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The Association of Chartered Certified Accountants (ACCA) has applied to the Secretary of State for Business to give up its status as a recognised professional body for insolvency practitioners.
The association first made the request in February 2019 asking the Secretary of State to consider a request that the ACCA should “cease to be a Recognised Professional Body (RPB) for the purposes of section 391 of the Insolvency Act 1986”.
In October 2016, the ACCA entered into a collaboration agreement with another RPB, the Insolvency Practitioners Association (IPA), pursuant to which the ACCA’s “monitoring and complaints-handling arrangements for insolvency practitioners have been undertaken by the IPA since 1 January 2017”.
The ACCA has confirmed that it notified ACCA insolvency licence holders of its “intention to request the revocation of its recognition as an RPB on 11 July 2019 and 17 October 2019”.
In addition it also completed its “internal procedures to sanction and implement its decision to request the revocation of its recognition as an RPB”
The ACCA has ceased to carry out directly or indirectly any regulatory activities after 31 December 2019. Insolvency practitioners licensed by the ACCA up until 31 December 2019 are now licensed by other RPBs.
