The change in stance was confirmed in a letter sent to all the RPBs from Joe Sullivan, Head of the Insolvency Practitioner Regulation Section at the Insolvency Service on 16 March 2026. The letter confirmed that the Insolvency Service now sees this as an area of low regulatory risk.
A risk-based approach to SIP 16
ICAEW (and the other RPBs) will continue to determine through their own risk approach whether there are matters of concern relating to SIP 16 and individual IPs that need to be addressed.
ICAEW had already taken the view that SIP 16s were not an area of significant risk and for some time we have been reviewing the submitted statements on a risk basis. It’s pleasing to see that the Insolvency Service now shares this view.
What do insolvency practitioners now need to do for SIP 16 requirements?
Insolvency practitioners still need to file their SIP 16 statements at Companies House, and of course that includes the evaluator’s report where the administrator has made a substantial disposal to a connected person. During 2025 we saw several cases where the evaluator’s report hadn’t been filed or sent to creditors. IPs should check they have not missed this required step.