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Rennie challenges Chancellor over "outrageous fees" paid following break up of Dunfermline building society
December 16, 2009 5:00 PM
Chancellor Alistair Darling came under fire yesterday from local MP Willie Rennie over reports that up £26million of tax payer money was given to third parties including Ernst & Young, Freshfield and Clifford Chance Solicitors following the break up of the Dunfermline building society.
It was revealed last month that consultants from KPMG had earned £1million a month-or up to £500 an hour, while selling off the assets of Scotland's former leading building society.
Speaking yesterday in the House of Commons, Mr Rennie challenged the Chancellor to justify whether the huge sums of money paid to administrators, lawyers and consultants in the wake of the break up of the Dunfermline building society represented value for money for taxpayers.
Commenting Mr Rennie said:
"The total cost for the administrators, lawyers and consultants to clear up after the Government break-up of the Dunfermline building society is now approaching £26 million.
"It's outrageous that at a time when everyone else is being asked to tighten their belts that Ernst and Young, Freshfield and Clifford Chance Solicitors have been allowed to exploit the taxpayer in this way.
"I'd like to know who from the Treasury was representing the taxpayer's interests when such outrageous fees were agreed for such a small building society."
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