RICS governance scandal - another delay before report appears

The publication of a report following a controversial RICS investigation has been pushed back another month.

Last month it was announced that the report - of an independent review probing RICS’ response into whether criticism of its governance was being suppressed - would be released not in June as anticipated, but in July.

However, this evening it has been made known that it is the “hope” of the review team members to issue their report in mid-August. 

Part of a statement from the review team reads: "The Independent Review Team has now moved into the final phase of the Review and it is their hope to be able to deliver the report to the Chair of the Steering Committee of Governing Council by mid-August 2021."

It was back in April that Alison Levitt QC, assisted by barrister Christopher Foulkes, agreed to complete the review in mid-June.

The controversy follows allegations earlier this year, chiefly in the Sunday Times, about apparent failures by RICS senior figures to act on a report by accountancy firm BDO.

This report said that two years ago RICS was at risk of “unidentified fraud, misappropriation of funds and misreporting of financial performance.” 

BDO’s report gave the lowest possible 'no assurance' rating for the effectiveness of RICS’ financial controls. 

The newspaper allegations also claimed that four RICS non-executive directors who wanted the organisation to act on the report’s concerns had their appointments terminated.

Shortly afterwards RICS made some 140 people redundant while Sean Tompkins - chief executive of RICS since 2010 - was paid £510,000 including £250,000 in bonuses.

The terms of the current review can be read here.