The Secretary of State is empowered by virtue of the Insolvency Act 1986, to recognise certain professional bodies (known as Recognised Professional Bodies (RPBs)), for the purposes of authorising suitable individuals to act as insolvency practitioners (IPs).
All IPs in the UK require to be authorised by an RPB or by The Insolvency Service as a Competent Authority. ICAS is an RPB which authorises both ICAS members, and non-members, known as Affiliates, as IPs , who have met the examination and competence requirements.
Every RPB is required to regulate the practice of the insolvency profession. ICAS therefore maintains and enforce rules to ensure that our authorised IPs are fit and proper persons and meet acceptable requirements as to education, practical training and experience. ICAS conducts all regulatory activities in accordance with the Memorandum of Understanding and the Principals for Monitoring.
To underpin the insolvency regime the Secretary of State for Business has agreed a set of principles with the Department of Business Innovation & Skills (BIS) and the RPBs for the purposes of achieving consistency in the authorisation and regulation of IPs. Each RPB is monitored by the Secretary of State for adherence to the Principles for Monitoring Insolvency Practitioners.
The Principles cover the responsibilities of the Secretary of State and RPBs, guidance on the frequency of monitoring visits, key monitoring issues, liaison with other authorising bodies, and recommendations as to the content and timing of written monitoring reports.
What is Insolvency Monitoring?
The purpose of monitoring is to make an objective assessment of the conduct and performance of practitioners, and to ascertain whether the practitioner is a fit and proper person to be an IP.
Each RPB is responsible for ensuring that the all IPs they authorise are monitored in accordance with the Principles for Monitoring.
Upholding standards is one of ICAS's main missions and ICAS Insolvency Monitoring is devoted to achieving this mission.
Our general approach to regulation reflects the principles set out in the Regulators' Code.
We monitor the regulatory activities of the IPs by undertaking on-site visits.
The purpose of monitoring is to encourage best regulatory practice and to specifically assess compliance against the principles set out in the Memorandum of Understanding agreed with the Secretary of State. Additionally, the Principles for Monitoring (PfM) set out the detailed matters to be considered by RPBs when monitoring their IPs. The PfM includes guidance on the frequency of monitoring visits, key monitoring considerations, liaison between regulators and recommendations as to the timing and content of written monitoring reports.
Who is our Regulator?
The ICAS insolvency function is regulated by The Insolvency Service which is part of the Government's Department for Business Innovation & Skills (BIS). The Insolvency Service has, in the past, conducted regular monitoring visits to each RPB, including ICAS.
Is there a Register of Insolvency Practitioners
The Insolvency Service maintains a register of IPs on its website, this is not a compulsory register so details do not need to be given. If you want to add a reference, the web address is IS Register of IPs.