External Affairs update: June 2024

17 July 2024

With campaigns for the July election in full swing, June was a busy month for R3’s External Affairs team, with meetings with our Fraud and Policy Groups, meetings with debt charities, a Diversity and Inclusion round table with our D&I Champions, as well as ongoing work to promote the insolvency and restructuring profession to the media.

Plans for the new Parliament

June was a month for catching up with two of R3’s key committees, Policy Group and Fraud Group - now renamed Fraud and Asset Realisation Group. One key topic covered in both committee discussions was the potential impact of the General Election on insolvency and restructuring professionals.

Members discussed the main party manifestos, highlighting economic and insolvency-relevant policies, and in Fraud and Asset Realisation Group, discussions around the table focused on addressing areas such as tax evasion and international money laundering.

Policy Group members also discussed strategies for engaging with the future government and a number of key policy issues that will help shape our public affairs and policy work for the new Government’s first year in office.

Engaging with the debt advice sector

The sixth month of the year also saw R3 CEO Caroline Sumner and R3's Policy and Public Affairs team meeting representatives from debt charities and other third sector organisations, including Citizens Advice, Step Change, Pay Plan, and The Money Advice Trust, to discuss the future of the UK's personal insolvency (PI) framework.

Discussions covered our collective responses to last year’s call for evidence and the Government's anticipated proposals for reform set to be released later this year, and we intend to meet with a number of these organisations again later on in the year to continue these. 

We will maintain an open dialogue with the debt advice sector and discuss areas of alignment as the review continues, ensuring that our members' voices are heard and represented at every step.

Bringing Diversity and Inclusion Champions together

June also saw the External Affairs team arrange our first Diversity & Inclusion roundtable, which brought together the R3-Insolvency Service Diversity and Inclusion Steering Group Diversity and Inclusion Champions, and was hosted by EY.

The discussion, which was chaired by R3’s CEO Caroline Sumner, focused on the challenges and potential solutions for attracting, retaining, and advancing diverse talent within the insolvency and restructuring profession, and saw the Champions share their own experiences and insights into EDI issues. We also heard from the EY Foundation, about their work providing work experience and opportunities for young people from low-income backgrounds.

Another roundtable is being planned for October and our work to deliver the commitments in the Steering Group’s 2024 Action Plan continues.

R3 in the media

Insolvency Insider in June to discuss his plans for his year in office, his history working with R3, and the advice he’d give to younger professionals about becoming involved with their trade body.

News of new appointments at R3 also made headlines in June, Mike Pavitt’s R3 Council appointment featuring in Dorset Chamber of Commerce and news of Tom Russell’s appointment as R3 Vice President featuring in Insolvency Insider.

R3’s analysis of business trends data was popular with the regional media in June, with a story highlighting a rise in business start-ups in Wales gaining coverage in Business News Wales, Wales 247, and Insider Media, and news of a drop in insolvency-related activity in Yorkshire featuring in a range of publications including the Yorkshire Times, the Yorkshire Post and the Star Sheffield.

And media interest in insolvency statistics also remained strong in June, with our comments on the May corporate and personal insolvency statistics featuring in stories in the Times, TRI Strategy, Credit Connect and a range of regional publications across England and Wales.