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16/05/2012

2011 Annual Review of IP Regulation - Number of complaints against IPs drops 16%

Number of complaints against insolvency practitioners (IPs) decreases by 16%

R3 welcomes yesterday’s review of practitioner regulation by the Insolvency Service and the finding that complaints against IPs are down by 16% in 2011. Out of these, according to the Insolvency Service, a number of will be directed at the outcome of the insolvency procedures – i.e. losing money from administration trading rather than the ‘standards of practice of insolvency practitioners.’ Such complaints clearly fall outside the regulatory regime.

The report also recognises that the vast majority if IPs ‘do a first-class job in what are usually very challenging circumstances.’

However R3 agrees that there is further to go in terms of bringing greater transparency and consistency to the complaints handling processes.

R3 President Lee Manning said:

“The vast majority of our members would be happier with fewer regulators than the current seven bodies. Also we back the suggestion of guidance on common sanctions to ensure wrongdoing is punished in the same way by differing regulators. However, I am pleased that the theme here is that IPs do an excellent job and our insolvency regime is ‘world class.’”



 

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.