Corporate report

Insolvency - Diversity and Inclusion Steering Group progress report and action plan 2023 to 2024

Published 7 February 2023

Applies to England, Scotland and Wales

Background and membership

The Diversity and Inclusion Steering Group was formed in 2021 by the Insolvency Service and R3, its aim being to bring together those working within the insolvency field to discuss, understand, and take action to address barriers to inclusion and diversity within the sector.

Its members are:

Angela Crossley – Director of Strategy, Policy and Analysis, Insolvency Service

Caroline Sumner – Chief Executive, R3

Harold Brako – Partner, Addleshaw Goddard

Aydin Djemal – Chief Executive, BHS

Jo Hewitt – Managing Director, Alvarez & Marsal

Yvonne Joyce – Professor in Accountancy, Glasgow University (with alternate Dr Christopher Flanagan – Lecturer in Accounting)

Samantha Keen – EY UKI Strategy & Transactions Chief Operating Officer, Restructuring Partner, EY-Parthenon; and President of the Insolvency Practitioners Association

Francesca Tackie – Director, Mercury Corporate Recovery Solutions

Anthony Walters – Head of External Affairs, R3

Claire Hardgrave – Head of Insolvency Practitioner Regulation Section, Insolvency Service

Jeni Morgan – Senior Policy Advisor, Insolvency Service

The Steering Group is supported by a small secretariat provided by the Insolvency Service

The Steering Group recognises that many others within the insolvency sector are actively taking forward programmes of work to build and strengthen diversity and inclusion within the profession. The Steering Group welcomes that, and further dialogue with all parties to understand their initiatives and findings, and to identify opportunities to work together and showcase excellence across the sector.

Summary of priority area actions

The Steering Group published its first Action Plan in December 2021, identifying the following priority actions:

• Critical cross cutting actions to build a network of champions; develop a library of resources; develop a Charter for insolvency firms; and continue work to develop our understanding of barriers.
• Action on barriers to improving diversity and inclusion for entry into the profession by raising awareness of insolvency as an attractive career and profession; and by providing information and other support materials to insolvency firms.
• Action on barriers to improving diversity and inclusion for career progression by identifying good practice; and undertaking further work to understand barriers.
• Action on barriers to improving diversity and inclusion in the taking of insolvency qualifications and becoming licence-holding by building dialogue with exam-providers; and undertaking further work to understand barriers.

Report on progress during 2022

The Steering Group has continued to meet regularly throughout 2022, and actively take forward work on the priority areas. Further opportunities for engagement, awareness-raising and cooperation have also been taken up. This has included members meeting with the R3 Young Professionals Group Chair, giving presentations to the R3 Council, and the R3 North West Committee; giving presentations to the Money Advice and Liaison Group (MALG), and International Association of Insolvency Regulators (IAIR); and conducting outreach work at universities and other education establishments as set out below.

Network of Champions

In relation to activities from the Action Plan, substantial progress was made by the Steering Group and its secretariat during 2022 to build a network of Diversity and Inclusion Champions drawn from across the profession. Twenty Champions have been appointed, reflecting a range of experience, specialism, background, and locations. Insolvency Steering Group welcomes Diversity and Inclusion Champions - GOV.UK (www.gov.uk) Excellent publicity for the Champions network on LinkedIn, Twitter, and the R3 publication Recovery Magazine also helped to raise awareness of the importance of work on Diversity and Inclusion.

Champions include Insolvency Practitioners, members of the legal profession specialising in insolvency, and regulators. The Champions include highly experienced individuals renowned in their field, as well as professionals in mid-career and those who have joined the insolvency profession more recently. All are committed to helping support improvements in diversity and inclusion within the sector, with a deep set of expertise and insight to build on.

The Secretariat is establishing an engagement plan for work with Champions in order to ensure there is a regular rhythm of opportunities for Champions to share their experience and insight, get involved in the Action Plan, and boost awareness of Equality Diversity and Inclusion within the sector.

Our Champions are:

Rehan Ahmed, Quantuma Advisory Limited

David Ampaw, DLA Piper UK LLP

Hannah Aynsley, Interpath Advisory

Heather Childs-Potter, Insolvency Practitioners Association

Charlotte Cooke, South Square

Frances Coulson, Wedlake Bell LLP

Fiona Coyle, AiB

Christina Fitzgerald, Edwin Coe LLP

Kirran Gibson, PKFGM

Luke Hoare, Grant Thornton

Asma Iqbal, Chadwick Lawrence

Megan Kemp, Chamberlains & Co

Emma Mealiff, FRP Advisory

Roya Panahi, DLA Piper UK LLP

Bradley Parrott, Opus Restructuring & Insolvency

Stewart Perry, Field Fisher

Anthony Simmons, FRP Advisory

Eleanor Temple, Kings Chambers

Ali Walji, EY

Michelle Westmerland, Leonard Curtis

Library of Resources

An online library of resources has been compiled and will shortly be published by R3. It will provide more information and guidance around diversity and inclusion; and examples of best practice from Government, the profession and the wider financial and professional services sectors to help firms learn more about the issue and the benefits of having a more diverse workforce.

Outreach

Members of the Steering Group have undertaken a programme of outreach to universities and education establishments across the UK, which will continue and grow further in 2023. Undertaking a targeted programme of outreach has tested and proven interest in the model of engagement with students and universities alike. To boost the impact and coverage of outreach work in 2023, the secretariat has produced a set of presentation materials and ‘top tips’ for Champions to use in any outreach they undertake.

Understanding barriers

During 2022, the secretariat has also made important progress to developing the Steering Group’s understanding of barriers across the range of priority areas set out above. Key interview design work was completed in 2022 that will enable a suite of qualitative interviews to be conducted in early 2023, providing valuable insight. Useful dialogue was also commenced with the Joint Insolvency Examination Board to understand make-up of the student pipeline.

Charter

Following careful reflection on potential options to develop a Charter for insolvency firms, the Steering Group concluded that for 2023 its focus should be to collate a good practice guide for firms and interested parties, setting out existing excellent practice already in place in many firms operating in the insolvency landscape. Further detail on this work is set out below.

Action plan for 2023/4

The Steering Group will continue to work towards the priority areas of action set out above, making and taking opportunities to raise awareness about the importance of diversity and inclusion in the profession and build alliances that benefit this agenda.

To achieve this, the Group will particularly focus on delivery of the following:

• Conducting a set of qualitative interviews with Diversity and Inclusion Champions about their career journeys, barriers experienced, and examples of excellent practice. This will enable the Steering Group to adjust the priority action areas set out above, and better address barriers to improving diversity and inclusion in the profession.

• Collating and publishing great examples of good practice already in place in the insolvency sector, championing those who have already taken important action in this space, and providing information to firms about useful initiatives, including apprenticeships for example; and supporting entities of all sizes to identify steps that they could take that would benefit diversity and inclusion in their organization.

• Conducting dialogue with firms about barriers to adopting practices that benefit diversity and inclusion, in order better to understand those and enable firms to overcome them.