The Insolvency Service of Ireland are already starting in on audits of regulated providers to ensure they have the proper procedures in place to deal with people correctly and that they are in adherence to the code.
From our perspective we see it as a very proactive move and a positive one for the regulated debt advisor sector. People complain all the time about ‘light touch regulation’ and it exists in part because the regulators in question are not out there looking into the affairs of the market participants, or the market participants are finding ways to duck the rules the normal firms have to abide by.
Regulatory arbitrage is thankfully not present in the PIP space the way it is in the debt mediation industry. You can’t call yourself a ‘Personal Insolvency Practitioner’ unless you actually are one whereas it is still the case that unregulated entities can call themselves debt mediators and charge for the service.
How long should they wait before the start a process like this given so few PIA’s have been done? No time at …