ACCA shuts loophole with kite mark plan
Closure of a property receivership loophole that allows unregulated practitioners to set-up as advisers, came a step nearer yesterday, with the launch of a voluntary code of conduct.
The Association of Chartered Certified Accountants has joined up with the Royal Institute of Chartered Surveyors (RICS) and the Insolvency Practitioners’ Association (IPA) to set up the guidelines.
They have now developed a joint quality assurance scheme, along with a ‘kite mark’, responsible for regulating and monitoring its own practitioners.
The scheme will cover nearly 1,000 professionals, and those meeting the necessary level will be entitled to call themselves ACCA, IPA or RICS Registered Property Receivers.
At present, anyone offering property receivership services dealing with complex legal, insolvency and accountancy issues, is not regulated and does not need to have gained specific qualifications.
Sub-standard property receivership advisers can leave debtors and creditors without proper guidance or recourse in distressing circumstances.
ACCA director Anthony Booth said: ‘The three professional bodies believe it is important that there is regulation and re-assurance in what is a complex and sensitive area of insolvency.
‘While this scheme is voluntary at present, we are hoping to encourage other accountancy and legal bodies to join to enable the professions to provide a legally enforceable set of standards and monitoring.’
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