ICAS is a member of the Financial Reporting Council’s Accountancy Scheme, which is responsible for the independent investigation and discipline of Members and Firms where the matter raises or appears to raise important issues affecting the public interest in the United Kingdom. In terms of the ICAS Rules, the FRC Accountancy Scheme is referred to as “the Public Disciplinary Scheme” or PDSL.

ICAS is currently required to fund the investigation and discipline costs of all Public Disciplinary Scheme cases which involve an ICAS member or firm. Having reviewed the current risk exposure of ICAS in relation to the Public Disciplinary Scheme, Council remains content that there are sufficient reserves built up from prior years to meet the expected costs, as well as a reasonable contingency should any new cases arise during the course of the year.  Accordingly, a nil rate will continue to apply to the Public Disciplinary Scheme levy. Council will continue to review the position for future subscription years having regard to the caseload at the relevant time and therefore the Public Disciplinary Scheme levy may be increased again for future years.