Im a member of the ACCA and have just started a new bookkeeping business, am i covered for money laundering through ACCA or would i need to register with ACCA?
Also im looking for professional indemnity, any choices of who will give an affordable rate?
just to clarify, my answer assumes that you do mean full ACCA member, not a student or associate member.
Assuming that to be the case, as a full member of the ACCA you would only be covered for money laundering through them if you have an ACCA practicing certificate otherwise you will need to go directly through HMRC or through another body.
If you don't have an ACCA practicing certificate then the student restrictions of only being able to offer services of bookkeeping to trial balance, VAT and Payroll remain.
You would need to have PII insurance at a level and giving the appropriate cover acceptable to the ACCA practicing certificate. There needs to be PII cover (and where appropriate Fidelity Guarantee Insurance (FGI)) in place for a tail off period of six years and you have to make formal arrangements for the eventuality of cessation of practice.
The ACCA rules are that if your total income is less than £200,000 (the lowest of their income bands) then the limit of indemnity on PII in respect of each and every claim must cover you for the greatest of: 2.5 times the total income; 25 times the largest fee raised during the previous accounting year; and £50,000.
HTH and good luck (a) with the new business and (b) navigating your way around the minefield of ACCA rules!
all the best,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
And this is a flowchart in relation to money laundering cover requirements which covers students affiliates and members offering accounting and bookkeeping services :
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I am a member however do not have a practising certificate, however am working towards that. Im currently covering half of the competences in my current role however due to my employer not being an ACCA approved employer it doesnt hold much value.
