CAA "Rebalancing ATOL" proposal

I have a client who is ATOL registered under the current SBA scheme (Small Business ATOL). 

The CAA are proposing to phase out SBA which has knock on impacts not only for the client, but also me as their accountant.

Once these proposals come into effect, I am required to be a Licensed Practitioner for ATOL to enable me to sign off their ATOL reports. This will involve attending a course and demonstrating knowledge and application. 

There will be an application fee to become an LP and an ongoing annual fee payable for the duration of the licence.

I can't find any information on the ICAEW website about this. I'd like to know more about the course/licence and costs etc. Given that we're told we have to apply from April 2015, I'd like to get educated about this sooner rather than later.

It may involve a decision about whether or not to keep providing this service to the client, and potentially me having to disengage. Can anyone point me in the right direction for more information about this?

I'm attaching a link to the CAA document for reference.

Many thanks

Cara

www.caa.co.uk/.../CAP 1190 Rebalancing ATOL.pdf
  • Dear Cara

    Thank you for raising this, it is also something I am keen to know about.  It's a shame that no one as yet has been able to answer your queries.

    I intend to find out more, so if I hear anything, I will post it on here.

    Kind Regards
    Darren
  • Dear Cara

    Thank you for raising this, it is also something I am keen to know about.  It's a shame that no one as yet has been able to answer your queries.

    I intend to find out more, so if I hear anything, I will post it on here.

    Kind Regards
    Darren
  • Dear Cara

    Thank you for your enquiry - and apologies that it has taken us a while to get back to you.

    It is important to note that the CAA consultation period hasn't yet ended and so we can't confirm the detailed elements of the scheme. The licensed practitioner scheme doesn't actually exist yet but we can explain the framework and have set this out at 
    http://www.icaew.com/en/technical/audit-and-assurance/working-in-the-regulated-area-of-audit/atol-return-work.

    Further details of the scheme will be available in the new year, once the consulation period has ended, the CAA has concluded and we have finalised our arrangements. As the consultation mentions, you will be able to apply to join the scheme from 1 April 2015. 

    I hope that helps, but if you'd like further information, please post here (or contact member services) and we can try and help you.

    Kind regards
    Michelle Giddings
    Senior Manager, QAD, Professional Standards