"All green" report on insolvency regulation
Government inspectors say ICAS has strong controls in place across all areas of insolvency regulation following a monitoring visit.
A government monitoring report on ICAS authorisation of Insolvency Practitioners (IPs) has found "strong controls" in place across all processes.
It is the first time the Insolvency Service and the Department of Enterprise, Trade and Investment (DETI) Inspection Team has issued an "all-green" report for an insolvency regulatory body – indicating robust controls in all areas.
In their summary findings, the Inspection Team said they had "very few recommendations to make".
As a Recognised Professional Body (RPB) for the authorisation and regulation of Insolvency Practitioners, ICAS is subject to rigorous oversight and regulation by the Insolvency Service, and this includes monitoring visits.
The resulting report, which uses a traffic light risk rating system of red, amber and green, found ICAS had a strong control environment (green rating) in place in all areas.
These were: granting of authorisations; maintenance of authorisations; ethics and professional standards; handling of complaints; enabling bonds and cover schedules; disclosures and exchanges of information; retention of records and reporting to the Secretary of State and DETI.
Responding to the report, Michelle Mullen, ICAS Executive Director Regulation, said ICAS is committed to ensuring a gold standard in insolvency.
She said: "ICAS IPs are held to the highest standards in the public interest. We are delighted that the Insolvency Service has recognised our strong regulatory controls and processes."