On 20 February 2019, ACCA asked the Secretary of State to consider the request to cease to be a Recognised Professional Body (RPB) for the purposes of section 391 of the Insolvency Act 1986.

In October 2016, the ACCA entered into a collaboration agreement with another RPB, the Insolvency Practitioners Association (IPA), pursuant to which the ACCA’s monitoring and complaints-handling arrangements for insolvency practitioners have been undertaken by the IPA since 1 January 2017.

From 1 October 2018, the licensing of ACCA authorised insolvency practitioners was moved to the IPA. The ACCA considered that its continued recognition as an RPB was unviable and therefore requested the revocation of such recognition.

The ACCA has confirmed that it notified ACCA insolvency licence holders of its intention to request the revocation of its recognition as an RPB on 11 July 2019 and 17 October 2019.

It has also completed its internal procedures to sanction and implement its decision to request the revocation of its recognition as an RPB.
ACCA has now ceased to carry out (directly or indirectly) any regulatory activities after 31 December 2019.

Insolvency practitioners licensed by the ACCA up until 31 December 2019 are now licensed by other RPBs.

The Minister for Climate Change and Corporate Responsibility has considered this request and is satisfied that it is appropriate in all the circumstances to revoke this recognition in accordance with the procedure set out in section 391N of the Insolvency Act 1986.

The change will take effect from 1 March 2021.