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Watchdog Needs Help In 'David and Goliath' Fights, MPs Say

Law360, London (November 12, 2018, 11:34 AM GMT) -- The U.K.'s accounting regulator could need more funding if it is to avoid "David and Goliath" battles with “corporate giants” such as BHS Ltd., the retail chain that collapsed in 2016 with a £571 million ($733 million) pension deficit, two senior lawmakers have said.

The Financial Reporting Council's recent investigation into audits for the defunct department store group pitted it against a company “with seemingly bottomless resources,” the chairs of the parliamentary Committees on Work and Pensions and on Business, Energy and Industrial Strategy Committee warned in correspondence released on Sunday.

“The FRC, as a relatively small public regulator, could not hope to...

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