Paul Davis, President
IPA Insolvency Practitioner newsletter, November 2023
Dear Members,
I do hope that you will have had the opportunity to read through the IPA’s annual Anti-Money Laundering report which was published at the beginning of this month. Dedicated solely to insolvency, the report reflects the dynamic array of AML challenges impacting on the sector including navigating the continuing fallout from the pandemic, Bounce Back Loans, Coronavirus Business Interruption Loans and furlough-related fraud, together with the added complication of Russian and Belarusian sanctions resulting from the conflict in Ukraine. It also demonstrates how the IPA carries out its role as an AML Supervisor and the work we do with our supervised population. It is an essential read for all insolvency professionals and can be accessed here.
This autumn the IPA is announcing changes to three areas of IPA insolvency regulation, all coming into practice from 1st January 2024. These new measures reflect the modern landscape we operate in and are intended to provide greater clarity on the correct steps you will need to take in the course of your work.
The Continuing Professional Development (CPD) structure will be changed, including a reduction in the number of hours required to be gained at ‘in person’ events and training, and new requirements for AML and ethics specific training to be included in the learning and development undertaken.
The Professional Indemnity Insurance (PII) Regulations have been reviewed and reworded to give added clarity, with the new Regulations to apply from your next PII renewal. Client Money Regulations will see changes in a few areas such as placing more emphasis on duties of licensed IPs (formerly it was on the “Principals”) and updated requirements on matters including client and source of funds verification, and the use of a Client Account.
Please ensure you read and understand the new requirements in full – these can be accessed here.
A further reminder on the renewals process – the licence renewal deadline of 30th November draws near, so please ensure you attend to this at your earliest convenience if not already.
Thank you for your ongoing support and commitment to the IPA, and I look forward to seeing many of you at our final conference of the year, Manchester’s Personal Insolvency Conference.
Best wishes,
Paul Davis