The Lord Chancellor has published his decision to reject the application of the Institute of Accountants in England and Wales (ICAEW) to be designated approved regulator for:

• the exercise of a right of audience;
• the conduct of litigation;
• reserved instrument activities;
• notarial activities;
• and the administration of oaths.

The Lord Chancellor noted the following reasons for his rejection of the Legal Services Board's recommendation of the ICAEW's application:

• The ICAEW’s proposed governance arrangements for regulating reserved activities were not seen as sufficient. The lord chancellor noted it is in the consumer and public interest, as well as in keeping with the rule of law, for the regulation of legal services sector not to be influenced by the representative functions of approved regulators.
• The lord chief justice noted he strongly opposed the application.
• Limiting the ICAEW’S right to conduct litigation to taxation services would be difficult to police in practice.
• There is a material distinction between tax work which accountancy firms may currently undertake and the additional reserved legal activities they seek to undertake