Published by: Insolvency Practitioners Association Search for original: Link
Key Take Aways
The Insolvency Practitioners Association (IPA) uniquely regulates the UK’s personal insolvency market, focusing on high standards among volume providers handling IVAs and PTDs, covering 71% of the IVA and 73% of the PTD market. In 2024, 57% of the individual debt solutions market in England and Wales comprised IVAs, with a 5.7% failure rate in the first year, indicating ongoing stability despite economic pressures. The IPA’s scheme has significantly contributed to increased confidence in the sector, maintaining low public complaint levels (0.02% for IVAs, under 0.01% for PTDs). The regulator identified a generally high compliance level among IPs but flagged concerns such as poor-quality advice, mis-selling risks, advertising issues, and excessive costs, leading to regulatory actions including advisory notices and sanctions. The publication of the Insolvency Service research highlighted risks...
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