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Sources share that the Insolvency Service, which is part of the Department for Business and Trade, will unveil plans that would mean firms, as well as individuals, could face sanctions for misconduct. As a result of this, the current quartet of regulatory bodies, which includes the Insolvency Practitioners Association and the Institute of Chartered Accountants in England and Wales, would be ditched.
This comes two years after a consultation launched, discussing the creation of a new independent regulator. The catalyst to this was the large collapses of BHS and Carillion, which drew attention to the behaviours of company directors and auditors.
Ultimately its purpose would be to close a regulatory gap and bring insolvency firms closer in line with the rules which govern providers of audit and legal services.
Further updates are expected next week.