Accountants to be supervised under new law

News Article - 21 May 2012
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The Association of Chartered Certified Accountants (ACCA) is reminding professional advisors that from the end of this year, accountants providing the public with advice will legally need to be supervised by a regulatory body.

Under the Money Laundering Regulation 2007, accountants will need to be monitored to ensure they are meeting their responsibilities, Accountancy Magazine reports.

John Davies, ACCA's head of business, told the publication: "The regulations mean that the public should have an added layer of certainty about the quality of the accountant they are using - both for personal finance issues and for their business needs."

The UK's main accountancy bodies, such as the ACCA, will supervise their own members using powers delegated to them by the government.

Mr Davies stated that accountants who fail to register should be warned that they will be committing an offence.

The ACCA recently welcomed an announcement from the Department of Trade and Industry that millions of British workers will be given up to eight days extra annual holiday.

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