So-called 'insolvency practitioner-lite' qualification is being discussed between the DTI and ICAEW, based on the institute’s existing IVA exams
A new insolvency qualification is being prepared that will distinguish professionals undertaking IVAs from those doing other types of insolvency work, and could see IVA specialists hived off from the insolvency profession.
Sources told Accountancy Age that a so-called ‘insolvency practitioner-lite’ qualification was being discussed between the DTI and ICAEW, based on the institute’s existing IVA exams.
It is intended to fill the gap between fully licensed insolvency practitioners, who sign off the fast-growing numbers of IVA work, and unregulated and unqualified debt advisers and brokers.
But it could also mean seperating IVA practitioners from the rest of the profession, with 'insolvency practitioners' (IPs) who only carry out IVAs potentially losing their full qualifications.
Sources suggested that a more controversial aspect of the plan included revoking the full licenses of qualified insolvency practitioners focused on IVA work and giving them the IVA qualification instead.
The ICAEW confirmed discussions with a number of bodies over a new qualification, but played down the prospect of IPs losing their licences.
‘As long as practitioners meet the requirements of continuing professional development then we wouldn’t do that,’ said an ICAEW spokeswoman, who would not confirm discussions with the DTI.
‘What is important is that people seek advice about IVAs from practitioners who are qualified to give that advice, as ICAEW insolvency practitioners are,’ the spokeswoman added.
‘If IVA numbers increase you’ll need expertise to handle them,’ said Begbies Traynor senior partner Nick Hood. ‘We shouldn’t be worried about having a specialist branch of the profession.’
The ICAEW this week launched a pamphlet aimed at consumers to help them choose a licensed insolvency practitioner, and what should be expected of their choice. ‘The role of the insolvency practitioner – picking up the pieces’, will help the indebted to understand what is expected of a licensed insolvency practitioner.
Source: Kevin Reed, Accountancy Age
Please post any news stories about IVAs here:
http://www.iva.co.uk/forum/default.asp?CAT_ID=5
See my Blog:
http://ivanews.blogs.iva.co.uk
