Knight’s BHS endgame

It was the moment we had been awaiting: the actual tale of exactly how Lesley Titcomb, The Pension Regulator, pushed Sir Philip Green, The Gallant Knight, to spend £360m-plus to shore up the pensions of huge number of BHS staff. It absolutely was TPR’s moment to shine, after those under glittering performances facing MPs and in other places which recommended a regulator outgamed by the woman adversary. Real, TPR removed a cheque from TGK for £363m — nearly £300m over he in the beginning proposed all those years ago. But it is moot whether she may have pulled from the same technique against a less general public adversary and without parliamentarians threatening to eliminate TGK’s title.

We hoped that Tuesday’s report from TPR would unveil a master at play. Rather, we got 45 pages of understood facts and a known timeline. On web page 38, TPR made a promise about “doing things differently”. She recognized that posting reports could be a “key regulating tool” to give you clarity and improve odds on winning once more. However TPR delivered the report to TGK for responses . . . and from now on tends to make opaque recommendations to privacy.

That looks depressingly like checkmate to Sir Philip. Or stalemate at best.

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