Professional indemnity insurance—accountants and auditors (ICAEW)

Produced in partnership with Simon Bosworth of Clyde & Co LLP and Rob Crossingham of Clyde & Co LLP

Practice notes

Professional indemnity insurance—accountants and auditors (ICAEW)

Produced in partnership with Simon Bosworth of Clyde & Co LLP and Rob Crossingham of Clyde & Co LLP

Practice notes

This Practice Note sets out the professional indemnity insurance (PII) requirements for accountants and auditors including detailed guidance on the Institute of Chartered Accountants in England and Wales (ICAEW) Minimum Terms and Conditions (MTC).

Regulatory setting

Who is the regulator?

The Financial Reporting Council (FRC) has non-statutory oversight of the regulation by the six chartered accountancy bodies of their members. Each of the six bodies has different professional indemnity insurance requirements. One of those bodies is the ICAEW, which this practice note focuses on. The ICAEW is an improvement regulator and it works to protect the public by making sure members maintain the highest standards of professional competency and conduct.

Is insurance compulsory for practice/membership?

Professional indemnity insurance is compulsory for all ICAEW members which have a practicing certificate and engage in public practice. Members are required to comply with ICAEW’s professional indemnity insurance regulations (PII Regulations), which give details of the amount of insurance required, participating insurers and the minimum policy wording those

Simon Bosworth

Solicitor, Clyde & Co LLP

Simon is a professional indemnity specialist, with experience of defending claims on behalf of solicitors, barristers, accountants, auditors, brokers and IFAs. He is a member of Clyde & Co’s Professional and Financial Disputes team in London.

Simon qualified as a solicitor in 2017 and has strong experience in the professional indemnity market, which includes a secondment at a major insurer. He defends professional negligence claims and has experience of complex commercial disputes for global corporations and SMEs. He is experienced in all aspects of litigation and he regularly uses alternative methods of dispute resolution, helping clients resolve matters efficiently and in a cost-effective way.

Simon is a member of Pryde & Co (Clyde & Co’s LGBT+ network) and is a mentor with the London Young Lawyers Group, which connects law students, paralegals and trainees with solicitors.

Rob Crossingham

Solicitor, Clyde & Co LLP

Rob Crossingham is a Partner in the insurance, financial and professional disputes team in the London office of Clyde & Co.

Qualifying more than 20 years ago, Rob’s practice has focussed on professional liability and insurance coverage matters. The majority of his clients are insurers, and he also accepts direct instructions from commercial entities and professional services firms.

Rob’s practice tends to focus on professional liability disputes involving financial or property transactions. He often advises on pure insurance and coverage issues arising across the professional indemnity field. During his career, Rob has acted for all manner of professionals including solicitors, accountants/auditors, construction professionals, surveyors/valuers, financial professionals, and financial institutions (in particular, SIPP administrators). He has experience in matters involving the emerging and ‘miscellaneous’ professions, including yacht designers, agronomists, estate agents, auctioneers, IT/media professionals, forensic scientists and property search providers. Rob has represented professionals in disciplinary proceedings before bodies including ACCA and the ARB.

Rob sits on the professional disciplinary panel of the Royal Institute of British Architects (RIBA), and is a member of The Law Society’s Professional Indemnity Committee. He is a qualified mediator, and has extensive experience in handling disputes in litigation before the courts as well as in arbitration and adjudication (under the ‘Construction Act’). Rob has extensive experience in defending clients before the Financial Ombudsman Service (FOS).

Rob has been consistently ranked by Legal 500 for insurance/reinsurance disputes, professional liability and professional disciplinary. He is described as “dynamic, thoughtful, hard-working and client-orientated” and being “a reassuring, calm and brilliant presence on matters”.

Jurisdiction(s):

United Kingdom

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