Regulatory Alerts2020-12-04
Added · Updated
Finalised Guidance for Insolvency Practitioners on How to Approach Regulated Firms
The Financial Conduct Authority issues guidance outlining expectations for insolvency practitioners appointed over firms authorised under the Financial Services and Markets Act 2000 or registered under payment and electronic money regulations. The document requires practitioners to obtain written consent before out-of-court administrator appointments, engage early with the regulator, and ensure compliance with ongoing regulatory obligations such as client asset handling and complaint reporting during insolvency proceedings. It specifies notification requirements for various insolvency events, including statutory demands, winding-up petitions, and liquidations, and details procedures for special administration regimes and creditors' committees.