UK Proposes Single Regulator For Insolvency Services

By Irene Madongo (December 21, 2021, 7:17 PM GMT) -- The government on Tuesday outlined plans to overhaul the regulation of insolvency services, including creating a new watchdog and extending oversight from covering just individual practitioners to firms.

The Insolvency Service said it had found that the present framework — under which membership bodies and the government are involved in regulating fewer than 1,600 people — is "disproportionately complex."

"As well as a lack of regulation of firms undertaking insolvency work, the current system also lacks transparency and has inconsistencies, with different bodies making information available in different formats," said the Insolvency Service, which is an agency under the Department for Business,...

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