Paul Smith, CEO

Hello all.

I hope that the new year is off to a good start for you. We start 2023 after a productive 2022 not just in the profession but also at the IPA, with 278 inspections carried out through the year and 162 complaints concluded. We also delivered 15 seminars and events over the year, delivering 43.5 hours’ CPD and with 1,318 total attendees.

Looking ahead, the latest annual Benchmark Report on the Volume Provider Regulation (VPR) Scheme is due to be published in March. Now in its fifth year, the Scheme has enabled us to build increased data on the performance of the market so that we can better support it, with a particular focus on how this can feed through to improved client outcomes. I look forward to updated analysis and commentary on the personal insolvency sector in the upcoming report.

Staying with the subject of personal insolvency, IPs should note the approaching changes to Statement of Insolvency Practice (SIP) 3.1, due to be brought into practice on 1st March. The changes, which the IPA took a leading role in forming, place more responsibility on the IP to ensure that the debtor has received sufficient advice prior to entering an IVA, including those who have been referred to an IP by a third party ‘introducer’. We hope that the changes will contribute to overall improvements in market performance.

We will be continuing our work with the Insolvency Service on the response to the 2021 consultation on the future of insolvency regulation. We have been an active participant in discussions throughout the post consultation period, seeking to represent the best interests of our members, licence holders, the profession and the public at large.

Wishing you all a successful 2023, and I hope that I may see many of you at the various events we have planned for this year.