Retail Acquisitions

Department for Business, Innovation and Skills written question – answered on 10th May 2016.

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Photo of Lord Myners Lord Myners Crossbench

To ask Her Majesty’s Government whether they will investigate the compliance of professional advisers to Retail Acquisitions with know-your-customer and money-laundering regulations.

Photo of Baroness Neville-Rolfe Baroness Neville-Rolfe The Parliamentary Under-Secretary of State for Culture, Media and Sport, The Parliamentary Under-Secretary of State for Business, Innovation and Skills

A regulatory framework is in place to deal with non-compliance with know-your-customer and money-laundering regulations. However, this is not the focus of the current investigation by the Insolvency Service into BHS.

If, during the course of the current Insolvency Service investigation into BHS, it appears that there is good reason to widen the scope of its enquires, the Insolvency Service has powers under the Companies Act 1985 to initiate confidential enquiries.

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