Paul Smith, CEO

IPA Insolvency Practitioner newsletter, October 2023

Dear Members,

I hope that attendees enjoyed and found last month’s dedicated Anti-Money Laundering (AML) & Fraud event held in Birmingham useful. This inaugural event was launched with the aim of assisting members in fulfilling their vitally important AML obligations, including being able to recognise and report criminal behaviour and protecting the taxpayer and UK business in the fight against fraud. The day’s sessions started with AML Compliance and moved on to examine matters including Russian sanctions, cyber risks, managing emerging threats in corporate insolvency, the rise in technology-driven crime and the use of crypto and AI. We are pleased by the strong feedback this event received and look forward to the next one.

Staying with AML for a moment, I would like to remind you that the new Suspicious Activity Report (SAR) Portal officially opened on 18th September. If you have not already done so, please register to use the new portal as soon as possible. The National Crime Agency (NCA) has issued guidance to assist registration, available here.

Personal Insolvency Practitioners will be aware that the implementation period for the Financial Conduct Authority (FCA) ban on debt packagers concluded on 2nd October. For more detailed information, please refer to the guidance note that we produced and sent to members.

I am looking forward to seeing attendees in Belfast on Thursday, 26th October for our Northern Ireland Roadshow. This is our first “post pandemic” in person visit and promises to be a great opportunity to gain insights into the unique challenges and opportunities facing insolvency practice in Northern Ireland, keep abreast of regulatory requirements and meet a representative from the IPA inspection team. The Roadshow is strongly recommended to our members who take appointments or practice insolvency law in Northern Ireland. View the day’s programme and book any final places here.

Our focus will then turn to the IPA’s Personal Insolvency Conference in November. Holly Holgate, Head of Resolution & Insolvency from the FCA, will join us to speak about the recent introduction of Consumer Duty requirements, alongside sessions from representatives of other key agencies including the Insolvency Service, HMRC, GamCare, the Gambling Commission and the Advertising Standards Authority, as well as leading legal practices and debt solution providers. These events have received excellent feedback hence if you work in the personal insolvency space, I strongly recommend you join us for the day. Places can be booked here.

Best wishes,

Paul Smith