Background and Summary Regulation of the regulators
72.The RPBs are recognised and regulated by the Secretary of State (acting through the Insolvency Service). The Secretary of State currently has only one sanction against an RPB which is not regulating effectively and that is to revoke its recognition as an RPB. This is the ultimate sanction. It would be disproportionate in all but the most serious circumstances and has never been used.
73.Sections 137 to 146 amend Part 13 of the Insolvency Act 1986 to introduce: