"The second ‘Annual Review of Insolvency Practitioner Regulation’ is published ...by the Insolvency Service, the Executive Agency which monitors the regulation of Insolvency Practitioners (IPs).
An increasing number of individuals and businesses were affected by insolvency procedures in 2009, and the report sets out the key developments in the regulatory regime during the year. These developments include the implementation of recommendations made by the Hampton Implementation Review team and technical changes to the insolvency bond requirements resulting from implementation of the EU Services Directive. The report also highlights that:-
· whilst the number of authorised insolvency practitioners who are active and taking insolvency appointments increased from 1303 to 1331 during 2009
· the sector’s Recognised Professional Bodies and the Insolvency Service carried out a total of 410 (293 in 2008) monitoring visits to ensure that performance and conduct by IPs continues to be fit and proper
· 84 IPs were subject to sanctions following monitoring visits in 2009 ranging from having their licences withdrawn to financial penalties, for failing to follow the agreed common standards.
The full report, available on the Insolvency Service website, sets out the essential features of the regulatory regime which governs the 1700 authorised IPs operating in England, Scotland and Wales."
Picture Credit: Insolvency Service.