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Fresh from losing its battle with the banks over charges for unauthorised overdraft charges, the Office of Fair Trading has turned its attention to the insolvency profession.

Clive Maxwell, OFT Senior Director of Services, said:

“We want to identify any potential problems within the corporate insolvency market to ensure that firms and practitioners are competing freely and that the market is working well for the end consumers. Efficient insolvency services are an important component of a modern market economy.
There has been widespread criticism, not least from within the profession itself, of the fees charged in some of the very large insolvencies.

We believe that a competitive and transparent market, where the interests of business community and the public are paramount, can only be good for our profession, and for that reason we welcome this review.

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