One year after it was given power to regulate firms wishing to conduct probate and form alternative business structures (ABS), ICAEW has issued its 100th licence to Tiffin Green Limited. This power was granted under the Legal Services Act to transform the provision of legal services, opening up the marketplace for the consumer.
Tiffin Green Limited is a five-director practice, with a ‘passion for helping small and medium sized enterprises to succeed.’ Stephen Mitchell, director added “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.”
Despite this landmark, the marketplace has still to recognise the wider choice of service providers for reserved legal services under the Legal Services Act. ICAEW is urging bodies and companies to review and update their guidance and procedures to recognise this change.
Peter James, Head of ICAEW Regulatory Policy 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. One year on, accountancy firms are seeing the advantages that ABS and probate can bring to their business. It is disappointing however that some organisations have failed to recognise this change in the market place and not updated their guidance accordingly.
“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.”
ICAEW now has100 firms licensed as ABS’s and a total of 147 accredited to perform probate.
Further information can be found at www.icaew.com/abs