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’.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children