Insolvency Service to publish updated guidance for RPBs monitoring volume providers
21 August 2023
The Insolvency Service will shortly be publishing updated guidance on the monitoring of volume providers of Individual Voluntary Arrangements and Protected Trust Deeds. The updated guidance will replace the current guidance (last updated in January 2023) and will be available on the same link: Monitoring Volume Individual Voluntary Arrangement and Protected Trust Deed providers – GOV.UK (www.gov.uk). The updated guidance is expected to be published this week.
The guidance is designed to assist Recognised Professional Bodies (RPBs) to achieve their statutory Regulatory Objectives when monitoring Insolvency Practitioners who operate as or at volume providers. The RPBs have agreed and adopted an updated definition of a volume provider, which will appear as an appendix to the updated guidance.
The updated guidance will reiterate that the Insolvency Service expects RPBs to take a risk-based approach when monitoring Insolvency Practitioners and that, as a minimum, there will be annual monitoring visits to Insolvency Practitioners operating as or at a volume provider. RPBs will expect an Insolvency Practitioner to provide information about the volume provider as part of the monitoring process.
The updated guidance will be of particular interest to Insolvency Practitioners operating as or at volume providers. For more information on the monitoring of volume providers, please contact Regulation@ipa.uk.com.