Download the full outcome
Detail of outcome
When Parliamentary time allows, we will bring forward measures which will :
- Introduce regulatory objectives.
- Increase the powers of oversight regulator to sanction a regulator.
- Provide the oversight regulator with a power, where it is in the public interest, to apply to court for a sanction against an Insolvency Practitioner (IP).
- Enable the oversight regulator to require information from the regulators, an IP, or persons connected to the IP, in order to carry out his oversight role.
- Reserve power to replace the regulators with a sole regulatory body.
- We will be discussing further with interested parties the proposals to restrict the use of time and rate charging in certain circumstances. Our aim remains to ensure that insolvency practitioners receive fair remuneration for work properly carried out but also that creditors are getting the greatest return possible in the circumstances.
Detail of feedback received
We received 79 consultation responses.
The general groups are:
- Regulated Professional Bodies
- Insolvency Practitioners
- Creditor and debtor representatives
- Other regulators
This consultation sets out ways to strengthen the regulation of insolvency practitioners, by introducing regulatory objectives and giving the oversight regulator additional powers to deal with failure to comply with the objectives. It also includes proposals to change the ways an insolvency practitioner can charge fees to ensure that money is available to pay creditors.