In recent months, the ICAEW has started punishing accountants who continue to pay their membership fees, but fail to complete their annual self certification of continuing professional development (CPD).
The institute moved to a self-directed regime in July 2005 which required members to certify annually their compliance with the new CPD provisions. For the past five years the ICAEW has sent out a member pack containing their annual fee reminder and a certificate of CPD compliance to be returned by the end of the following January.
November's disciplinary report identified two accountants who received reprimands for breaching the ICAEW CPD regulations every year since they were introduced. One was fined £3,000 plus £1,100 costs and the other escaped with a reprimand, but no fine.