IPA Ethics Code for Members

All members of the Insolvency Practitioners Association (IPA) are required to act in accordance with its Ethics Code for Members. Additionally they are also required to:

  • comply with Statements of Insolvency Practice
  • take account of Guidance issued by the Association
  • take note of ?Dear IP? Bulletins issued by the Insolvency Service

Insolvency Practitioners Association Ethics Code for Members

Full details of the IPA?s Ethics Code for Members (“the Code”), which incorporates the joint Insolvency Code of Ethics approved by the Joint Insolvency Committee member bodies, the Statements of Insolvency Practice in force and guidance issued by the IPA can be found on the Insolvency Practitioners Association web site at www.insolvency-practitioners.org.uk.

The Code is broken down into three key areas:

  • General application of the Code – which deals with issues such as the fundamental principles of integrity, objectivity, competence, confidentiality and professional behaviour as well as issues such as the identification of threats to the fundamental principles
  • Specific application of the Code – which deals with the conduct of insolvency appointments, conflicts of interest, practice mergers, competence and fees
  • The application of the framework to specific situations – which looks at situations such as insolvency appointments following audit related work, appointment as investigating accountant at the instigation of a creditor and examples relating to previous or existing insolvency appointments.

To help guide members through the Code, the IPA have produced a Background and Overview note which is designed to assist in understanding the Code and in addition have produced a guidance note dealing specifically with Transparency and Confidentiality. Both of these notes can be found on the IPA web site.

Statements of Insolvency Practice

Statements of Insolvency Practice (SIPs) are aimed at maintaining standards by setting out required practice and harmonising practitioners’ approach to particular aspects of insolvency. They outline basic principles and essential procedures, departure from which is a matter that may be taken into account should disciplinary or regulatory action be taken.

SIPs can be accessed through the IPA web site.

Regulations and other guidance

In addition to the Code there are a number of other regulations to which practitioners are subject including the Client Money Regulations and the Professional Indemnity Insurance Regulations and the IPA also produces guidance on a range of topics including guidance on:

  • Professional Indemnity Insurance
  • Anti-Money Laundering
  • Continuing Professional Education
  • Succession Planning, and
  • Control of Accounting