Thursday, April 25, 2019

MPs set date for to pass verdict on Sir Philip Green and the BHS pensions scandal


A date has been set for MPs to determine their verdict on Sir Philip Green and the collapse of BHS.

On Thursday, October 20 MPs will “pass judgement” on Green’s controversial handling of the collapse of BHS.

Despite The Pensions Regulator‘s calls for more investigatory powers enabling it to work more quickly on the case, it will not have a report ready in time for the hotly anticipated debate.

Talking to City A.M, Frank Field, who has been leading the enquiry and is chair of the Work and Pensions committee, said: “We’ve got a debate a week on Thursday and it would have been helpful for us to know what The Pensions Regulator’s preliminary conclusions were and we’re entering that [debate] without that – and that’s a disappointment.

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“The regulator said she hoped she would have a report before the end of the year, and I hope there is a growing demand that they do need to improve radically on that end of year deadline.”

Earlier this week it was revealed that Green paid £2 million to BHS top 200 staff during its collapse, which saw 22,000 people‘s pensions affected by the half a billion-pound deficit left by the retailer‘s demise.

The debate is thought to focus on whether Green sold the company to avoid dealing with the huge pensions deficit, which has led to him being branded the “unacceptable face of capitalism”.

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