A Government review has concluded the profession should be given a chance to improve before it loses its ability to self regulate

The insolvency profession must tackle practitioners charging excessive fees and poor complaint handling or lose its system of self regulation, the Government has said.

A year long review has found the insolvency regime working “reasonably well” but that “a great deal more could be done to improve [its] effectiveness”, Ed Davey, the Business Department minister, has said. The department intervened after receiving evidence from the Office of Fair Trading that suggests that unsecured creditors “do not always get the returns they might expect”.

“I believe that confidence in the insolvency regulatory regime plays a vital role in ensuring that markets operate fairly and efficiently, by ensuring that in the event of insolvency as much is fairly returned to those...Read more here--: Insolvency profession told to tackle excessive fees - Telegraph