MPs' three-month inquiry, which interviewed dozens of executives, found that a "large proportion of those who have got rich or richer off the back of BHS are to blame" for its collapse.
"Sir Philip Green, Dominic Chappell and their respective directors, advisers and hangers-on are all culpable," the report found.
US bank Goldman Sachs, UK law firm Olswang and accountancy firm Grant Thornton were also criticised for their roles in the sale of BHS to Mr Chappell in March 2015.
Mr Chappell, meanwhile, was branded "out of his depth" and "over-optimistic to the point of arrogance", while also taking out "lavish" rewards from the company.
"The tragedy is that those who have lost out are the ordinary employees and pensioners," the report said. "This is the unacceptable face of capitalism."
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