Instead chief executive David Kerr believes the introduction of a ‘Commons Sanctions Guidance’ would help create the necessary consistency and transparency.
Earlier, this week employment minister Edward Davey MP admitted he could “see the merits” of a sole body to monitor the profession.
But Kerr said: “A single regulator might seem like a simple solution but it doesn’t solve the problem.
“From one month to the next or from year to year how can you be sure the body would be consistent?
“There needs to be a mechanism for people to arrive at a consistent decision whether it’s for the IPA, the Insolvency Service (IS) or a new regulator.
“And this is where the sanctions guide would come into play - everyone would be working from the same set of rules.”
Kerr explained the talks are ongoing within the profession to agree on the finer points of the guide with a view to publishing it in early 2012.
He also added it is “just one of the measures” actively being worked on to ensure Davey’s desire to see a more accountable system comes to fruition.
Currently there are nine regulators, such as the ICAEW, ACCA and ICAS, which all serve to monitor the profession.
Yesterday, the UK’s largest regulator of IPs, the ICAEW, also insisted the government could boost transparency and confidence in insolvency procedures without creating a single regulator.
Earlier this week the IS published its summary of the consultation process about the proposed creation of an independent complaints body.
It appeared to reveal a significant difference of opinion between IPs, regulators and creditors.
While creditors argued a single regulator would be “the most effective way to address many of the concerns identified”, IPs and regulators were “generally not persuaded” fundamental changes were necessary.