CIPFA and ICAEW to pursue closer alignment

CIPFA and ICAEW have announced the signing of a Heads of Terms agreement, which sets out the strategic direction for a potential merger between the two chartered accountancy bodies.

This follows the joint declaration signed in 2023, in which both organisations committed to ever-closer strategic alignment to strengthen the profession and better serve the public interest.

Under the proposals outlined in the Heads of Terms, CIPFA would formally join the ICAEW group but retain its distinct brand, legal identity, charitable status and operational independence.

The pair said the agreement initiates a process to explore and develop a formal proposal, which if implemented would be subject to the respective governance and approval processes of each organisation, a vote of CIPFA members and any necessary regulatory approval.

CIPFA chief executive Owen Mapley said: “We have made real strides in working more closely over the last two years, driven by shared values and a common purpose. The signing of the Heads of Terms marks the next step in our strategic journey together. We believe this closer alignment will strengthen our collective voice, improve member services and enhance our resilience and relevance in the UK and internationally.”

ICAEW chief executive Alan Vallance added: “This marks the next step in a long-standing and ever-deepening relationship between ICAEW and CIPFA. Since joining ICAEW, I’ve been focused on strengthening that relationship and I’m pleased we’ve now reached this agreement. I am certain that it will bring with it greater opportunities to respond to the evolving needs of our members, the profession, business and society, and to strengthen the impact and trust of the accountancy profession in the UK and around the world.”