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RICS Fraud Risk Controversy - QC delivers 400 page report

The independent QC asked to prepare a report into the financial conduct row at the Royal Institution of Chartered Surveyors has now completed her work.

A hefty 400 page report prepared by Alison Levitt QC has now been passed to the chair of the steering committee of the governing council of RICS. 

Levitt has advised the committee that the members of the governing council should take time to consider her report before deciding what action to take in relation to it.

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Levitt herself says: “I would like to express my personal thanks to all those who have contributed to the important work of the Independent Review, including the many members of RICS who responded to my call for evidence.

“I was struck by the passion about RICS expressed by all those to whom I spoke. 

“RICS’ Governing Council will now need an opportunity carefully to consider my report and recommendations before making any decision about next steps.”

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.

  • icon

    Ironic after years of recommendations from the RICS to everyone else.

  • Andrew Stanton CEO Proptech-PR    Proptech Real Estate Influencer

    What will happen to that report?

  • Theodor Cable

    Er! Nowt? For sure.

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