The Institute of Chartered Accountants cracks the whip on insolvency practitioner fraud


The biggest UK regulator of insolvency practitioners (IPs) has stepped up its enforcement against abuses with more and heavier penalties it was revealed this week.

Publishing its 2002 annual report the Institute of Chartered Accountants in England & Wales (ICAEW) showed the number of complaints in 2002 fell to 243 from 286 in 2001 but the number of punishments doubled to 55.

Of these cases, two had their licences restricted, 12 are to receive follow up visits and 26 were reminded of their responsibilities or forced to improve their behaviour. Fifteen were made to pay fines ranging from Ј2000 to Ј3000, up from a range of 0 to Ј777 in 2001. Also, the range of costs imposed was up from Ј750-Ј4000 to Ј810-Ј9845.

The report found the vast majority of cases leading to a fine concerned IPs taking unauthorised fees.

In a further 27 cases the ICAEW’s disciplinary committee was satisfied that assurances made to them were sufficient.



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