Warning: this blog post may lead to disappointment.<\/p>\n
I know that I am not alone in feeling that SIP9 poses as many questions as it answers. To be fair, much of our dissatisfaction originates from inadequate rules, but the fact that my earlier post, \u201cSIP9 \u2013 the easy bits\u201d (http:\/\/goo.gl\/u8S31R<\/a>), generated contrary feedback indicates to me just how much clarification is needed.<\/p>\n Regrettably, I don\u2019t have the answers, certainly not here and now. I could offer my best guesses, but my opinions don\u2019t count.\u00a0 We need to know how the RPBs will measure compliance with the SIP and how they want SIP9 applied.\u00a0 I\u2019m currently waiting for answers to a number of questions I\u2019ve put to some RPB monitors, but I do hope that the regulators \u2013 via monitors, committees or the Insolvency Service \u2013 issue guidance publicly<\/em>, so that all <\/em>IPs and insolvency professionals can benefit.\u00a0 Allison Broad, ICAEW, has made a fantastic start with her webinar, but SIP9 raises far more questions.<\/p>\n What are the questions?<\/strong><\/p>\n Here are what I think are some of the tricky bits of SIP9:<\/p>\n Where are the answers?<\/strong><\/p>\n The absence of \u201cofficial\u201d answers puts pressure on all of us to come up with our own. We\u2019ve heard noises to the effect that some RPB monitors will go gentle on IPs as the SIP beds in.\u00a0 However, I think that\u2019s a cop-out. \u00a0An enormous amount of time and effort is expended in setting up systems and procedures and training staff in what is required.\u00a0 It\u2019s not good enough to learn only at a monitoring visit how we\u2019re expected to apply the SIP, leading to the need to invest further time and effort in changing things.<\/p>\n Nevertheless, we have to manage as best we can. I shall be recording a webinar providing my thoughts on the questions above (including some thoughts from RPB staff who have responded to my queries) as well as taking a practical look at how to apply the SIP\u2019s principles and standards.\u00a0 If you would like to sign up to the webinar (which will be available in a week\u2019s time), please email info@thecompliancealliance.co.uk<\/a>*.<\/p>\n SIP16: two for the price of one<\/strong><\/p>\n In the same webinar, I\u2019ll also be reviewing the practical application of the latest revision of SIP16 \u2013 a far less troublesome SIP, I think, but perhaps just as risky.<\/p>\n * Our webinars are\u00a0available to all Compliance Alliance webinar subscribers\u00a0(\u00a3250+VAT for firm-wide access to all our webinars for one year).\u00a0If you would like to sign up\u00a0to the webinar, please drop us a line at info@thecompliancealliance.co.uk<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Warning: this blog post may lead to disappointment. I know that I am not alone in feeling that SIP9 poses as many questions as it answers. To be fair, much of our dissatisfaction originates from inadequate rules, but the fact … Continue reading \n