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In this issue, read about SIP 16 reviews, insolvency compliance reviews, proposed changes to SIP 3.3 (Trust Deeds) and changes to our pre-visit information requests. You can also access resources such as webinar recordings and register for this year’s Restructuring & Insolvency Conference. Plus, make note of upcoming changes to CPD and other news in the Professional Standards Department.

SIP 16 reviews: how to ensure statements are fully compliant

In this article, Louise Eames, Insolvency Case Manager at ICAEW, outlines her recent experience of reviewing Statement of Insolvency Practice (SIP) 16 statements and highlights pointers for insolvency practitioners (IPs) to ensure that their SIP 16 statements are fully compliant.

A beneficial tool: making insolvency compliance reviews work for you

The requirement for IPs to carry out annual compliance reviews has been in force for almost two decades, yet some IPs are still failing to meet this duty. Alison Morgan, Insolvency Manager at ICAEW, tells us why reviews are so useful, and how IPs can avoid some common mistakes.

Consultation: proposed changes to SIP 3.3 Trust Deeds

A working group of the Joint Insolvency Committee has been reviewing Statement of Insolvency Practice 3.3 – Trust Deeds and are now inviting comments on the revised SIP.

Changes to Quality Assurance Department’s (QAD) pre-visit information (PVI) request

In this article, ICAEW’s QAD explains recent changes to its PVI requirements, including requesting information about employee and bounce back loan creditors. QAD has worked with Turnkey to make it as easy as possible for IPs to provide this information.

Our role as the UK’s largest insolvency regulator

We undertake a number of activities to support the work of ICAEW licensed IPs and their firms to strengthen trust in us as an improvement regulator. Find out what activity occurred over the last year in our infographic.

HMRC bulletin: completing and submitting the VAT100 (2021)

HMRC has introduced a new style VAT100 (2021) and a fully automated process which means returns can be automatically scanned. Please ensure you are only using the new versions of the VAT100 and that the barcode is not altered or deleted. Find out more and access FAQs.

HMRC bulletin: improvements to form VAT7

Read HMRC's latest update on form VAT7: Application to cancel your VAT registration. The questions have been amended to reflect feedback from IPs.

A message from Companies House

In a recent technical alert, the ICAEW insolvency team was informed that from 13 March Companies House will no longer accept a set of minutes which have a resolution embedded within them.

Consolidate your insolvency licensing with ICAEW

Whether you're applying for an IP licence with us for the first time, or you would like to transfer all your firm’s IP licences to us, our streamlined application process is straightforward. Firms can appoint a central point of contact for all their licenses and membership fees. It's easy, convenient and can ease your administrative burden.

Your insolvency monitoring review

Access the new leaflet to find out what to expect at your insolvency monitoring review.

Library resources

Use the library to access a wealth of resources including articles, books, public online guides, catalogues and other online resources. These include case law transcripts which insolvency practitioners may find useful and which are available to affiliates as well as ICAEW members.

Invitation: Restructuring & Insolvency Conference 2023

Don’t forget to book your place at our virtual conference taking place over two mornings on 27 and 28 June. We have a fascinating programme, including exploring the ins and outs of crypto insolvencies; discover the challenges faced in the case of FTX, including the commercial and practical ability to resuscitate the exchange. Early bird prices end on 16 May. Group discounts are also available.

Webinar recording: Bounce back loan SARs (what good looks like)

In this presentation by the Financial Intelligence Unit of the National Crime Agency and National Investigation Service, find out what constitutes a good quality suspicious activity report (SAR), focusing on bounce back loan fraud and misuse of other COVID support schemes.

In case you missed them, insolvency webinar recordings…

Access all recordings and book your place on upcoming insolvency events including webinars.

Latest news from the Professional Standards Department

CPD is changing

Our revised CPD Regulations will give greater clarity on the amount of CPD that you should be doing.

Have your say: PII Regulations review

Help us ensure PII arrangements provide adequate protection to the public while being mindful costs to the profession.

Changes to ICAEW's disciplinary process

On 1 June 2023, revisions to ICAEW's disciplinary framework will come into effect. We break down what’s changing including updates to the disciplinary and appeals processes.

Results from our latest quality assurance monitoring surveys

View the latest results from our quality assurance monitoring surveys. In 2022, 97% of firms and IPs were satisfied or very satisfied with their interactions with members of the ICAEW team.

Regulation in times of change

ICAEW's regulatory and conduct responsibilities are delivered by the Professional Standards Department (PSD). Our role is to strengthen trust and protect the public by following the 3Es: Enable, Evaluate and Enforce. Read more about our strategy, activities, and the oversight of ICAEW's regulatory and conduct role in the Regulatory and Conduct Report 2022–2023.


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