Navigating change and uncertainty: R3 President manifesto

03 May 2023

R3's new President Nicky Fisher outlines her priorities for the coming year: 

I am delighted to begin my term as R3 President; it is a privilege and an honour to take on this role and I am resolutely committed to making my time in office count. Building on the fantastic work of recent R3 Presidents, I want to ensure that the profession continues to have a strong voice across Government and in the media. Most importantly, I want to make sure the value that the profession brings to the wider UK economy during these volatile times is understood and heard by all of our stakeholders. As outgoing President my friend and peer Christina Fitzgerald has made huge strides in respect of these goals and I shall endeavour to build on the strong foundations that Christina has laid down.

In what will be characterised as a year of change and uncertainty for the profession, I do not underestimate the challenges that lay ahead. Whether it be changes on the regulatory horizon, responding to legislative shifts, or ensuring the profession has a strong voice when it is needed most, I have absolutely no doubt that the profession will rise to the challenges ahead. I look forward to drawing on my experiences as a licensed IP working in a small firm as well as drawing on the depth and breadth of knowledge from across our membership, from those who work as sole practitioners to those working for large multinational firms. I know how strong the profession is when it comes together and works together and look forward to working with all of you in driving forward positive change in the coming year.

I have four key priorities which I will be striving to deliver in my time as R3 President and these are outlined below:

1.     Responding to regulatory reforms

The long-awaited response from Government to the December 2021 consultation on The Future of Regulation for Insolvency Practitioners is likely to be published early on in my presidential year. We know that the proposals are likely to set out a significant shift from the currently regulatory regime. In R3’s comprehensive and member-informed response to the original consultation we accepted the need for change, given that current frameworks date back to the mid-1980s, yet we were also necessarily forthright in our calls for fully evidenced and proportionate change and that the need for a truly independent regulator is of paramount importance to the profession and its stakeholders. As such, R3 and I stand ready to respond robustly to the Government’s plans, once published, in order to ensure the views and concerns of our members are heard loud and clear.  

2.     Establishing a strong voice on personal insolvency policy matters

The personal insolvency framework is currently under Government review and we know that this will have an impact on the profession and members involved in personal insolvency work. We have submitted evidence to feed into Government thinking on any proposed changes and we are expecting a formal consultation to launch later this year. Under my presidency I will ensure that we take every opportunity to ensure that we are able to contribute effectively to likely policy changes. Whilst not all R3 members will be involved with personal insolvency work I strongly believe that it is vital that we have a strong voice on this aspect of insolvency practice. There are other voices in this space – including unqualified salespeople and other unreliable advisors.  Our members play an important role in providing suitable and proportionate support for individuals facing serious financial distress, so it is vital that we continue to influence personal insolvency policy across Government in order to provide a balanced and evidenced based view. Given that we expect to see personal insolvencies continue to rise through 2023 and into 2024 we must ensure we are able to contribute to effective policy solutions that are grounded in evidence and expertise which can only be provided by those actually doing the job.

3.     Promoting diversity and inclusion across the profession

Diversity & inclusion is important to me and to the profession in so many different ways, not least so we are able to widen our talent pools to ensure the future of the profession is vibrant and open. I will therefore be working with R3, the profession at large and other stakeholders such as The Insolvency Service during my term as President to ensure we are doing all we can to make the profession as open and attractive to future talent as it possibly can be.

4.     Building a profession that is fit for the future

As part of a relatively small but big hitting profession, I want to use my time as R3 President to ensure we are paving the way for the future of insolvency and restructuring. This can be broken down into three core areas which I will focus on during my term:

1.  Drawing on the success of R3’s training academy to ensure we are delivering support and training to the profession which will give members the skills, knowledge and tools they need to address the challenges of tomorrow;
2. Keeping the profession on the front foot when it comes to shaping the future of the insolvency and restructuring profession. Working with R3 colleagues and fellow members, I’ll be looking to build on our policy and technical work to ensure that we are contributing effectively to relevant policy debates and legislative change;
3. Communicating the value of the profession beyond the profession. As members of the insolvency and restructuring profession we see the value delivered by our work on a near daily basis, yet to the outside world our work is often misunderstood. We are still often thought of poorly, if we are thought of at all, for reasons that are simply not true. In my term, I want to work hard to ensure that we communicate the value of our work, including saving jobs and turning businesses around, to a wide range of audiences. I’ll be looking to draw on R3’s work with parliamentarians, civil servants and the media to make sure others understand just how much value our profession brings to the wider economy.

As with any job, I start the year as R3 president with enthusiasm and a desire to make positive changes. My manifesto priorities set out a challenging programme for the year and one that can only be delivered with the support of my friends and colleagues from across the profession. I therefore look forward to meeting with as many members as I can over the next year and working with you and drawing upon your phenomenal depth and breadth of experience to help advance the profession and to ensure the value of our work is seen, heard and understood.