Two insolvency watchdogs that oversee nearly two-thirds of practitioners have joined forces ahead of a full-scale review of the profession.
The English ICA and the Insolvency Practitioners Association will hold regular meetings to discuss regulation of insolvency practitioners. They will also share members of their main disciplinary committees.
David Sapte, outgoing IPA president, said the changes would not affect the two bodies’ separate responsibilities, ‘but do enable the effective regulation of insolvency practitioners to be maintained and strengthened’.
Sapte negotiated the deal with Simon Lundy, chairman of the institute’s insolvency licensing committee, ahead of a response to the report ‘Insolvency Regulation – Ten Years On’, which was recently handed to Department of Trade & Industry minister Nigel Griffiths.
The report, which was prepared by a working party put together by the DTI’s Insolvency Service, questions the continuation of self-regulation by eight recognised professional bodies, including five accountancy bodies and the Law Society.
Lundy said: ‘The new working arrangements ensure consistency of regulation for 61% of all practitioners. That should help to improve the public perception of the regulatory processes.’
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