Insolvency firms face being formally regulated for the first time under reforms to be announced next week that will nevertheless fall short of a pledge to establish a new watchdog.
Sky News has learnt that the Insolvency Service, which is part of the Department for Business and Trade, will unveil plans that will mean firms as well as individuals can face sanctions for misconduct.
Sources said this weekend that a statement could come as early as Monday.
The announcement from Whitehall will come nearly two years after a consultation was launched to pave the way for the creation of a new independent regulator to sit within the Insolvency Service.
That came in the wake of prominent corporate collapses such as those of Bhs and Carillion, wh…
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