The Government’s intention is for the Secretary of State to withdraw from direct authorisation, reform the powers of the SoS as oversight regulator to make them more wide ranging, and introduce regulatory objectives to the regime. This will be dependent on finding Parliamentary time.
This, coupled with the intoduction of creditor representation on the Joint Insolvency Committee, which co-ordinates statement of insolvency practice for the profession, means that the public interest role the IPC has undertaken for the past 11 years may not now be required any more. Creditor representatives from the ABI, ICM and HMR&C have already joined the IPC.