Professional standards and regulation

Know which organisation does what

Recognised professional bodies authorise and regulate practitioners within their permitted remit. The Insolvency Service has oversight and other statutory functions. R3 is a professional association providing resources and representing the restructuring and insolvency profession; it is not interchangeable with a government agency or authorising body.

A practitioner’s licence or membership is different from approval of a specific transaction. Likewise, a link in this library does not mean that an organisation endorses this website or has reviewed its explanations.

SIPs, ethics and guidance papers

Statements of Insolvency Practice set professional requirements for specified matters and procedures. The applicable SIP must be read with the law, its territorial scope and its effective date. Insolvency Guidance Papers provide guidance on issues that need consideration; they should not be described as legislation.

Ethical obligations include integrity, objectivity, competence, confidentiality and professional behaviour. Conflicts and threats to independence require analysis and appropriate safeguards or refusal of an engagement where necessary. A prior relationship is a matter to evaluate, not automatic proof of misconduct.

• Use the jurisdiction selector in the issuing body’s SIP library.
• Check the current version and any transitional information.
• Identify member-only resources before trying to rely on an inaccessible summary.

Choose the correct route for a concern

An issue about service or professional conduct can follow a practitioner’s complaints process and, where appropriate, the authorising-body route. A disputed claim, fee decision or court order can require a separate legal application. Making a complaint does not automatically extend a statutory appeal period or award compensation.

England and Wales resources

ICAEW and IPA publish SIPs and supporting material relevant to England and Wales. Dear IP contains Insolvency Service technical updates, but an older article must be read against later legislation. The official complaints gateway explains its scope and the need to identify the practitioner’s authorising body.