If you do not pay or default they kick you out and commence proceedings.
If you have a look at the ICAEW Financial Statements you will note that ‘Fines’ are becoming a nice little earner for the Institute – increasing from £0.1m in 2012 to £ 10.5 in 2016. I have been through the process and this is an extremely time consuming and frustrating especially if you are a sole practitioner. I am sure the cost to Mr Singleton was substantially more as his own time costs would have been similar to those that the Institutes claimed. A significant proportion of the costs claimed would have been due to reviews being carried out by several different departments and the Tribunal hearing itself. I was warned by counsel that I should not aggravate the situation as this could be more costly. With all that is going on in this world it is sad that a few choice words should result in such a ridiculous action.