Regulator poised to publish its probe into Sir Philip Green and BHS within weeks

Helen Cahill
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MP's Vote To Strip Sir Philip Green Of His Knighthood In The Wake Of BHS Collapse
The report was delayed by the UK election (Source: Getty)

The pensions watchdog is set to publish the details of its probe into the collapse of BHS within weeks, City A.M. understands.

The Pensions Regulator's report into BHS will reveal why the watchdog intervened after the high street retailer collapsed last year, and what it did to pursue Sir Philip Green and hold him to account for selling BHS for just £1.

Read more: Sir Philip Green's company hit with £26.4m bill for BHS fallout

The publication of the document has been delayed due to the UK election. The 31-page report could now come out as early as next week, one source said.

The Pensions Regulator has sent out the final draft of its report for feedback from key stakeholders, who have been requested to return any amendments by this Thursday.

Labour MP Frank Field, who was chair of the work and pensions committee during BHS' collapse, has long been pushing for the regulator to share its investigation into BHS.

Read more: Court ruling sheds light on millions extracted from BHS by former owner

Field spearheaded the parliamentary investigation into Green and BHS, and last year urged the regulator to share its findings before the House of Commons voted on whether Green should keep his knighthood.

Aside from working on an investigation into Green, the Pensions Regulator was also actively seeking a settlement with the retail tycoon for the benefit of BHS' pensioners.

When Green sold BHS to serial bankrupt Dominic Chappell for £1, he left the struggling retailer with a pension deficit of £571m. BHS pensioners were facing a haircut to their pensions, as it looked likely the pension scheme would come under the stewardship of pensions lifeboat the Pension Protection Fund.

However, the watchdog negotiated a £363m contribution from Green. The regulator said in April that its report on BHS will not contain details on the settlement because this may jeopardise possible future negotiations with companies in a similar position.

His knighthood remains under threat. The Cabinet Office's honours forfeiture committee will decide whether Green keeps his knighthood, and has said it is waiting for the outcome of the Insolvency Service's probe into BHS before coming to a conclusion.

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