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 professionals who 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.