News
Jessica Fino 19 Jun 2018 10:57am

Frank Field questions Green's legal action against FRC

The chair of the Work and Pensions Committee has questioned Sir Philip Green’s attempt to influence the Financial Reporting Council’s (FRC’s) investigation into BHS

Field had written to the FRC asking why it had not published the full details of PwC’s misconduct into the BHS audits, as well as asking if the regulator was considering widening its investigation.

However, it emerged days later that Green’s company Taveta Investments, which owns Arcadia Group, made an application for a judicial review designed to stop the FRC publishing the entire findings of its investigation.

A spokesperson for Field said he intends to write to the FRC again, this time asking for details of Green’s attempts to influence their investigations and the report into the 2014 audit.

"I am writing to the body to ask them about each draft of the report underlining their decision, who had access to those drafts, and what changes did they request," he told the Press Association.

The MP also said he hopes he can resolve the issue through correspondence with the FRC, instead of summoning witnesses in front of the select committee.

The accountancy watchdog announced record fines and reprimanded the Big Four firm and one of its partners over their 2014 audit of BHS.

Following the news about the legal battle, the FRC declined to comment because it is a matter of ongoing legal proceedings, but added that it wished to publish its report in full as soon as possible in the public interest.

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