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The Chartered Institute of Taxation (CIOT) has welcomed a Government debate which proposes that unqualified accountants and tax advisers should have professionally recognised qualifications before they can provide services.

The CIOT notes with interest the recent Early Day Motion (EDM) asking for legal protection for the term accountant although it says that it would go further and include not only accountants but also tax and financial advisers.

Nick Goulding, CIOT President, says: “The time has come to recognise the importance of obtaining professional qualifications in order to provide tax services to both business and the public.”

The EDM reads as follows:

LEGAL PROTECTION FOR THE TERM ACCOUNTANT

That this House notes that the term `accountant' is not defined or protected by law and that thousands of small businesses and individuals, believing they have engaged qualified accountants, are at risk from harmful and costly business advice from unqualified, unregulated, possibly uninsured advisers; observes that although some unqualified accountants may do good work, an unqualified accountant is not answerable to any regulatory body and so cannot be disciplined; further notes that legal protection of title is viewed as essential in professions where there is a substantial degree of public interest, for example for doctors, barristers, solicitors and auditors; feels that greater accountability needs to be introduced; and urges the Government to consider introducing legal protection for the term `accountant'.