ICAS strengthens position as insolvency regulator
The position of ICAS as a leading regulator of choice for the insolvency profession is strengthened after the issuing of insolvency licences to a number of solicitors.
ICAS has strengthened its position as a regulator of choice for those in the insolvency profession after granting its first insolvency licences to solicitors. The authorisations under the Insolvency Act 1986 come as both the Solicitors Regulation Authority and the Law Society of Scotland have taken steps to withdraw as a Recognised Professional Body for insolvency licencing purposes.
All insolvency practitioners (IPs) previously licensed by the Law Society of Scotland have joined ICAS and a number of solicitors previously authorised by the SRA have also done so. Solicitors now account for just under 10% of insolvency practitioners regulated by ICAS.
A number of IPs previously regulated by other recognised professional bodies (RPBs) have also recently chosen to obtain their insolvency authorisation from ICAS.
Overall the number of insolvency authorisations by ICAS increased by nearly 10% during 2015.
The breadth of our insolvency practitioner professionals is now drawn from the financial and legal sectors in Scotland, England and Wales, and Northern Ireland as well as countries abroad.
The number of IPs moving their insolvency authorisations to ICAS has increased following the publication of the Insolvency Service’s monitoring report in 2015 which concluded that ICAS had strong controls in place across all areas of insolvency regulation, the only RPB to have received such a report.
Michelle Mullen, Executive Director, Regulation said: “We are delighted that a significant number of solicitors and other IPs have made a positive choice to be regulated by ICAS. The breadth of our insolvency practitioner professionals is now drawn from the financial and legal sectors in Scotland, England and Wales, and Northern Ireland as well as countries abroad.”
ICAS insolvency practitioners undertake to act with the highest standards of conduct, integrity, behaviour and professionalism, and to live by a belief in the The Power of One. In return ICAS promises to uphold those standards to maintain trust in the profession, give our insolvency practitioners a voice to influence the insolvency policy and regulation landscape, represent the interests of our IPs and help shape the future of the profession.
The expansion of our insolvency community is recognition of these factors. IPs appreciate the value to them, and the wider stakeholder group in insolvency situations, of the standards and services that ICAS maintains.
ICAS has also taken steps during the year to encourage the future of the profession by introducing for the first time a non-appointment taking licence. The licence, available for an annual fee of £100, allows those who have passed the Joint Insolvency Examination Board exam to be recognised as a highly specialist professional become part of the ICAS insolvency community.