Edward Davey MP's annoucement on regulation
"We support today’s announcement by Edward Davey MP, the Minister for Employment Relations, Consumer and Postal Affairs, which recognises that ‘the vast majority of insolvency practitioners do a good job in difficult circumstances’ and that the regime ‘has worked reasonably well’ during testing times.
"Insolvency practitioners inherit a challenging set of circumstances with every job, often restricted by limited time and assets, and the threat of redundancies from the failure of the business. Overall the UK’s insolvency regime is not in need of radical reform.
"The insolvency profession looks forward to working with the Minister to consider an independent single regulator while strengthening and simplifying processes for handling complaints. We recognise the frustrations of unsecured creditors at not receiving the returns they expect and look to greater engagement in the insolvency process. We share the Minister’s aim to ensure the regulatory regime is transparent, consistent, accessible, independent and accountable."
Frances Coulson, President of R3, the insolvency trade body
Link here to Minister's Statement
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