Review of the monitoring and regulation of insolvency practitioners

Sep 26, 2018

Following the introduction of “Regulatory Objectives” for Recognised Professional Bodies (RPBs) in October 2015, the Insolvency Service has undertaken a number of reviews to assess the effectiveness of the regulatory regime.

As part of the reviews, the Insolvency Service visited each RPB to assess how they carry out their monitoring and regulatory functions and have also undertaken a themed review on how insolvency practitioners (IPs) working at volume Individual Voluntary Arrangement (IVA) providers are regulated.

The Review of the monitoring and regulation of insolvency practitioners represents a summary of the findings to date.

We are pleased to note that the conclusion of the review of Chartered Accountants Ireland stated ‘the review found that CAI is operating effectively when exercising monitoring and regulatory activities and no issues of concern were noted’.

The Insolvency Service will be continuing their oversight activities in the coming months, as they move towards making a decision on whether to introduce a single regulator, as provided for in the Small Business, Enterprise and Employment Act 2015.