Members of the Institute of Chartered Accountants in England and Wales (ICAEW) could soon be faced with a four per cent increase in their annual subscription fees.
Accountancy Age reports that the June ICAEW conference will include a vote on raising the price of membership by more than the current rate of inflation, from £262 for this year to £272 for 2008.
This compares to fees of £170 for ACCA and £206 for CIMA and the increased cost is significantly more than the current rate of inflation - which, based on the consumer price index, is three per cent.
Wage inflation used as measure
However, a spokesman said that the institute used wage inflation to judge the increase. When bonuses are taken into account, wage inflation amounts to 4.1 per cent, he argued.
Reports suggest that the increase could be aimed at covering costs incurred by the failed merger attempt between the ICAEW and CIPFA.
The ICAEW also recently underwent a costly rebrand that caused many members to bemoan the fact that £65,000 could have been spent better elsewhere, such as providing improved customer service.
The ICAEW, which is based in Moorgate, London, has more than 128,000 members.
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