Mark Whitehead 02 September 2016

Regulators ‘misstating’ Whitehall’s legal position, pension chiefs say

Council pensions chiefs have accused financial regulators of misstating the Government's position on a complex issue of company law.

Last year the Local Authority Pension Fund Forum said the Financial Reporting Council was 'wrong on how crucial capital and solvency law set a basic standard for company accounts under “the true and fair view” test.'

It warned that 'the FRC’s system omits this key investor and public interest safeguard.'

Now it has obtained correspondence under a Freedom of Information request which it says shows that the FRC's claim that the Government agree with it was wrong.

It says: 'LAPFF notes that the FRC has never revealed the true government position as set out in their correspondence. Indeed, some of what was cited in the press was still misstating the Government position.'

The forum added: 'Some critics have said that LAPFF is focussed on an anodyne, narrow point of law.

'However, that entirely misses the point which is extremely serious. It matters to all who own shares or have a pension.'

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