An insolvency professional agency shall perform the following functions, namely:—

1. grant membership to persons who fulfil all the requirements set out in its bye-laws on payment of membership fee;
2. lay down standards of professional conduct for its members;
3. monitor the performance of its members;
4. safeguard the rights, privileges and interests of insolvency professionals who are its members;
5. suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws;
6. redress the grievances of consumers against insolvency professionals who are its members; and
7. publish information about its functions, the list of its members, the performance of its members and such other information as may be specified by regulations.