Insolvency: Regulation

Business, Enterprise and Regulatory Reform written question – answered on 16th January 2008.

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Photo of Austin Mitchell Austin Mitchell Labour, Great Grimsby

To ask the Secretary of State for Business, Enterprise and Regulatory Reform if he will bring forward legislative proposals to achieve the regulation of the insolvency industry by a single independent regulator.

Photo of Pat McFadden Pat McFadden Minister of State (Department for Business, Enterprise and Regulatory Reform) (Employment Relations and Postal Affairs), Member, Labour Party National Executive Committee

The Secretary of State has no plans to bring forward proposals to provide for a single insolvency regulator. The Insolvency Regulation Working Party considered this matter and in their report, published in 1999, emphasised that insolvency practice had never been the prerogative of any one profession. The Working Party also considered that the operational role allocated to the professional bodies in the regulation of insolvency practitioners had bought significant value in creating a regulatory infrastructure and in extending the scope of regulation.

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