Insolvency Service future of insolvency regulation consultation

IPA Insolvency Practitioner newsletter, February 2022

Contents

• Paul Smith, CEO
• Kevin Hellard, President
• A reminder to Insolvency Practitioners about the limitations of their exclusion from FCA regulation
• HMRC update: Plastic Packaging Tax
• Anti-Money Laundering: Regulation 18 risk assessment
• Anti-Money Laundering: Business Owners, Officers and Managers
• Financial Conduct Authority: improving the Appointed Representatives regime consultation
• Upcoming events: earlybird Annual Conference booking rates and other important dates for your diary
• Exclusive discounts on training from the IPA and our partners
• IPA Board Elections
• Vacancy: Lay member of the IPA’s Anti-Money Laundering Committee
• Case law update

Don’t delay – survey out now and consultation meetings underway

The Government’s future of insolvency regulation consultation, launched on 21 December 2021, proposes wholesale change to the regulatory framework in the UK. As such, it requires detailed consideration by the entire insolvency profession.

There are elements of the consultation with which we agree, and have been pressing for over recent years, and elements with which we disagree. Consequently, we are keen to gather views from across our membership, particularly on the following points:

• creating a single, independent government insolvency regulator, the Single Regulator (SR), to sit, with appropriate separation of duties, within the Insolvency Service; and
• introducing a requirement for authorisation and targeted regulation of firms offering insolvency services, alongside authorisation of individual Insolvency Practitioners.

To gather your views, we have set up an easy-to-complete, anonymous survey. We will be using information gathered from this survey at our planned member consultation meetings in London, Manchester and Bristol to help shape the debate and so that we can consider certain matters in greater depth. You are warmly invited to attend one of these meetings, and more details can be found via the button below.

Early booking is recommended. We also kindly request that you complete the survey as soon as possible. It should only take 5-10 minutes to complete and can be accessed below.

Places at the meetings are limited, and will be allocated on a first come, first served basis. The meetings will be hosted by members of the IPA Board, the CEO and senior members of the IPA regulatory team.

We would be delighted to receive any additional thoughts and comments to consultations@ipa.uk.com.

We are sure that, like us, you will be keen to see the best possible outcome for the profession from this consultation, and we look forward to working with you.