R3 welcomes Insolvency Service complaints gateway
Giles Frampton, Vice President of R3, comments on the Insolvency Service’s introduction of a ‘complaints gateway’ and reforms as a result of the Red Tape Challenge
“We welcome the introduction of the Insolvency Service’s complaints portal. A single complaints portal should ensure complaints can be handled quickly and efficiently.”
“An open, accessible, and consistent complaints process is an important part of a well-functioning insolvency industry, especially given the large number of regulators for our profession.”
“Any efforts to simplify the complex complaints framework and boost understanding amongst the creditor community about the role they can play in the insolvency process are welcomed. The UK already has one of the world’s leading insolvency industries, and a single complaints portal will strengthen that position.”
“The final proposals are the result of close collaboration between the Insolvency Service, the Recognised Professional Bodies, and R3. This kind of co-operation is vital for the effective regulation of the industry.”
RED TAPE CHALLENGE
“The Insolvency Service has made several positive steps on red tape. Making the insolvency process simpler for creditors and Insolvency Practitioners alike will benefit UK Plc.”
“In particular, we are delighted with the proposals to streamline the director disqualification process. We have been calling for reform of this for some time, and our members will be pleased that the Insolvency Service is taking action. Hopefully the changes will lead to a higher proportion of delinquent directors reported by our members being disqualified from running businesses.”
“Although things are moving in the right direction, there is still much work to be done, particularly on administration expenses. These are not just a regulatory burden, but a major threat to the rescue culture too.”
“We recognise that a judgment is awaited from the Supreme Court on this issue, but we anticipate that once the judgment has been handed down it will be necessary to take urgent legislative action. We look forward to working with the Insolvency Service in the coming months to develop a solution for the benefit of businesses and their creditors across the UK.”
For more information, please contact:
Nick Cosgrove, Communications Manager R3
0207 566 4215
Victoria Jonson, Director of Communications R3
0207 566 4223
Notes to editors (R3):
- R3 is the trade body for Insolvency Professionals, and represents 97% of 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 one of nine recognised professional bodies.
- R3 stands for ‘Rescue, Recovery, and Renewal’ and is also known as the Association of Business Recovery Professionals.