Paul Smith, CEO
IPA Insolvency Practitioner newsletter, December 2023
Dear members,
I hope this message finds you well as we approach the festive season.
It was a pleasure to see so many of our members at the recent Personal Insolvency Conference held in Manchester. With personal insolvency very much in the spotlight throughout the financial crisis, it was hugely encouraging to see the amount of support within the sector for the event, now in its 15th year. We have seen notable developments during 2023 such as the ban on debt packagers, the introduction of consumer duty, the focus on irresponsible advertising and the new SIPs 3.1 and 3.3, to name a few topics that were covered at the Conference. Delegates also expressed their appreciation for having the opportunity to hear first-hand from leading figures from the Insolvency Service, HMRC and the Financial Conduct Authority with updates on current activity at the agencies including policy and analysis of matters affecting the profession.
December has seen a considerable list of new countries designated as high risk under the 2017 Money Laundering Regulations. Among these nations are Bulgaria, Nigeria, and South Africa, which are prominent in insolvency appointments. Given the implications for Enhanced Due Diligence measures, it is essential you are aware of this update. Read more here.
As reflected in my last Newsletter article, the IPA is proud of the work of our Committees which have helped to shape the profession over several decades. With regulatory reform on the agenda for 2024 and the IPA in direct conversation with the Insolvency Service and the other RPBs, now is an exciting time to get involved with us on a strategic level. These Committees provide critical input to the work of the IPA so if you are keen to get involved I invite you to get in touch with me directly at pauls@ipa.uk.com.
Best wishes for a restful and enjoyable festive period together with a prosperous New Year. I look forward to what 2024 holds for the profession.
See you in the New Year!
Paul Smith