Credit, Collections & Insolvency News
The government has launched a call for evidence and is seeking views on the impact of the regulatory objectives introduced for the insolvency profession in 2015. Stakeholders are also being asked to assess whether there would be potential benefits in making changes to the current system, including establishing a single regulator for insolvency practitioners.
Responses are welcome from insolvency practitioners, Recognised Professional Bodies, trade bodies, creditors and their representatives, debt charities, and other interested parties. Any proposals emerging from this call for evidence would be subject to further consultation.
Sarah Albon, Chief Executive of the Insolvency Service, said “Insolvency is an important part of a dynamic economy and having an accountable and well regulated insolvency profession is absolutely vital to ensure creditors and members of the public have confidence in the system. We welcome responses that can give us evidence on how the current system is working, including any suggestions stakeholders may have on how we can improve the regulatory framework.”
Charles Turner, Partner at restructuring and insolvency firm CVR Global, said “The number of regulators has reduced which is welcome and the vast majority of IPs are now regulated by just two bodies. There is also a more joined up approach to complaint handling as well as regulatory and disciplinary outcomes. A bit of healthy competition between regulators to encourage best practice as well as a robust approach when required, rather than a state imposed solution, maybe best for all stakeholders.”