Regulating the insolvency profession

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CAP responded to the UK Government’s consultation on regulation reform in the insolvency sector. Currently, Insolvency Practitioners are regulated as individuals by four recognised professional bodies, with no specific regulation for the firms that employ them. CAP supports the proposal for the Government to take on the role as a single regulator, extending the scope of regulation to include firms providing insolvency services. CAP would like the single regulator to investigate all complaints to improve consistency in outcomes and to adopt principles from the Financial Conduct Authority’s principles on consumer duty and rules for debt advice.