Insolvency: Regulation

(asked on 21st October 2021) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government how are ombudsmen used by those responsible for regulating insolvency practitioners (1) selected, (2) appointed, and (3) remunerated.


Answered by
Lord Callanan Portrait
Lord Callanan
Parliamentary Under Secretary of State (Department for Energy Security and Net Zero)
This question was answered on 2nd November 2021

The four recognised professional bodies (RPBs) responsible for the regulation of Insolvency Practitioners do not engage ombudsmen in their oversight systems. However, each RPB has independent committees that oversee regulatory decisions. In order to maintain independence, the committees require an equal or majority lay membership. Further, each of the RPB’s complaints processes includes potential referral of a complaint to an independent reviewer of complaints. The reviewers of complaints are lawyers who work independently and consider an RPB’s decision where it has determined there is no case to answer.

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