Regulators plan to KO rogue IPs
Rogue insolvency practitioners could be squeezed out of the market as a result of plans by the UK's three biggest insolvency regulators to better coordinate their efforts.
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The ICAEW, ACCA and the Insolvency Practitioners Association are working together on a number of initiatives designed to result in a more concerted approach to regulation.
The moves are a result of fierce criticism that – with eight recognised professional insolvency bodies, including the IPA, ICAS, ICA of Ireland and three law societies – the regulatory process can be clumsy and sluggish.
Critics say complaints go unheeded because the public does not know who to complain to about unscrupulous practitioners.
Colin Haig, IPA president, said the ICAEW, ACCA and the IPA, which are the main regulators in the profession, are taking steps to work together to improve the standard of regulation to make the regulatory process more transparent and user-friendly.
He added that the bodies are planning to launch a complaints clearing line in order to help the public identify which of the eight regulators they have to speak to if they have a complaint about the practitioner they are dealing with.
The regulators are also planning a joint regulatory symposium in the new year to debate issues of how to reconcile their standards.
Haig said: ‘The fact the three regulators are talking regularly for the first time will mean a tangible improvement. We need a window of opportunity to prove that what we are doing will make a difference.’
