Following consultation the Legal Services Board has said that it has decided to make the core will-writing and estate administration services reserved and another consultation has been launched with further details of its plans. As such, advisors providing those services would need to be regulated by an approved body.
The board was pushing for the move to protect consumers, as it believes consumers require better protection against unregulated services providers.
While it has recommended that tax advice relating to the preparation of the will would be a reserved service, it also says in the latest consultation that it was not its intentions that the proposed reservation of will-writing saw service providers who didn’t write wills within the scope of legal services regulation.
The provision of inheritance tax advice would not come within the reservations unless provided in conjunction with the core reserved activities of will-writing and estate management.
The consultation contains an example in which an accountant provides advice about distributing a client's estate on his death, and what needs to be contained in the client's will. As no will is written on this occasion, the service provided does not come under the proposed new reservations.
Commenting on the latest developments, the ICAEW said it appreciated a step which could potentially impact ICAEW chartered accountants working in practice who already provide estate administration services. Like the vast majority of professions who offer similar services, they act with integrity and in the best interests of their clients.
It was critical for ICAEW to ensure that they can continue to do so and we would work to ensure that it has in place a regulatory solution that will enable its members to continue to offer these services to their clients.
The institute has been consulting on its plan to become a licensed regulator so its members could offer services in probate disputes and set up multi-disciplinary practices.
The board was pushing for the move to protect consumers, as it believes consumers require better protection against unregulated services providers.
While it has recommended that tax advice relating to the preparation of the will would be a reserved service, it also says in the latest consultation that it was not its intentions that the proposed reservation of will-writing saw service providers who didn’t write wills within the scope of legal services regulation.
The provision of inheritance tax advice would not come within the reservations unless provided in conjunction with the core reserved activities of will-writing and estate management.
The consultation contains an example in which an accountant provides advice about distributing a client's estate on his death, and what needs to be contained in the client's will. As no will is written on this occasion, the service provided does not come under the proposed new reservations.
Commenting on the latest developments, the ICAEW said it appreciated a step which could potentially impact ICAEW chartered accountants working in practice who already provide estate administration services. Like the vast majority of professions who offer similar services, they act with integrity and in the best interests of their clients.
It was critical for ICAEW to ensure that they can continue to do so and we would work to ensure that it has in place a regulatory solution that will enable its members to continue to offer these services to their clients.
The institute has been consulting on its plan to become a licensed regulator so its members could offer services in probate disputes and set up multi-disciplinary practices.
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