204. An insolvency professional agency shall perform the following
functions, namely:-
(a) grant membership to persons who fulfil all requirements set out in its
byelaws on payment of membership fee;
(b) lay down standards of professional conduct for its members;
(c) monitor the performance of its members;
(d) safeguard the rights, privileges and interests of insolvency
professionalswho are its members;
(e) suspend or cancel the membership of insolvency professionals who are its
members on the grounds set out in its bye-laws;
(f) redress the grievances of consumers against insolvency professionals who
are its members; and
(g) publish information about its functions, list of its members,
performance of its members and such other information as may be specified by
regulations.