IPA split riles profession
Regulation of the insolvency profession is set to splinter even further after the Insolvency Practitioners' Association announced plans to go it alone.
Despite mounting hostility to multiple regulation, the IPA rejected offers by the ICAEW and the ACCA to monitor its members in favour of an in-house inspection regime.
The move means that the two largest insolvency licensers – the ICAEW and IPA – will monitor their members separately from next year, when the collaborative Joint Insolvency Monitoring Unit closes. The IPA’s overhaul will see visits doubled to once every three years with greater emphasis on outcomes for creditors.
Maurice Moses, president of the IPA, said: ‘We need to lift regulation above compliance to enhancing our reputation in the eyes of the public.’
But as news of a further carve-up of regulation came, R3 president Gareth Hughes revealed that 80% of practitioners want a single regulator to replace the current seven. He said it was a ‘powerful message’.