THE leader of an award-winning accountancy firm has issued a stark warning to business and individuals seeking financial and tax advice - 'beware of the sharks'.

Paul Hornby, the managing director of JF Hornby & Co, spoke out as research revealed approximately one third of the accountancy sector is unregulated.

And almost three in five (59%) UK business owners remain unaware of the fact that anyone can trade as an accountant or tax adviser without formal qualifications, figures show.

The statistics are ‘deeply worrying,’ said Paul, who added: “The world of accountancy and tax is so very complex and members of the team here at JF Hornby train for many years to achieve the professional qualifications and standards required to practice in the right way.

“Investing in the team to ensure they reach the correct quality standard is both expensive and requires them to be afforded the time to do things right. But it will always be our approach to business.

“I can think of no reason an individual or company would choose to operate without the correct qualifications, or without membership to an industry body, other than corner-cutting and a lack of desire to do things in the correct manner.

“It is deeply concerning. I have always said you wouldn’t let an unqualified surgeon operate on you, so why let an unqualified account take care of complex monetary issues. I back the calls for stricter regulation of accountants and tax advisers to be introduced at the earliest possible opportunity.”

Almost two thirds of UK business owners (64%) believe that accountants and tax advisers have played an essential role advising on financial issues during the COVID-19 pandemic, and in the light of Brexit, highlighting their importance as the UK’s economy begins to recover.

The (Association of Accounting Technicians) is behind the recent research and has been campaigning against this issue since 2010, lobbying the government to introduce stricter regulations.