They are registered and regulated by the CIMA regulations (Byelaw 8). They must be licensed to practise by holding a current CIMA practising certificate
The Member in Practice Rules set out the requirements for who should register as a member in practice, how to comply with mandatory monitoring and practising certificate conditions.
Any member who is found to be offering accountancy services whilst not registered as a member in practice will be given 28 days to register their details with CIMA (or another professional body if they hold dual membership).
Should that member also be found to have been offering accountancy services whilst unsupervised for AML/CTF purposes CIMA will refer that member to the relevant authority, who may wish to take further action:
- Department of Justice and Equality (Ireland)
- The Financial Services Authority (Isle of Man)