoming changes to the ICAEW Code of Ethics and to practising certificate rules. You can also read a round up of the latest and most common issues our quality assurance team highlighted to insolvency practitioners, register for a webinar to find out about the process for the 2025 Probate Diversity Survey or sign up to an event from our AML supervisory team on how to protect against professional enabling.
Insolvency round-up 2024: issues raised during quality assurance visits
- 02 Dec 2024
ICAEW’s Restructuring and Insolvency Community roadshows cover key issues facing insolvency practitioners (IPs). In the final webinar of the 2024 series, Allison Broad, Head of Insolvency Monitoring, and Victoria Alexandrou, Insolvency Manager, discussed the most important findings from monitoring reviews, and highlighted some recent and upcoming changes affecting IPs.
November 2024
Professional Conduct in Relation to Taxation: a tax perspective on ethics
- 29 Nov 2024
ICAEW’s Conduct Department is dealing with a growing number of disciplinary cases related to poor conduct in relation to tax matters. We look at the key role played by Professional Conduct in Relation to Taxation (PCRT) in setting boundaries and supporting members and firms in meeting their professional and ethical obligations by providing guidance.
New sanctions reporting obligations for insolvency practitioners
- 28 Nov 2024
On 14 November 2024, the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024 was laid in Parliament. This instrument expands the definition of relevant firms subject to financial sanctions reporting obligations to cover insolvency practitioners (IPs).
HMCTS probate drop in sessions
- 14 Nov 2024
An opportunity for probate professionals to meet members of HM Courts and Tribunals Service, find out more about the service and give your feedback.
Professional Standards Update November 2024
- 12 Nov 2024
Read recently updated FAQs around continuing professional development requirements, a summary of the latest disciplinary cases and the latest guidance and resources to support you in our role.
October 2024
Professional regulation: processes and people
- 31 Oct 2024
Catherine Boyd joined the ICAEW Regulatory Board (IRB) earlier this year. In the third of our series introducing new board members, she tells us about her long-standing interest in governance and explains why a holistic approach to regulation is so important.
The firm-wide risk assessment
- 30 Oct 2024
The money laundering regulations (MLRs) require every relevant organisation to take appropriate steps to identify and assess the risks of money laundering and terrorist financing to which its business is subject. We refer to this as the firm-wide risk assessment. It is the foundation upon which a firm builds its AML policies and procedures, particularly regarding customer due diligence (CDD). We asked the money laundering reporting officer (MLRO) at a sample of 100 high and high/medium risk accountancy firms a series of questions. We also asked for a copy of their most recent firm-wide risk as...
Quality Assurance monitoring feedback results
- 30 Oct 2024
Find out what our firms thought of the monitoring review process in Q3 2024.
HMRC Insolvency Bulletin: Confidentiality and disclosure in personal insolvencies
- 28 Oct 2024
HMRC cannot usually disclose information it holds on a debtor taxpayer. Please read HMRC’s latest guidance on when disclosures are allowed in personal insolvency cases.
September 2024
HMRC Insolvency Bulletin: Digital journey for Plastic Packaging Tax
- 30 Sep 2024
HMRC is streamlining its process for handling insolvency related to Plastic Packaging Tax by introducing a new Digital G-Form that is required to use when notifying HMRC of an Insolvency Event, submitting Plastic Packaging Tax Returns and deregistering from Plastic Packaging Tax. Be sure you make the necessary updates and follow the new procedure to help ensure your correspondence is handled efficiently.
Help The Gazette improve its services
- 30 Sep 2024
Best practice for many ICAEW-registered probate firms includes publishing details of the deceased’s estate in The Gazette and/or local newspapers. The Gazette has reached out to ICAEW for help to test its new website to ensure it meets the needs of practitioners.
HMCTS Probate Service User Group update
- 26 Sep 2024
ICAEW, along with other group members, met with the senior team at HM Courts and Tribunals Service (HMCTS) in September. In this article, Rachel Clements, ICAEW Regulatory Policy Manager, shares the latest updates from HMCTS on a range of topics of interest to practitioners, including current service levels between April and July.
Access to working papers guidance: regulation 3.13
- 18 Sep 2024
The guidance supporting audit regulation 3.13 “access to working papers” has been updated following the UK’s exit from the EU, and to reflect some changes to FRC functions. Following Brexit, the regulation now applies to a registered auditor accessing another firm’s working papers where the other firm is based in a third country (ie, a country outside the UK including EEA member states). Previously the regulation only applied when accessing working papers from a firm outside the EEA.
August 2024
Listen again to Professional Refresher: the ICAEW DPB (Designated Professional Body) Licence
- 30 Aug 2024
Listen to the webinar recording to learn about details of the ICAEW DPB (Designated Professional Body) Licence, along with practical examples to illustrate how it can be used to work collaboratively with FCA regulated financial advisers.
Urgent clarification requested regarding secured creditors
- 30 Aug 2024
ICAEW, along with two of the UK's other recognised professional bodies (IPA and ICAS); recently co-signed R3's letter to INSS (the Insolvency Service) to ask for urgent clarification to assist insolvency practitioners in carrying out their functions as an administrator of a company
HMRC Insolvency Bulletin: postal addresses to use for insolvency-related correspondence
- 28 Aug 2024
Be sure to update the address used to send insolvency-related correspondence to HMRC to avoid unnecessary delays. Post should be sent to the Enforcement and Insolvency Service addresses shown on Insolvency (VAT Notice 700/56).
Feedback on proposed changes to Audit Regulations: CPD, alternates and sanctions for responsible individuals
- 22 Aug 2024
During 2023 ICAEW consulted on proposed changes to the Audit Regulations in relation to three policy areas: continuing professional development (CPD), compulsory alternates for sole practice auditors and the sanctioning of responsible individuals (RIs). The consultation ran for ten weeks from 1 September to 27 October 2023 and an overview of the results is shown below.
Archive
Regulatory and Conduct news July 2024
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Regulatory and Conduct news June 2024
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Regulatory and Conduct news May 2024
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Regulatory and Conduct news April 2024
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Regulatory and Conduct news March 2024
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Regulatory and Conduct news February 2024
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Regulatory and Conduct news January 2024
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Regulatory and Conduct news December 2023
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Useful links
Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: