Professional Standards

What we do

The Professional Standards Department of Chartered Accountants Ireland, along with relevant compliance and disciplinary committees, is responsible for the delivery of the Institute's regulatory and disciplinary obligations which derive both from statute and its own Bye-Laws and Regulations. The Regulatory Policy Board develops Institute policy with regard to regulatory matters and approves Institute Regulations governing regulation & discipline. The Chartered Accountants Regulatory Board (CARB), oversees and supervises how the Institute fulfils its regulatory and disciplinary remit.

Latest news

Professional Standards

The Financial Conduct Authority (FCA) in the UK has published a third Consultation Paper on the latest proposals for changes required to comply with the Insurance Distribution Directive (IDD). This consultation follows on from two previous consultations, CP17/7 and CP17/23, with further proposals on how the FCA plans to implement the IDD in the UK. The IDD replaces the Insurance Mediation Directive. It aims to enhance consumer protection when buying insurance (including general insurance, life insurance and insurance-based investment products) and to support competition between insurance distributors by creating a level playing field. Responses to the third Consultation Paper are requested by 25 November 2017.

Nov 03, 2017
Professional Standards

The Financial Conduct Authority (UK) is consulting on proposals for recovering the costs of establishing and running the Office for Professional Body Anti-Money Laundering Supervision (OPBAS). In March 2017 the government announced its intention to create OPBAS within the FCA, from where it will oversee the adequacy of the anti-money laundering (AML) supervisory arrangements of the 22 professional body AML supervisors listed in Schedule 1 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs). This Consultation sets out the FCA’s proposals for recovering the costs of running OPBAS from the professional bodies it will supervise. The proposals cover: Application fees for reviewing and processing applications received from professional bodies who wish to be added to the list of professional body supervisors in Schedule 1 to the MLRs. A structure for periodic fees to recover the annual costs of supervision. Responses to the Consultation are requested by 8 January 2018.

Nov 03, 2017
Professional Standards

The Insolvency Service has published a Summary of Responses following a review of bonding (security) arrangements for insolvency practitioners. The original Call for Evidence was published in September 2016 to help the Government decide whether legislative change is required. Further discussions are continuing with the Recognised Professional Bodies, Insurers and the Insolvency Service.

Nov 03, 2017

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