SIP 9

The revised SIP 9 came into effect on 1 April 2007. For those of you with insomnia who read the SIP in detail you will have noticed that the wording used in paragraph 3.9 means that in CVLs the explanatory notes still have to be issued to creditors. Fear not, we raised this inconsistency with the regulators and they have indicated that it is just a drafting error. We have been advised that, pending revision of the SIP, the monitors acting for the regulators have agreed to interpret SIP 9’s requirements for the distribution of explanatory notes in CVLs to be the same as in other case types, ie you only have to ensure that creditors are informed about how to access the CVL explanatory note.