ACCA CPD Requirements 2026: What Members Need to Know

New regulations have significant implications for accountants A series of new regulations, either recently introduced or due to come into force, are set to bring significant implications for the accountancy sector.

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Yes, professional indemnity insurance is a requirement to gain memberships to many of the top professional bodies for accountants. For accountants, a business insurance policy will typically be made up of several covers that give you the best coverage for all your need. Professional indemnity is the main cover of any policy for an accountant as this will cover you in the evet that your advice or services causes a client to lose money. But, you would also benefit from public liability (to help with third-party claims of accidental injury or damage_ and possibly employers’ liability if you have anyone working for you (in case they get injured or fall ill due their work). Accountants insurance is tailored to businesses like yours and, if you are a member of a Chartered Accountant Institution, it meets the standards of your professional body.

1.2 Reliance by third parties

With bet uk sports betting sites new professional indemnity insurance you can choose the level of cover you need. You’ll be protected from claims made against you if a client of yours loses money after following your advice or using your services. Are working for a client who insists you have cover Public liability insurance protects you if someone gets accidentally injured, or their property gets accidentally damaged because of your business. This could be anything from a client having a fall in your office, to you accidentally damaging their laptop. You can set your cover level up to £10† million, though a client may ask that you have a certain level of cover before they are willing to work with you.

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If you’ve got anyone working for you then employer’s liability insurance is a legal requirement. It protects your employees if they get injured on the job or fall sick because of working for you. You’re required by law to have £5 million cover, but we give you £10 million as standard. Any accountant who has people working for them is legally required to have this cover under the Employers’ Liability Act 1969. People taking part in work experience or training schemes Don’t let a claim derail your business – get Electricians’ insurance with AXA today and Future You will thank you. For firms, these new regulations (around anti-money laundering, register of overseas entities, probate and PII) create risks, at such time until they are embedded into business-as-usual practices.

Verifiable vs Non-Verifiable CPD

When you need just a little extra cover, we have optional extras that can help. So, whether you need assistance to settle a dispute or protection for your essential tech, we’ve got your back. If you want extra legal protection our legal expenses optional extra could be the right fit for you. With this cover you’ll get a little extra help to cover the cost of settling disputes brought against your business. Get cover up to £1 million and up to £100,000 for any single claim.

Taking the Cheapest Policy Available

Most of an accountants day to day work hinges on reliable access to the tech and systems that make your job possible. If something were to happen bet best free odds comparison tool to the your computers you use, then business can come to a standstill. Business equipment cover helps with the cost of replacing or repairing ant lost, stolen or accidentally damaged equipment. The level of cover you need depends on the equipment you’re insurance – always make sure to accurately value your equipment to avoid underinsurance. No two policies are the same, which is why their price isn’t either.

8.1 The AAT minimum

There’s no one size fits all when it comes to insurance, so if you’d like to what it would cost you to insure your business with us, the easiest way to do that is to get a quote online and see exactly what you’d pay for the types and levels of cover you’d need. Our customers’ reviews, independently moderated and managed by feefo. *The guidance is provided on behalf of AXA by Arc Legal Assistance Ltd who are authorised and regulated by the Financial Conduct Authority. †Not all occupations are eligible for £10 million coverage, the best way to find out which level of cover you are eligible for is to get a quote. Existing customers may want to consult their policy documents. In order to minimise the likelihood of increased premiums, accountancy firms should take steps to familiarise themselves with the regulations and implement necessary changes as soon as possible.

• Declare all material facts relevant to the risk, such as the vehicle's primary use (e.g., business, commuting).
• Accurately state the vehicle's registered address and where it is normally kept overnight.
• Disclose any previous insurance claims, cancellations, or refusals within the period requested by the insurer.
• Provide correct information about the driver's license status, points, and convictions for all drivers.
• Declare any pre-existing damage to the vehicle before the policy inception.

In September 2022, updates to the existing UK anti-money laundering (AML) legislation came into force. In particular, the updates made a number of amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).

New professional indemnity insurance regulations.

Premiums are calculated based on many factors which will include: The number of partners or directors to staff ratios To assess the risk the underwriter will require a fully completed proposal form which they will consider in detail. They will also look at the firm’s website or they may even look deeper online into a firm’s background. Risk presentation is more important than you might think. The underwriter is assessing the professionalism and quality of your firm and if the information is badly presented, it may influence their judgement and the premium they offer or they may even decline to quote. Reading the insurance policy is an obvious necessity for any policyholder and yet it's surprising how often businesses find that they claim on an insurance policy and then discover the cover isn't as they expected because they didn't read their policy.

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Firms must always ensure that they have read and understand completely the terms of their professional indemnity policy. If any points are unclear, you should clarify these points with your broker. Professional indemnity insurance operates on a 'claims made' basis which means that it is the policy in force when the claim is made that responds, not the policy in force at the time when the work leading to the claim was carried out (unless the two happen to be the same). The retroactive date within the policy is the date which determines how far back in time the insurer will respond to claims arising from past work. This is different from the renewal date which is the date of the policy inception or renewal, referring to the date when the insurance cover goes into effect.

What is professional indemnity insurance in simple terms?

In simple terms, this means if there's a period when a business allows their professional indemnity insurance to expire, any new claims arising will be uninsured regardless of when the work was carried out. It's very important that the retroactive date is carefully managed as part of the policy renewal or inception. The Institute of bet betting offers casino Chartered Accountants and the ACCA have specific and strictly enforced rules which dictate the levels of cover their members must carry. Full details of the requirements can be found on their websites or by talking to a specialist broker. Taxation covers a wide area of work and is the number one cause of all professional indemnity claims against accountants. Although many of the changes do not affect accountancy firms, there are certain areas of which they should be aware: All supervised firms are now required to perform a proliferation financing (PF) risk assessment to assess the risk that it may be used to enable proliferation financing

• Report any accident or incident to the insurer within the timeframe specified in the policy document.
• Cooperate fully with the insurer's appointed claims handler or loss adjuster during a claim.
• Do not admit liability at the scene of an accident; let the insurers handle the investigation.
• Obtain a police report for any accident involving injury, significant damage, or a hit-and-run.
• Keep detailed records and photographs of damage, the scene, and other parties involved.

Discrepancy reporting requirements are no longer limited to the onboarding stage of a business relationship, but have become an ongoing obligation The MLRs have been widened to apply to Limited Partnerships registered in England and Wales and Northern Ireland (Scottish Limited Partnerships are already subject to the regulations).

Step	Description	Deadline (Relative to Renewal Date)
1. Review Practice Changes	Assess new services, staff changes, fee income increase.	8-10 weeks before
2. Contact Broker/Insurer	Initiate renewal discussion and request updated quotation.	6-8 weeks before
3. Complete Proposal Form	Update all information accurately and comprehensively.	4-6 weeks before
4. Review Renewal Terms	Check coverage, limits, exclusions, and premium.	Upon receipt of documents
5. Accept and Pay	Formally accept the policy and arrange payment.	Before expiry of current policy
6. Notify ACCA	Upload new certificate of insurance to member's account.	Within 7 days of renewal

Failure to comply with AML regulations can have serious consequences for the offending firm, including fines and sanctions, criminal proceedings and significant reputational damage.

PII Limit of Insurance Tables for Accountants

An estimated 70% of all claims relate to tax issues. The list below gives an indication of where the majority of accountants professional indemnity claims come from: Low-risk - General accountancy work, personal tax returns, bookkeeping Medium-risk - Insolvency, company tax, payroll, audit High-risk - Corporate finance, financial advice, trusts, wills, tax schemes, mergers, acquisitions Probate has traditionally been a major cause of professional negligence claims against the legal profession and specialist advice should be sought by accountants who are now undertaking or who are considering adding probate to their range of services. The Assigned Risks Pool (ARP) is a facility put in place by the Institute of Chartered Accountants to provide temporary cover for their members' firms who are unable to secure professional indemnity insurance in the open market. There could be a variety of reasons why a firm is unable to obtain PI insurance. It will normally be because they have become a 'distressed risk' due to claims problems and no insurance company wants to insure them.

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We assist accountancy firms who have found it necessary to enter the ARP and are now looking to return to find professional indemnity insurance in the open market. Trading without adequate professional indemnity insurance is a serious breach of regulatory requirements as well as poor business practice. A firm will be prevented from trading and closed down if they cannot obtain adequate cover. This guidance note is intended for information purposes only. Whilst all care has been taken to ensure the accuracy at the time of writing, it is not a reliable substitute for specific insurance advice.

10.1 PI minimums

For advice about this topic, please contact us or your current brokers. This guidance note shall not be reproduced in any form without our prior permission. If a client of yours loses money because of your bad advice or improper practices, you need to be prepared to deal with a claim. Professional indemnity insurance is the main cover that accounts need. However, there are several other covers that accountant's should consider to get the most out of their cover.