Edward Davey sees the merits of a single insolvency regulator
In a statement on insolvency practitioner regulation today (20.12.11) The Minister for Employment Relations, Consumers and Postal Affairs [and Insolvency] recognised strong stakeholder support for an independent single regulator. Announcing the government's response to the consultation on insolvency practitioner regulation, which closed in May 2011, he said he could see the merits of a single independent regulator.
I thought 6 months ago that a single independent regulator was an unattainable ideal and I am delighted that the idea has gained traction. Many IPs support the concept individually and R3, the trade association, is now said to be looking forward to working on it with the Minister.
Whilst the Insolvency Service will first:
"work with the profession and interested parties to see if there is a way to reform the system so that it delivers better against our objectives without such significant change"
there is at least now a real prospect of achieving regulation that is and is seen to be effective and independent. Such an outcome is good for the profession as well as for all those who encounter it.
Date: 21st December, 2011
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