Discover the new IPA Charity of the Year

IPA Insolvency Practitioner newsletter, January 2023

Contents

• Paul Smith, CEO
• Samantha Keen, President
• Important upcoming changes to Statement of Insolvency Practice 3.1 (Individual Voluntary Arrangements)
• Ongoing monitoring of AML matters in an appointment
• HMRC update
• Mitigating Your Risk: A Practical Guide to Insurance in Insolvency (CPD: 1.5h)
• The Power of Diversity: The Key to Unlocking Talent in Insolvency (CPD: 4h)
• 2023 Annual Conference (CPD: 6h)
• Make savings on essential CPD with exclusive discounts on training from the IPA and our partners
• IPA examinations update
• Discounted meeting facilities from Office Space in Town (member login required to view)
• Save money on your airport parking with APH! (Member login required to view)
• Need new IT products? Claim exclusive IPA membership offers from Dell
• CPI training with BPP – special offer for IPA members (member login required to view)
• Join the Turn2us IPA Step Challenge!
• Judicial selection: Fee paid Economist Member of the Upper Tribunal Tax and Chancery Chamber
• IPA exclusive industry update from Insolvency Insider

We are delighted to announce Turn2us as the IPA Charity of the Year 2023. Turn2us is a national charity providing practical help to people who are struggling financially. It offers support to those of us facing financial shocks and challenges the systems and perceptions that cause financial insecurity.

As millions of people across the country are affected by the increased cost of living, it is likely many will be pushed into financial crisis. Every day, Turn2us’s helpline advisors hear from parents who are skipping meals to try and keep their children fed, or who are making impossible choices between paying rocketing energy bills or rent. One in two of us report not having enough money to pay our bills.

The Impact of the cost-of-living crisis 

• The increase in inflation and energy prices continue to put a strain on the finances of millions in the UK.
• One in two of us report not having enough money to pay our bills.  
• Those most likely to report feeling worried about these rising costs are women (81% compared with 73% of men), those aged 30 to 49 years (82%), people with disabilities (82% compared with 75% of non-disabled people) and those who have children under the age of five (90% compared with 76% of non-parents). 
• Even with a freeze in the energy price cap at £2,500 for a typical fuel bill, an estimated 16.4 million people in 6.9 million UK households will be in fuel poverty in the winter of 2022/2023.  

Turn2us’s work  

• We awarded £4.1 million in grants to 5,581 families across the UK. £1.3 million in grants were given to 2,616 families through our Covid Crisis Fund.  
• 78% of grants recipients felt the grant prevented a financial crisis 
• 86% of grant recipients felt that the grant provided them with short-term financial stability 
• 224,000 people successfully claimed a new benefit after using Turn2us services between April 2020 and March 2021 – 610 people per day. 
• 2.6 million people checked their entitlement to benefits via our online calculator. Everyone who goes on to claim the benefits that the calculator tells them they are eligible for receives an average of £5,320 per year.