Reject the Subscription Increase

Another year and another demand for increase in subscriptions. Once again the ACCA's management is asking for money without telling members anything about how it proposes to use the extra £500,000. Members don't get much as it is. There is no library, internet chat room, printed list of members or even a decent magazine.

ACCA has not told members that it has agreed to pay (without approval from members) 28% of the costs of the new UK regulatory regime. The costs of this will rise to £5 million by next year. The ACCA 'fat cats' are already raking it in. Upon retirtement the ACCA chief executive would pick up a pension equivalent to her full leaving salary. Other directors are also in the same position. ACCA members are not allowed to vote on executive remuneration and have not been given any details of the pension commitments made to directors (companies have to disclose these).

The summary accounts (page 12) show the 'accumulated fund' to be £11,942 million and a note on page 14 says that "If FRS17 had been applied to the accounts for the year ended 31 December 2001, the balance of the accumulated fund at that date would have been £6.1 million". So are you prepared for a £5.8 million hit?

ACCA members should ask for accountability first. REJECT THE INCREASE IN SUBSCRIPTIONS.