The Secretary of State will cease issuing insolvency licences from 1 October 2016 and many insolvency practitioners previously licensed by the Secretary of State have already changed to another insolvency licence provider. All insolvency practitioners still licensed by the Secretary of State and who wish to continue taking insolvency appointments must ensure that they have changed to one of the other insolvency licence providers before 1 October 2016 and should allow sufficient time for this process to take place.
Experience with insolvency practitioner clients who have recently been through the process of their first review by the ICAEW, IPA or ACCA shows that it can be a time consuming experience and insolvency practitioners can be left uncertain and confused. Regulatory visits every three years rather than every seven years seem to have the effect of changing priorities and for many insolvency practitioners annual compliance reviews are a totally new concept - a cause of uncertainty for the most skilled and experienced insolvency practitioner.
The proactive way of dealing with this is to take control and have your insolvency work and internal compliance procedures independently reviewed before you are visited by a new inspector. RMCSC can carry out peer reviews that take into account the unique demands of each insolvency practitioner, that will help you learn what is really meant by regular insolvency reviews and that add value by making positive and commercial suggestions for improvements.
Caroline Clark's insolvency career started over 30 years ago and since 1994 she has specialised in insolvency compliance and regulation.