The UK Government has announced its decision in relation to the reform of the regulation of insolvency practitioners. Originally the government had identified a single regulator as its preferred option but the latest announcement rejects this option and instead details plans to retain the existing four Recognised Professional Bodies and also introduce a package of additional measures. These additional measures include firm regulation, a public register of IPs, granting the Insolvency Service responsibility for standard setting and a compensation scheme.
The detailed government response is available here,
The future of insolvency regulation: Government Response.