30-07-2025
CIPFA and ICAEW today announce 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.
Today’s 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 said:
“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.”
Notes to editor
For further information, please contact the CIPFA Press Office press@cipfa.org.
About CIPFA
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance and a registered charity. CIPFA shows the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.
About ICAEW
Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 202,000 members and students around the world.
Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.
We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet’s resources are managed sustainably.
ICAEW is the first major professional body to be carbon neutral, demonstrating our commitment to tackle climate change and supporting UN Sustainable Development Goal 13.
ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers.
We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all.