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July 17, 2015

UK government reviews insolvency practitioners

The Insolvency Service of the UK Department of Enterprise Trade and Investment (DETI) has monitored the capacity of the Institute of Chartered Accountants of Scotland (ICAS) as insolvency recognised professional body (RPB).

While DETI’s Insolvency Service is responsible for oversight regulation of the insolvency profession, RPBs are entitled to authorise and regulate insolvency practitioners under the UK Insolvency Act 1986.

The Insolvency Service published a favourable report summarising the findings of a recent inspection conducted at ICAS premises.

The report reviewed the standards RPBs should follow, such as those prescribing how to grant licences to insolvency practitioners, handle of complaints or maintain ethics and professionalism.

ICAS licensed 89 practitioners, 82 of them were authorised to take insolvency appointments as of 1 January 2015.

The Insolvency Service gave "a strong control rating" to ICAS’s processes, issuing minor recommendations as a result.

Other accountancy bodies with the status of RPB are the Association of Certified Chartered Accountants, Institute of Chartered Accountants in England and Wales and Institute of Chartered Accountants in Ireland.

Outside the accountancy industry RPBs are the Insolvency Practitioners Association, the Solicitors Regulation Authority and the Law Society of Scotland.

 

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