UK - The head of the Office of National Statistics has been grilled by the Commons Treasury Committee over a £43bn error in retirement savings estimates.
The ONS had estimated retirement savings totalled £86bn last year, but the figure was later revised downwards to £42.5bn because of double-counting.
Conservative MP David Ruffley said: “The public could be forgiven for thinking these are fudged figures. Your job is to inspire confidence. You have a duty to be clear about these things.”
ONS head Len Cook also had to answer accusations that he deliberately tried to cover up the error, which he denied.
He explained that the double-counting of pension payments had arisen because of the differences in two key sets of figures.
Cook added “This is a completely transparent decision. There is no hiding of figures. Criticism of transparency is totally false.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.