Insolvency Service commissions RSM UK Creditor Solutions LLP to investigate consumers’ experience of the IVA market
19 January 2024
On 16th January 2024, the Insolvency Service announced a new research initiative to explore the experiences of consumers entering Individual Voluntary Arrangements (IVAs). IVAs play a crucial role to provide debt relief for individuals in financial distress. However, in recent years there have been specific concerns raised about the industry and the appropriateness of the advice given, prompting the Insolvency Service to commission RSM UK Creditor Solutions LLP to investigate the issues raised in these concerns.
The research aims to:
- Identify instances of poor-quality take-on (“mis-selling”) across the IVA market.
- Determine the prevalence of such issues.
- Understand the different forms of poor-quality take-on procedures.
As the largest regulator in the personal insolvency market, the Insolvency Practitioners Association (IPA) supports this research initiative, will consider its outcome carefully, and welcomes collaboration with the Insolvency Service.
Lyn Green, Head of Regulation at the IPA, commented: “We welcome the Insolvency Service’s commitment to understanding concerns within the IVA market. The IPA supports this research initiative and is committed to maintaining the highest standards of integrity and fair treatment within the insolvency profession.”