The Work and Pensions Committee (WPC) has endorsed the appointment of Sarah Smart as chair of The Pensions Regulator (TPR).

A report put together after the committee’s hearing on the appointment this week stated that Smart, who took interim charge of the regulator following the end of Mark Boyle’s term earlier this month, had the “personal independence and professional competence for the role”.

During the hearing, the WPC raised the issue of a conflict of interest caused by Smart’s husband’s role as chief executive of British Airways Pensions, although they were satisfied by her assertion that her husband, Fraser Smart, was making plans to leave that role by September 2021.

However, Smart was urged that, in the situation where her spouse’s situation is changed due to economic uncertainty, she ought to consider whether she should remain in place as chair of TPR.

Additionally, the committee said it was worrying that her husband’s role at British Airways Pensions had not been recorded on TPR’s public register of interests at any point during her time on the board, while the interests of any other board members’ close family members were also absent.

WPC had also raised concerns that Smart had not met with Pensions Minister Guy Opperman before being chosen for the role, urging the two parties to convene “at the earliest possible opportunity”.

It questioned how TPR manages potential conflicts of interest for its board members and, at Smart’s request, more details about her interests have been published on TPR’s website, and WPC said that TPR is "urgently reviewing" its code of conduct and related rules.

Work and Pensions Committee chair, Stephen Timms MP, said: “We wish Mrs Smart every success in her new position and look forward to working with her. We are satisfied with the steps that she is taking to guard against any potential conflicts of interest and we also welcome her commitment to urgently improving transparency at TPR.

“It plays an important role protecting people’s savings, so it is absolutely vital that any potential conflicts of interest are set out for all. The committee will be keeping a close eye on progress.”

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