Accountants call off merger
Tuesday 13 February 1996
The Institute of Chartered Accountants in England and Wales and the Chartered Institute of Management Accountants have called off plans to merge due to "inadequate support among their members".
The decision to abandon the proposals after a year of talks is not just a blow to the leaderships of the two organisations, which have strongly backed the link-up. It will also disappoint the Deputy Prime Minister, Michael Heseltine, who recently repeated his calls for consolidation within the accountancy profession, which currently boasts six chartered bodies.
Management accountants questioned by the two bodies remain strongly in favour of the proposals, which would have involved the 150,000 members of both institutes being integrated into one organisation combining separate strands for those working in business and those in practice. But support among chartered accountants collapsed from about two-thirds at the time the principles for a link-up were published last spring to just over a third.
Younger accountants, who make up a large proportion of the English institute's membership following its rapid expansion in the 1980s, confirmed suspicions that they would be most opposed to the move by voting heavily against it. Only a fifth of them were in favour, largely, it is thought, because they were reluctant to share their qualification.
Keith Woodley, president of the English institute, and Allan McNab, his opposite number at Cima, said they were surprised and disappointed by the findings of a survey conducted in December. But they claimed that by carrying out a consultation exercise they had avoided the embarrassment of going all the way to a vote by the memberships, due to have taken place in June. "The whole purpose of the consultation exercise was to ascertain the members' views and they clearly think differently. Council must respect the members' views," Mr Woodley said.
Both men, who have devoted most of their presidential terms to the plan, are confident that their organisations can build on the foundations laid down in the past months to establish areas of co-operation. "Even if merger is off the agenda for the foreseeable future, the underlying commonality of interest between the two bodies remains and we must capitalise on that for the sake of our members as part of the wider profession," Mr McNab said.
The merger process - which has cost about pounds 450,000, mostly in mailings - began after the Bishop proposals for consolidation of all six chartered bodies into one regionally based grouping collapsed in early 1995.
The English institute and the management accountants, which had previously tried to merge in 1970, immediately announced that they would attempt a step-by-step route to this objective. But many observers were convinced that loyalties were so hardened that it would never come off.
- 1 Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
- 2 The black and blue dress: Makers considering a white and gold version
- 3 This is what it's like to be dead, according to a guy who died for a bit
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Stephen Hawking's wife Jane Wilde on their marriage breakdown: 'The family were left behind'
Boris Nemtsov shot dead: Putin critic may have been murdered by Islamic extremists, says president-led committee
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...