Minister moots single insolvency regulator
The insolvency profession could be overseen by an independent regulator if the industry doesn’t tackle excessive fees, said the government.
Insolvency minister Ed Davey proposed the reform to Parliament following a consultation on the industry and was published in response to the Office of Fair Trading study into the industry.
Vernon Soare, ICAEW executive director of Professional Standards, said: “ICAEW understands the need to continually improve standards and is supportive of any measures that will help to enhance transparency and confidence in insolvency procedures. However, we believe that this is best achieved by effective oversight of the existing regulators.”
He added: “In the current climate, we don’t believe the time and cost associated with establishing a new single regulator is feasible. We will therefore continue to work together to achieve the government’s aims without such radical change.”