Peter Wordsworth discusses significant changes in the Individual Voluntary Arrangement (IVA) market, noting a period of adjustment and various factors influencing these changes, including shifts in funding and regulatory actions like the Financial Conduct Authority’s (FCA) ban on introducers.
This has impacted the way consumers are attracted to IVAs, necessitating new approaches.
The market’s focus has intensified, with the Insolvency Service investigating historical issues, signaling a broader adjustment phase aimed at improving practices and reputations within the sector.
There is some cause for optimism with a collective desire among Insolvency Practitioners (IPs), creditors, and regulators to address current challenges without relying on primary legislation, indicating a strong commitment to enhancing the IVA market’s effectiveness and reputation over the last decade or so.
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