Since the first lockdown in 2020 insolvency practitioners have been trying to predict the future not just for the economy as a whole but also for the insolvency profession. Traditionally, the skills of insolvency practitioners are more in demand when the economy is under pressure but since March 2020 it has been difficult for insolvency practitioners to assess whether they should recruit and train more staff or whether the insolvency profession is becoming the collateral damage of the government’s covid19 financial support.
Regulators’ expectations for insolvency practitioners’ case work to be of the highest standard have not changed, however. Annual compliance reviews from RMCSC give useful and proactive information and advice about compliance and the ICAEW’s requirement for an annual insolvency compliance review has not changed.
It may be that a compliance review carried out in house using guidance or checklists seemed to be handy option at a time when new work was scarce. The compliance consultancy work carried out by RMCSC is however much more likely than an in house compliance review to reduce the risk of breaches of compliance that might lead to complaints, targeted visits, reprimands, fines and increased costs. Cutting short term costs can lead to long term stress and expense. RMCSC’s insolvency compliance reviews are totally objective and independent; I do not review checklists and standard letters that I have written myself and then sold as a ‘compliance package’.
RMCSC takes pride in being the source of compliance consultancy that takes the insolvency practitioner’s requirements into account and RMCSC’s bespoke service does not tie insolvency practitioner clients into a restrictive contract.
Please feel free to contact me on 07854 967976 or firstname.lastname@example.org to find out more about RMCSC’s compliance consultancy services.