Commentary on Sections Regulation of insolvency practitioners: amendments to existing regime Section 138: Regulatory objectives
779.This section inserts new sections 391B and 391C into the Insolvency Act 1986.
780.These new sections define the meaning of regulatory functions and regulatory objectives which will apply to RPBs. At present, these do not exist in law.
781.The introduction of regulatory objectives will provide RPBs with a framework within which to carry out their activities. Regulatory objectives are intended to encourage consistency of approach, and to provide a reference point for discussions between IPs and RPBs, and between RPBs and the Secretary of State “oversight” regulator.
782.New section 391B sets out that RPBs must act and carry out their functions in a way that is compatible with the regulatory objectives.
783.The regulatory objectives are set out in new section 391C and are intended to ensure that: