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CIMA Continuity Agreement for Member in Practice

CIMA Continuity Agreement

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I am looking to make an application to become a CIMA Member in Practice.  One of the requirements is for a Contunity Agreement to be in place.  Does anyone know if this still applies if my client Engagement Letter includes a clause to waive this.

Is there a forum for Members in Practice who provide continuity agreements?

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By GSPANESER
13th Oct 2016 14:15

You need to refer to the CIMA website. All the requirements for your MIP application are listed there.

As stated on the CIMA website (see extract below) you will need a continuity agreement in place:

(i) hold professional indemnity insurance (or an equivalent provision if practising outside the UK with an appropriate disclaimer incorporated in their terms of engagement) at a level consistent with guidelines provided by the institute
(ii) provide written terms of engagement for all clients
(iii) ensure in the event of their illness, disability or death that services to clients are maintained, either through internal arrangements within the practice or through a written agreement with another accountant or firm (unless the client has indicated that he/she does not want to be subject to such an agreement)
(iv) make provision for complaints handling procedures
(v) comply with current HMRC money laundering regulations (or equivalent if practising outside the UK)
(vi) undertake continuing professional development in accordance with the requirements of the Institute
(vii) provide confirmation of compliance with (i) to (vi) above on registration and renewal of registration, and evidence of the above when applying for the practising certificate.

You'll need all of the above, plus a detailed CV to submit along with your application (plus the MIP fee, of course).

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Replying to GSPANESER:
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By PaulWD
13th Oct 2016 14:56

Many thanks for the response to my query.

My uncertainty regarding the requirements derives from point (iii) in your list above where it states "unless the client has indicated that he/she does not want to be subject to such an agreement"? It just appeared to be at odds with the Continuity agreement requirement?

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By Hugh Simpson
13th Oct 2016 15:23

PaulWD wrote:

Many thanks for the response to my query.

My uncertainty regarding the requirements derives from point (iii) in your list above where it states "unless the client has indicated that he/she does not want to be subject to such an agreement"? It just appeared to be at odds with the Continuity agreement requirement?


You need a Continuity Agreement as a CIMA MIP.
I believe point iii). is from a client perspective in that they have a veto in whether they continue with an accountant named by you in the event that you cannot continue to service said client.
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By raybackler
14th Oct 2016 16:31

As a CIMA member in practice, I can say that you need this for sure. You won't get a practising certificate without it and if you let it lapse, you won't get through the annual renewal. The opt out is for clients not for you.

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