Regulation of PIPs

Lorcan O'Connor speaking at launch of

Will have to do exams
Will have to be solvent
Will have to have the organisational capacity

Probably
Solicitors
QFAs
Barristers
Accountants
and others with similar qualifications.

time scale: end of the year ( I think he said)
Later: We will beging licensing in June.

PIPS should use this time to familiarise themselves with the law and with creditors.

Jill Kerby from the Sunday Times
15,000 cases. 3 different options. 10,000 over DSA and PIAs. How many PIPs will there be?



There will be 700 PIPs based on the UK experience.
How many will they handle depends on the complexity of the cases.

If the PIP produces a solution and it does not happen, why is there no arbiter?
It's a voluntary agreement between two sides.

In the UK 95% of agreements are approved by the banks

Minister: This is an agreed debt settlement. The only one who could impose it would be the courts under our constitution.
The PIP is something of a mediator. The debtor has a veto as well. There is pressure on debtors and creditors to be reasonable.

It's unique that we extended it to secured debt