Question

To ask the Secretary of State for Business, Innovation and Skills, if he will bring forward legislative proposals to create an independent regulator to regulate insolvencies.

The Small Business Enterprise and Employment Bill (currently before the Other House) contains a reserve power which will allow the Secretary of State to designate a body to be the sole regulator for insolvency practitioners. We have made clear that we would only exercise this power if the other measures contained within this Bill do not succeed in improving confidence in this regulatory regime; and only with proper consultation and assessment of the costs and benefits.