The Tribunal has now heard its reconvened hearing on KMPG and Silentnight. The 2 day hearing which was available on YouTube considered the potential level of sanctions and, as reported in the FT below and elsewhere, there is a prospect of a substantial fine in this matter.

The Tribunal did not decide on the level of fine at the end of the hearing, but took matters away for consideration and indicated that it would aim to provide its judgment as soon as possible.

When that judgment is issued we will provide a further update. The Burges Salmon team here have worked for the Trustees on the Silentnight matter throughout and believe that the combined effect of the TPR settlement and upcoming FRC judgment will stress the importance of the following:

- Dealing effectively with Conflict of Interest, as a truly substantive issue that runs through the life of a matter when providing professional advice.

- As such the question of conflicts must be considered at the outset of a matter and also reviewed and monitored on an ongoing basis.

- The importance of pensions funds as a stakeholder needs to be highlighted and taken into account, on UK and also international matters.

- The new Pensions Schemes Act will add to this, in providing both new civil and criminal sanctions and also £1m fines.

- The importance of disclosure in regulatory cases is key, the existing powers under section 72 of the Pensions Act 2004 to require the provision of information have been central to the vast majority of regulatory cases we have worked on and the new investigatory and interview powers will add to this.