“We are pleased that the Insolvency Service has listened to feedback and is making these much-needed reforms to modernise the regulatory framework.
“Regulating firms as well as individual Insolvency Practitioners (IPs) will strengthen our powers as a regulator.
“We have long argued that this has been the biggest problem with the existing regime, not the identity of the enforcing body, so are also pleased that the four recognised professional bodies (RPB) will continue to have oversight of the profession.
“We were concerned that substantial changes to the landscape at this time could create a regulatory vacuum, so maintaining the existing RPB model will bring the best outcomes for businesses, the insolvency and restructuring profession, and the public.
“We look forward to working closely with the Insolvency Service and our fellow RPBs to take forward these reforms and strengthen the framework.”
ENDS
Notes to editors:
Contact: ICAEW media office media.office@icaew.com, tom.mackintosh@icaew.com