Regulator status given to ACCA for conciliation service 

Clients of ACCA members and firms who have exhausted the internal complaints process can now seek assistance via the conciliation service of ACCA

ACCA (the Association of Chartered Certified Accountants) has been given the go ahead by the Chartered Trading Standards Institute to become a regulator that clients can turn to if members or firms regulated by ACCA do not resolve their complaints.

From October 2015 members and firms, who are regulated by ACCA, will be required to direct their clients towards the global body for professional accountants’ assessment department, who will evaluate the complaint for its suitability to conciliation.

Jo Vlahos, ACCA’s head of assessment, said: ‘Guidance has been produced for members on how to handle these matters correctly. This is a good example of the work the Conciliation Service does in respect to ACCA’s relationships with lead regulators.’

There are also new obligations for ACCA – most notably concerning its accountability to the Chartered Trading Standards Institute. ACCA now has a new lead regulator which requires, for instance, annual reporting and access to ACCA’s procedures by way of audit visits.

Jo Vlahos added: ‘We have already undertaken a great deal of work in achieving this authorisation and we are currently implementing necessary changes to our processes and liaising with national offices to ensure that we offer sufficient guidance for members.’

ACCA applied for the regulator status as a result of the EU alternative dispute resolution directive which came into effect earlier this year.