ICAEW issues one hundredth alternative business structure licence

The Institute of Chartered Accountants in England and Wales (ICAEW) has reached the milestone of issuing its 100th alternative business structures (ABS) licence.

The award went to Tiffin Green Limited and was reached after only a year of being granted powers to regulate firms who want to conduct probate and form an ABS.

One hundred in 12 months

The latest firm to be granted a license by the ICAEW is a Brentwood-based five-director practice. It comes only 12 months after the first such award was made to Kingston Smith.

One of the five directors at Tiffin Green, Stephen Mitchell, commented: "Having significant experience in the area of inheritance tax planning, trusts and estates already, it was a logical step for the business to apply for a probate licence."

More choice

Head of ICAEW regulatory policy Peter James said: "ICAEW became a regulator and licensing authority for probate and ABS in the hope it would give more choice to the consumer, who might want their accountant to handle their legal services too."

James went on to express some disappointment that some organisations have failed to recognise the change in the market and have resisted updating their guidance. The ICAEW is now urging bodies and companies to review their procedures to recognise the changes that have taken place.

"Kingston Smith, a top 20 firm, was the first to be awarded a licence and I am pleased that Tiffin Green has been awarded the 100th licence. It is a positive step that firms of all sizes are developing a strategy to go beyond traditional accountancy service and offer their clients a holistic approach to probate services," James added.