Avoiding TV savaging 'is priority on insolvency firm complaints'
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[February 19, 2008]

Avoiding TV savaging 'is priority on insolvency firm complaints'

(Daily Mail (London) (KRT) Via Thomson Dialog NewsEdge) Feb. 17--Insolvency practitioners have been accused of dealing with complaints from the public only to protect their own backs.

Practitioners are said to be much less interested in putting right any wrongs suffered by clients.

A scathing report by the Insolvency Practices Council, which aims to ensure high ethical standards, says fear of legal action or punishment by regulators is the main motivation for responding to complaints.

The IPC accuses practitioners of giving top priority to not paying damages and to keeping their firm's name out of TV shows that champion consumer rights.

There are 1,700 practitioners regulated in Britain. They act in key roles, including administrator of a troubled company, trustee for a bankrupt individual and liquidator of a business.

They deal with personal and corporate debts totalling hundreds of millions of pounds every year.

One professional interviewed anonymously in the report said: "The idea of having an effective complaints handling procedure is to improve the brand.

"The last thing we want is to be on (the BBC programme) Watchdog. That's a company killer."

Peter Sargent, deputy vice-president of the professional body R3 and partner in insolvency practitioner Begbies Traynor, said: "There is nothing disreputable in a firm responding to complaints in the hope that this will forestall further action."



Figures on Friday showed record numbers sought to become bankrupt in England and Wales last year.

To see more of the Financial Mail on Sunday, or to subscribe to the newspaper, go to http://www.financialmail.co.uk.



Copyright (c) 2008, Financial Mail on Sunday, London
Distributed by McClatchy-Tribune Information Services.
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