2019 Modernisation Programme
“The IPA is becoming a modern, up to date, member services and regulatory body that carries out its duties in a well-run, professional environment that puts creditors, members of the public, businesses and its members at its heart - whether we are sharing best practice and helping learning Insolvency Practitioners be the best they can be through our services arm; working through the regulatory process; or helping students pass their exams on the way to becoming the Insolvency Practitioners of the future.

We have instigated a busy programme of change in 2019.  In tandem to improvements to our processes and practices, we also built our capability, attracting new and talented members of a strengthened team, complimenting some of the deep regulatory and member service talent already available to us in the IPA secretariat. We have refreshed our committees, reducing the number to focus more attention on the issues that matter to those in the Insolvency environment and refreshing membership to attract a fresh view, complimenting the deep experience already available to us from our amazing volunteers and lay members.”

Michelle Thorp, IPA CEO


Why the need for modernisation?  We have revised our committe structure and streamlined processes ...
  • The changing insolvency landscape, and the emergence of new business models
  • Challenges from the Insolvency Service and others, about the speed and transparency of regulatory decision-making 
  • Your feedback on how you want regulation to work
  • Financial sustainability
  • Time: there hadn't been a full review since the inception of the IPA
  • Reduced Committees from 11 to 5
  • Changed attendance and tenure rules: 5 year terms
  •  Refreshed membership with a focus on diversity
  • Shortened reports to focus on key issues
  • Gave Inspectors greater powers to issue minor warnings
  • Developed annual training for all committee member
  • Implemented new risk analysis and a lengthier review cycle of 6 years
  • Tightened up internal processes & redesigned teams
   
We introduced new regulation for Volume IVA Providers …       And we became an Anti-Money Laundering Professional Body …
  • Up to 4 visits a year: 1 full and 3 focused visits
  • Continuous monitoring through access to systems
  • Regular data returns
  • Expanded inspector team with financial specialists
  • Industry-led pragmatic solutions to making regulation work
  • Annual benchmark reports
  • New legislation: Anti-money Laundering & Terrorist Finance Act 2017
  • Very strict requirements
  • SARS Reporting is the most important feature
  • Intelligence sharing
  • Developing sanctions guidance
  • New training offering
  • Tightened up internal processes & redesigned teams

How We Work

Council, what it does, its membership and the President

  • Council is responsible for the management of the IPA, including determining policy and strategy and setting business and financial plans and programmes. It also approves the IPA’s Annual Report and Accounts, subscriptions and authorisation fees and applications for membership; and it appoints Committees through which the detailed work of developing and putting forward proposals and implementing its decisions is undertaken, as well as considering membership and authorisation matters and investigating complaints. Council usually meets four times a year.
  • Council consists of 16 members elected by individual members. Council may also co-opt up to 7 further members.
    Council members have to be individual ordinary or fellow members of good standing.
  • Council members are elected at an Annual General Meeting. Each year one-quarter are retired by rotation, but may be re-elected for one further term. Co-opted members serve for a term determined by Council up to four years.
  • The President, Vice-President and Deputy Vice-President are chosen by Council from its elected Council members. The President serves for one year.
  • For details of the current President, Vice-President and Deputy Vice-President and Council members click here


Committees, what they do and their membership

  • Committees are established by Council. Committee chairmen and members are appointed annually by Council: they are not subject to any fixed term of appointment, but usually serve for a period of three-six years. No Council member may sit on any of the four regulatory Committees. Student members are eligible to be appointed to a Committee other than the four regulatory Committees.
  • The current Committees are: Appeal, Constitution, Disciplinary, Examinations, Finance, Investigation, Member Services & Training, Membership & Authorisation, Standards, Ethics & Regulatory Liaison, and Consultation
  • Committees meet from time to time during the year – the Investigation and Membership & Authorisation Committees meet 10 times a year; other committees typically meet on a quartely basis or as and when required.
  • For further details of the Committees click here