ICAEW to regulate probate services?
The Institute of Chartered Accountants in England and Wales (ICAEW) has revealed plans to regulate probate services within alternative business structures.
The introduction of the Legal Services Act, late in 2011, saw everyone from small businesses to supermarkets being able to provide legal advice, as well as specific probate advice to consumers, with mixed results.
As a regulator, the ICAEW would be in charge of issuing licences to these types of firms, whether or not they featured trained lawyers.
The process to approve the institute as a regulator is expected to take up to a year and will hopefully be a step in the right direction towards regulating the will writing and probate industry as a whole. In this way, consumers will once again gain confidence that they are receiving the best advice based on their practitioner’s experience and expertise.