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12/07/2019

Review of insolvency regulation announced – R3 response

Commenting on the launch of a review of the regulatory framework for the UK’s insolvency practitioners, Duncan Swift, President of the insolvency and restructuring trade body R3, comments:

“The insolvency and restructuring profession is a fundamental part of the UK economy, and those within it hold positions of significant responsibility. The profession’s regulatory framework should uphold high standards, and should help maintain trust and confidence in the profession’s work. It is crucial that those who fall short of expectations face the consequences of doing so.

“We look forward to contributing to the Government’s consultation on the future of insolvency regulation. A key question is not just how the regulatory framework is structured, but what it achieves. From our perspective, regulation should be fair and proportionate, transparent, effective at addressing shortcomings, efficient in reaching decisions, flexible enough to keep pace with innovation, and, above all, consistent.

“The existing regulatory framework is well-established and the insolvency and restructuring profession is subject to close scrutiny by its regulators.

“Effective regulation helps the profession get on with the job of promoting economic regeneration, resolving financial distress for businesses and individuals, saving jobs, and creating the confidence and public trust which underpin trading, lending and investment.”

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.