Fines for fat cats who put pensions at risk

Fines for fat cats who put pensions at risk

Fines for fat cats who put pensions at risk

But she also defended the role of the private sector in providing government services, and the action it had taken after the collapse of Carillion.

Mrs May's plans, which will be outlined by the prime minister in the coming weeks, include giving the pensions regulator specific powers to issue punitive fines on in cases of clear wrongdoing, according to The Observer.

The construction and outsourcing giant - which employs 43,000 people - was left mired in £1.3bn of debt and saddled with a £600m pensions deficit after going into liquidation this week.

She added: "Too often we've seen top executives reaping big bonuses for recklessly putting short-term profit ahead of long-term success".

'Our best businesses know that is not a responsible way to run a business and those who do so will be forced to explain themselves'.

May had previously pledged to tackle corporate abuses, and she said in May 2017 she would protect pensions from "irresponsible behaviour by company bosses", a reference to the public outcry to the demise of department store group BHS after it was sold by billionaire Philip Green. One proposal is for regulators to be empowered to claw back executives' bonuses after a company and its pension system go to the wall.

Mrs May's latest remarks come after a Tory former minister accused her of timidity and a lack of ambition in a devastating attack on her leadership.

"The reforms suggested by the committee - including mega-fines on individuals who crash their companies and pension funds - gives her an opportunity to get on the front foot with this agenda". Nick Boles, a former minister, warned last week of a timidity at the heart of her administration.

The Prime Minister has vowed to crack down on bosses lining their pockets and not protecting workers' pension schemes.

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