It seems like years ago that we were discussing an impending court case which would rule whether or not accountants would receive the same privileges as their brethren in the legal profession.
This case is still rolling on with the Law Society adamant they will be making representations before the review of any ruling to keep the privileges firmly on the side of the law.
President of the society Linda Lee has vowed to make ensure “the scope of LPP remains clear and certain”. Accountancy Age last week broke the exclusive news that the Supreme Court agreed to hear an appeal over discussion coming under PPC between PwC and The Prudential, despite ruling in 2010 that LLP will never apply to non-law professionals.
Should accountancy services be awarded PPC as has just become the case in Australia then financial experts will be in the same position as members of the legal profession, something the finance sector believe should be common place anyway.
Arguments against the approval from the legal side include the potential ‘muddying of the water’ when advice is being given. As was the case when the debate originally started, with The Prudential arguing that any advice given to them by PwC tax advisors being treated as confidential and as no business of the Tax Man.
