Goldman Sachs, one of the world's biggest investment banks, gave credibility to a deal dubbed the "unacceptable face of capitalism" by U.K. lawmakers and "underplayed" their role in negotiations, according to a critical report by MPs.

Sir Philip Green, who sold retailer British Home Stores (BHS) to a one-time bankrupt, which then collapsed 14 months later, was the prime focus of the report's criticism. However, Goldman Sachs, which maintained in its evidence that it only provided free advice and "preliminary observations" to Green, "added lustre to an otherwise questionable process", according to a report by the U.K.'s Work and Pensions committee released Monday.

The collapse of BHS, once a staple of the U.K. high street, has left a £571 million ($750 million) pension deficit and led to the loss of over 10,000 jobs.