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/