Regulation means fees will rocket in 2005
Fees for ICAEW members will rocket in the New Year as the cost of tougher regulation begins to kick-in. It is predicted that practising certificate fees will almost double, rising from £110 to £218.
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The leap is largely thanks to a £100 hike representing the annual subscription for practice assurance, its new compulsory practice review scheme.
Last month, the institute was forced to issue an embarrassing clarification after confusion ensued when it announced an increase – which excluded practice assurance – of just £8 to £118.
It read: ‘Since practising certificate holders are required to pay both elements, the fee applicable to practising certificate holders on this year’s fees and subscription notice is £218.’
But members will still fare relatively well compared to practising certificate holders elsewhere.
Fees at both ICAS and ACCA are set to rise 2% to £469 and £270 respectively. Both bodies already have quality assurance schemes in place.
The figures suggest that ICAEW members threatening not to renew their certificates could face difficulties finding a cheaper deal.
Robin Fieth, the institute’s director of finance, recognised that some certificate holders ‘might think twice’ before renewing, but pointed out practice assurance had been voted in democratically. The first monitoring visits are due in February 2005.
