Paul Smith, CEO
IPA Insolvency Practitioner newsletter, August 2024
Dear members,
Hopefully you have now seen our recent AML Digest, which features important updates including changes to the Financial Action Task Force list of ‘at-risk’ countries and how to deal with Beneficial Owners, Officers or Managers (BOOMs).
On a linked note, our Spotlight on AML & Fraud conference is now sold out, but if you wished to attend you can join the waiting list and we will contact you if a place becomes available.
Elsewhere in events and training, I am looking forward to meeting delegates at the Scotland Roadshow in Glasgow on August 28th, and I was pleased to hear of the successful inaugural event for our Rising Professionals Network – an important initiative to support individuals through their career journey and help towards securing the future of the profession. In this respect, my personal thanks to our Committee members who helped put on an informative and sociable evening. Look out for details of further Rising Professionals Network events.
Included in this newsletter is an important reminder about the recent changes to Debt Relief Orders (DROs). These changes have an impact on personal insolvency practitioners’ compliance with regulatory standards through marketing and provision of advice to those in debt. Please ensure that you are aware of your responsibilities – read more here.
Staying with regulatory matters, personal insolvency practitioners must ensure adherence to the reporting requirements under Rule 8.26 of the Insolvency (England and Wales) Rules 2016. These rules outline the requirements for reporting the approval of an IVA to the Secretary of State. The rule also mandates the reporting of changes in the position of the IVA supervisor, which applies to each and every form of transfer. Read more here.
As a reminder, please note that the new Insolvency Guidance Paper (IGP) on succession planning came into effect on 1st August, and at the same time the IGPs on retention of title and bankruptcy/the family home were withdrawn. A new IGP on control of cases is expected in September. View all IGPs here. You may also like to join our linked ‘Control of Cases’ IPA Learning webinar on 19th September.
Best wishes,
Paul Smith