INSOLVENCY REGULATOR the IPA has reached an agreement with the Solicitors Regulation Authority to handle all complaints made against solicitor insolvency practitioners.
There are currently several regulators of insolvency practitioners including ICAEW, ACCA and ICAS. However, practitioners can also come from a legal background and can be regulated by the Law Society and the Law Society Scotland.
The insolvency profession has come under attack in the last year as the complaints process is perceived as too complicated for creditors.
Last year, the Office of Fair Trading investigated the corporate insolvency profession and made several suggestions including the introduction of a single complaints body.
IPA CEO David Kerr, and company secretary of the Insolvency Lawyers Association, said: “It not only works well for the bodies directly concerned, but it represents an important illustration of the ability of regulators to operate in unison where appropriate in the public interest.
“It is vital for professional bodies with an interest in insolvency to be seen to be able to work together effectively and this very clearly demonstrates that it is not only theoretically possible but also achievable in practice.”
The latest announcement will be a coup for Kerr (pictured), who earlier this year submitted draft proposals to the Joint Insolvency Committee – part of the government regulatory body the Insolvency Service – to standardise disciplinary procedures across the profession.
There are seven regulatory bodies for the profession, however, each regulator will dish out fines and reprimands differently to one another.
The draft proposals are due for public consultation later this year.