The IFA undertake frequent review of the Bye-laws and Regulations. These changes will improve clarity, enhance standards and strengthen the IFA’s reputation and are in effect as of 1 January 2026. The updated versions are available here: IFA Bye-laws and regulations. 

Key updates include:  

• The IFA Bye-laws have been amended in parts.
• The glossary has been updated to reflect those amendments. 
• The updates have been made to the PII and Alternate requirements in the Public Practice Regulations.
• Some of the provisions of the CPD  Regulations have been amended and moved to create a better flow.  

The IFA Member Regulations, Disciplinary Regulations, Articles and Code of Ethics remain unchanged. 

Bye-laws 

In this revision, the Bye-laws now include the following additions: 

• Definitions of ‘Retired’ and ‘Lifetime’ members
• Ceasing to be a member; Lifetime members may be removed from membership where they fail to submit required information and returns.

This is intended for their benefit as lifetime members will not lapse automatically if they fail to renew.

Public Practice Regulations: 

• For PII, minimum coverage may now be per claim or aggregate (previously only per claim).
• New requirement that nominated alternates have AML supervision and PII whether for their business or through their employers.
• Alternate agreements must be reviewed every two years or sooner if circumstances change

CPD Regulations: 

The CPD Regulations have been amended to improve clarity, although no substantive changes have been made. In summary:

• The ability to pro-rata CPD hours has been reworded for clarity
• Exemptions have been expanded to clarify that the provision of accountancy services includes services rendered to clients or employers and they must be applied for each calendar year.
• An appendix has been added to the CPD regulations defining accountancy services.
• Continuing Professional Development has been shortened to ‘CPD’ where appropriate.

Conclusion

It is imperative that you take time to familiarise yourself with the revisions and act on any changes in requirements. While there are no substantial changes in the Bye-laws and regulations, you should ensure that you are familiar with your obligations and these changes and consider the implications arising from these changes.