Frank Field has praised the appointment of a specialist counsel by the Insolvency Service (IS) as part of its enquiry into the demise of British Home Stores (BHS).
In the correspondence, Albon updates Field on the progress of IS's investigation into the sale and purchase of the flagship retailer.
In her letter Albon explains IS has gathered most of the relevant information and has approached a "senior counsel" to help it analyse the evidence.
Alongside this it has also taken "specialist forensic accountancy advice" and "acquired specialised IT equipment to deal with the high volume of electronic data".
Furthermore Albon added if the investigation finds reasons to take disqualification against former directors, it could begin proceedings "significantly earlier than April 2019".
Field praised these developments. "The committee is very pleased to see that the IS has raised its game, appointing specialist counsel and forensic accountancy services to analyse the evidence they have gathered on the sale and collapse of BHS."
"This, and the fact that they have set down a timetable for commencement of any potential proceedings, are clear signs of how seriously they are now taking this matter. It seems the net is tightening around the former directors of BHS. We - and of course the Forfeiture Committee - will await the outcome of their investigations with great interest."
The Pensions Regulator is yet to reach a deal with Sir Philip Green about the collapse of BHS.In January PP reported Green could pay £350m to settle the matter.
Nearly every trustee is confident of the next stage in their scheme’s strategy, despite almost an equal number being forced to consider replacing plans within the prior 12 months, according to research by Barnett Waddingham.
Companies could be overstating their pension liabilities by up to £60bn due to their life expectancy assumptions, according to XPS Pensions Group.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Regulators must act now to impose some "proper regulation" to stop another defined benefit (DB) transfer advice disaster, saysTim Sargisson.
Opportunities for defined benefit (DB) schemes to pursue investment approaches that help repair the UK’s economy cannot stand in the way of improving member outcomes, Aegon says.