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PI Insurance and MLR

PI Insurance and MLR

Could anyone please help me with the following

1. Does anyone know/ recommend a good PI insurance provider for a small accounting practice

2. Are practices with turnover below a certain threshold exempt from registering with HMRC for MLR. Could anyone please provide the basic requirements for registration pls.

Many thanks
Sandra Blakes


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18th Mar 2008 13:56

Thank you very much for clarifing this for me, David.


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17th Mar 2008 19:32

Professional bodies


The Money Laundering Regulations 2007 (MLR) require every business active in the 'regulated sector' to have its compliance with the MLR subject to external supervision.

Where an accountancy service provider (ASP) is a member of a professional body approved for the purpose, that supervision is exercised by his professional body.

Where an ASP is not a member of an approved professional body, that supervision is exercised by HMR&C. These ASPs therefore have to register with HMR&C, but ASPs supervised by a professional body will already, in effect, be registered with their professional body - so they have no need to register with HMR&C.

The list of the 21 originally approved professional bodies is in Schedule 3 of the MLR 2007 which you can find at

This list includes the Association of Chartered Certified Accountants and the Institute of Financial Accountants.

The International Association of Book-keepers has since been added to become body number 22.

I understand no further bodies are expected to be approved for the next year or two.


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17th Mar 2008 10:09

IFA ACCA reg vs HMR reg for MLR
I've had a browse through your website. I like the services that you provide, but unfortunately, I find the prices a bit steep for the present level of my practice. Thank you for the info.

I read somewhere that if you are a member of an accounting body like IFA or ACCA that you would not be required to register with HMRC as you would be regulated by your accounting body. Could someone please shed more light on this.

Many thanks

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11th Mar 2008 14:43

Checkout the ICPA

All ICPA members receive £100,000 PI Cover included in their subscription as well as a FREE unlimited Telephone helpine provided by Croner Consulting, 3 FREE Tottel Publishing Tax Annuals (Income Tax , Corporation Tax and Value Added Tax), a FREE fully licenced copy of Prelude Professional Accounts Package and much much more. Do please checkout our site at for all the benefits, I've only listed a few.

As regards minimum levels for registration be advised that there are none. If you are therefore registering as an Accountant (ASP Accountancy Service Provider) then your timescale is 1/4/08 to 30/06/08. The necessary forms are available from the HMRC site.

If you are unsure and want a quck chat the number is 0800-074-2896.

Tony Margaritelli - Chair ICPA

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