Statement from the Insolvency Practitioners Association on the Insolvency Service’s 2024 Annual Review of Insolvency Regulation
11 June 2025
The Insolvency Practitioners Association (IPA) welcomes the publication of the Insolvency Service’s Annual Review of Insolvency Practitioner Regulation 2024. The IPA is the sole regulator of Insolvency Practitioners (IPs) that is UK-wide and focused only on insolvency.
We are pleased that the Insolvency Service reports that 2024 saw a 7% increase in the number of appointment-taking IPs choosing to be regulated by the IPA, which now oversees 46% of IPs, and 71% of the market for Individual Voluntary Arrangements (IVAs) and 73% for Protected Trust Deeds (PTDs) in Scotland. The IPA intends to be the UK’s insolvency regulator of choice in 2025, drawing on our deep sector knowledge to ensure that all IPs maintain high professional standards.
Yin Lee, President of the IPA, said:
“The Insolvency Service report shows that the IPA is a high-performing organisation. We take our regulatory responsibilities seriously so we can help the insolvency profession to improve and to meet the needs of customers. We continue to review and update our systems and processes, so we become the UK’s insolvency regulator of choice in 2025.”
The Insolvency Service report shows that, during 2024, the number of IPs licensed by the IPA increased from 643 to 678, and the number of appointment-takers from 549 to 587. Both represent an increase in market share within a profession whose overall numbers remain static at around 1,500 IPs and 1,260 appointment-takers.
During 2024, the IPA conducted 227 monitoring visits of IPs to ensure standards remained high, representing almost two-thirds of all visits conducted in the year across the profession. In 89% of these visits, we reported satisfactory outcomes, meaning that debtors and creditors can rely on IPs to meet the standards required of them. In 20 cases, we imposed penalties on the IP, identifying specific improvements that they must action. In one case we restricted the license of the IP until we were assured that standards would improve. All our sanctions were published in order to provide assurance to the public and the sector that there is an independent, authoritative regulator working transparently and fairly on their behalf.
The IPA operates a risk-based regulatory model. This reduces burdens on compliant IPs, while focusing resources efficiently on those carrying higher levels of risk, based on case numbers and types, regulatory history, firm-wide compliance procedures, and intelligence and complaints. This methodology protects the public interest in a proportionate and focused way.
In 2024, our focus was particularly on compliance with Statement of Insolvency Practice (SIP) 2, Covid support loans and Anti-Money Laundering (AML) requirements, with the last of these an increasing part of our work. Where IPs’ performance has fallen short, we take action, with IPs accepting our recommendations in all cases and implementing measures to ensure future compliance.
During 2025, we will continue this risk-based focus and implement new IT to reduce administrative burdens on IPs. The IPA, as a UK-wide insolvency regulator, sets high standards of ethical conduct, competence and accountability. In 2025, we continue to protect the interests of the public and those involved in the insolvency process, through our fair, proportionate, robust regulation to promote continuous professional improvement.