Insolvency, probate and audit work
If you want to undertake work such as insolvency, probate services or audit work you must be a qualified accountant and you must also obtain the appropriate authorisation from your professional accountancy body. You'll need to register with a Recognised Supervisory Body (RSB) like the ICAEW if you want to carry out audit work.
Membership of a professional accountancy body, which for the purposes of the Financial Services and Markets Act 2000 is a Designated Professional Body (DPB), allows you to carry out a limited range of investment business, general insurance or mortgage business or offer consumer credit services. These are known as regulated activities. However, this type of activity must be 'incidental' to the provision of your main services of accountancy, audit work, taxation and so on. You will need to apply for a DPB licence from your professional body. If you want to carry out 'mainstream' regulated activities you will need to obtain authorisation from the Financial Conduct Authority (FCA), or become the appointed representative (AR) of another firm that has been authorised by the FCA. You can find out more about this on the FCA website and in the Technical resources > Financial services > DPB licence and FCA authorisation section of the ICAEW website.