Jurisdiction(s):
United Kingdom

Regulation of insolvency recognised professional bodies in Great Britain: recognition, application, regulatory objectives, Secretary of State oversight, sanctions, and revocation; recent and proposed reforms

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

There are three recognised professional bodies (RPBs): the Institute of Chartered Accountants in England and Wales (ICAEW), the Insolvency Practitioners’ Association (IPA) and the Institute of Chartered Accountants of Scotland. With effect from 1 June 2025, following its own request, the Institute of Chartered Accountants in Ireland had its recognition as an RPB revoked. While these RPBs act as licensing authorities that oversee, discipline and regulate their members, the Insolvency Service supervises the regulators to ensure that rigorous professional standards are upheld. This Practice Note examines the application process for RPB recognition, their regulatory aims, the framework for oversight, the withdrawal of recognition and the future of insolvency regulation.

Recognition

The Secretary of State may, by order, designate a body as an RPB able to provide its insolvency specialist members (being members who are permitted by or under the rules of the body to act as insolvency practitioners (IPs)) with (i) full authorisation or partial authorisation, or (ii) partial authorisation only, if:

it regulates the practice of a profession, and
it maintains and enforces rules for securing that its IP members:
- are fit and proper persons to act...

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Web page updated on 21/05/2026

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