LSB autorise accountants

The Legal Services Board (LSB) has confirmed that accountants will be allowed to offer estate administration services, following a two-year investigation into possible changes in regulations, reports Harris & Co Chartered Accountants Northampton.

In its final report LSB concluded that statutory regulation ‘would not be effective’ in preventing the risk of fraud in estate administration as this amounts to criminal behaviour.

In a statement, the ICAEW welcomed the decision:

‘The announcement by the LSB confirms that accountancy firms can continue to provide a wide range of services including estate administration to the general public. Common sense has prevailed.’

Instead of statutory regulation, the LSB recommends a range of policy initiatives which it says will raise standards and help the market work well for consumers.

These include the major providers of estate administration services working together to produce voluntary schemes to promote standards and provide minimum protections for consumers. The LSB also wants to see better information provided to consumers when they purchase services so that they understand potential risks.