Call to clean up insolvency fees

Insolvency professionals will have to answer to a new independent watchdog if the industry does not tackle excessive fees and overhaul its own regulations, the government said yesterday. Insolvency minister Ed Davey said charges need to be more transparent, possibly through a new law if the sector fails to clean up its own act. A government consultation after an OFT probe found that unsecured creditors “do not always get the returns they might expect”, he told parliament yesterday.