In this issue, read about the UK government’s plans to introduce new rules for insolvency firms, guidance on succession planning, the FCA’s ban on referral fees and changes in the IVA sector, and register for upcoming webinars.
Firms offering insolvency services to be regulated
Following a long consultation on insolvency reforms, the government has listened to regulatory bodies in designing its shake-up of regulation.
What’s your succession plan?
The Insolvency Guidance Paper (IGP) on succession planning is being updated. It’s a good place for insolvency practitioners to start when putting contingency and succession plans in place to future-proof their professional interests.
Changes affecting IPs in the IVA sector
Working with the recognised professional bodies (RPBs), the Insolvency Service has recently updated its guidance on monitoring insolvency practitioners (IPs) with high caseloads of individual voluntary arrangements (IVAs) or protected trust deeds. Access updated guidance from the Insolvency Service for monitoring volume providers.
Are UK officeholders protected?
At times, officeholders apply to court to seek approval of a proposed course of action which they have decided to take in connection with their function. But where the court sanctions those decisions, are the officeholders protected from subsequent claims relating to the same?
Updated SIP 3.3 Scotland (Trust Deeds)
A revised Statement of Insolvency Practice (SIP) 3.3 relating to trust deeds has been issued. It was approved by the Joint Insolvency Committee and each of the recognised professional bodies following consultation with the profession and wider sector stakeholders. The main changes in the revised SIP 3.3 relate to the principles, key compliance standards and standards of specific applications being, as far as practicable, aligned with the recently revised SIP 3.1 relating to individual voluntary arrangements taking account of Scots law, trust deed procedures, appropriate terminology, etc.
Why inflation is a problem for IPs
Are your insolvent estate assets appropriately safeguarded? Now available is the recording from the webinar where Alan Stockdale, of Marsh, discussed the consequences of assets being under-insured and other asset and insurance-related issues facing IPs. One listener wrote, “The amount of under-insured properties was eye-opening.” An issue which has been exacerbated by rising inflation costs. Given the startling statistics, are you satisfied that your portfolio is sufficiently protected?
Building an Intelligence Picture
After the webinar, this article explains how IPs play a key role in identifying bounce back loan fraud and misuse of other COVID support schemes. If you know how to submit a good-quality suspicious activity report (SAR), it helps investigation and enforcement agencies bring criminals to justice.
AML guidance for insolvency practitioners
A reminder that where ICAEW is the firm’s anti-money laundering supervisor, insolvency practitioners should refer to ICAEW’s wealth of guidance and resources for current and definitive AML information.
HMRC bulletins and updates
ICAEW joined with R3, along with other recognised professional bodies (RPBs) to write to HMRC and raise concerns with how it is engaging with the insolvency profession.
Read the letter and catch up on recent HMRC insolvency guidance bulletins.
Restructuring & Insolvency Roadshows
The roadshows started on 12 September but there are still more available. Find out more and register for the webinars.
Answers for firms on key CPD questions
We share answers to the most commonly asked questions from firms about the upcoming changes to CPD requirements, as well as insights into how organisations are preparing for their new responsibilities.
2023 Practice Assurance Monitoring Report
The latest Practice Assurance report is now available. Find out about common findings from our monitoring reviews and access resources to support compliance.
Your feedback matters
Each time a firm receives a monitoring review from ICAEW’s Quality Assurance Department (QAD), it also gets sent a feedback survey. Michelle Giddings and Bob Pinder from QAD explain why your responses are so important, and how they really do make a difference.
Statement on engaging in public practice
If you are engaged in public practice in the UK, you need to hold an ICAEW practising certificate and comply with our Professional Indemnity Insurance and Practice Assurance Regulations.
Duty to report misconduct changes
As part of the recent disciplinary framework changes, the duty has been extended to include firms, affiliates and other 'relevant persons' and the public interest test has been removed.