(Reuters) – Britain’s pensions watchdog head Lesley Titcomb will step down on the finish of her four-year contract in February 2019, The Pensions Regulator stated on Thursday.
The seek for her successor will start instantly and shall be led by Chairman Mark Boyle, the watchdog stated bit.ly/2J918ws.
Titcomb, who was appointed chief government of the watchdog in 2015, oversaw the collapse of building outsourcing company Carillion Plc earlier within the 12 months and division retailer chain BHS in 2016.
MPs had stated earlier in May that the government must do extra to deal with the regulatory and authorized setting that allowed Carillion to turn out to be a “giant and unsustainable corporate time bomb”.
Carillion’s failure was a narrative of “recklessness, hubris and greed” and will occur once more, a 101-page report by the Work and Pensions committee and the Business, Energy and Industrial Strategy choose committee had stated.
The government stated in March it was planning to present better powers to the pensions watchdog to guard workers after retirement by with the ability to impose “punitive fines” on corporations which put their pension schemes in danger.
BHS fell into administration in 2016 with a pension deficit of 571 million kilos with 11,000 jobs lost as end result. Carillion was pushed in liquidation in January in Britain’s greatest company failure in a decade after banks pulled the plug on lending to the company.
Reporting by Kanishka Singh in Bengaluru