The new oversight board is currently being set up and will operate as the ICAEW Regulatory Board (IRB), which will be responsible for overseeing the institute’s professional standards activities and statutory regulatory role.

Once the IRB is up and running, it will replace the institute’s current Professional Standards Board.

The decision to restructure oversight and governance at the ICAEW was taken following a review by Sir Christopher Kelly, chairman of the Committee on Standards in Public Life, and chair of the Kelly review into governance issues at The Co-operative Group in 2014.

This is one of a number of ICAEW initiatives designed to strengthen the governance and oversight of its regulatory functions by strengthening the distinction between its representative and regulatory roles.

The new board will be chaired by Michael Caplan QC, a partner with law firm Kingsley Napley, and will be staffed by a selection of independent members.

The membership of the soon-to-be-replaced Professional Standards Board (PSB), was largely made up of chartered accountants, including the chair.

In contrast, the IRB has the same number of lay and professional members, but the chair is appointed by an independent panel created for the purpose.

Caplan, who has been a partner at Kingsley Napley for over 30 years, practises in the areas of domestic and international, criminal and regulatory law. He is a member of the Sentencing Council and a former chairman of the Solicitors Association of Higher Court Advocates. He is also a chairman of the police appeals tribunal and has extensive regulatory experience with organisations including the Health Care Professions Council, the Architects Registration Board and the General Pharmaceutical Council.

Caplan said: ‘I am delighted with the opportunity to work with ICAEW at this time of change for the institute. As chair, I want to ensure that ICAEW has a regulatory board in place that helps to maintain public confidence in ICAEW as a regulator and in the reputation of the accountancy profession more generally.’

Commenting on the appointment process, Dame Janet Gaymer, who chaired the PSB panel, said: ‘As an independent panel, we were set the task of finding an inaugural chair for the IRB who not only has the skills to drive the creation of the new structure but who also has the necessary experience and stature to command public confidence. With Michael Caplan, we believe we have found the right person to take on this role.’

Earlier this year, ICAEW advertised for 12 new members for the IRB (including six lay, ie, non-accountant members) who will work with the chair. These are independent board appointments and are therefore not open to members of the ICAEW main board or council.  The institute’s aim is to ensure a balance is maintained between members’ and public interests.

The IRB’s role will include the development of policies, actions and the regulatory plan, and it will draw up sentencing guidelines after consultation with the chairs of the investigations, disciplinary and appeals committees.

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