Consultation outcome

Insolvency Practitioner regulation and fee structure

• From: The Insolvency Service and Jenny Willott
• Published: 17 February 2014

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Read the full outcome

Way forward on insolvency practitioner regulation and pre-packs

MS Word Document, 18.1 KB

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Detail of outcome

When Parliamentary time allows, we will bring forward measures which will :

• Introduce regulatory objectives.
• Increase the powers of oversight regulator to sanction a regulator.
• Provide the oversight regulator with a power, where it is in the public interest, to apply to court for a sanction against an Insolvency Practitioner (IP).
• Enable the oversight regulator to require information from the regulators, an IP, or persons connected to the IP, in order to carry out his oversight role.
• Reserve power to replace the regulators with a sole regulatory body.
• We will be discussing further with interested parties the proposals to restrict the use of time and rate charging in certain circumstances. Our aim remains to ensure that insolvency practitioners receive fair remuneration for work properly carried out but also that creditors are getting the greatest return possible in the circumstances.

House of commons: Written Statement (published 3/3/2015)

Feedback received

Public responses to consultation

PDF, 33.4 MB, 596 pages

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Detail of feedback received

We received 79 consultation responses.

The general groups are:

• Regulated Professional Bodies
• Insolvency Practitioners
• Creditor and debtor representatives
• Other regulators
• Individuals

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Original consultation

Summary

Strengthening the regulatory regime and fee structure for insolvency practitioners.

This consultation ran from
11am on 17 February 2014 to 5pm on 28 March 2014

Consultation description

This consultation sets out ways to strengthen the regulation of insolvency practitioners, by introducing regulatory objectives and giving the oversight regulator additional powers to deal with failure to comply with the objectives. It also includes proposals to change the ways an insolvency practitioner can charge fees to ensure that money is available to pay creditors.

Documents

Strengthening the regulatory regime and fee structure for insolvency practitioners

PDF, 829 KB, 43 pages

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Impact Assessment - regulatory objectives and oversight powers

MS Word Document, 260 KB

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Impact assessment - IP fees regime

MS Word Document, 95.6 KB

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Impact Assessment: Insolvency Practitioner fees- up front estimates

PDF, 1.25 MB, 14 pages

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Published 17 February 2014