IPA statement on the Government response to the Future of Insolvency Regulation consultation

12 September 2023

The IPA welcomes the Government response to the Consultation on the Future of Insolvency Regulation announced today that oversight of the insolvency profession will remain with the four Recognised Professional Bodies (RPBs), providing them with additional tools to help build a more robust framework for future regulation of the sector. The IPA has engaged constructively in all discussions following the announcement of the consultation, including the potential for the introduction of a single regulator, and looks forward to working closely with the Insolvency Service and other stakeholders in taking forward the proposed reforms, particularly the introduction of firm regulation, in the best interests of the profession, the broader public interest and all who are impacted by insolvency.

Paul Smith, Chief Executive commented:

“The IPA has been a strong advocate for the introduction of firm regulation for a considerable period of time, and I am particularly pleased to note the commitment of the Government to legislate to this effect at a future date.”

“Those that know us well will be aware that the IPA has been at the forefront of change in regulation of the profession over recent years, most notably with the introduction of the voluntary Volume Provider Regulation Scheme for larger IVA firms in 2019 which is reviewed and updated on an annual basis. This scheme is illustrative of what can be achieved without legislation.”

“We will continue to listen carefully and work constructively with all interested parties in effecting positive reform of the regulation of the sector over the coming months and years.”