The Financial Reporting Council (FRC) has opened an investigation regarding the conduct of two former employees at homebuilder Vistry Group.
The investigation relates to forecasting and financial reporting within the company’s south division for the financial years ended 31 December 2023 and 31 December 2024.
In a statement, the FRC confirmed that the probe into the “conduct of two individual accountants” does not relate to any persons or entities other than the relevant individuals.
“The opening of an investigation does not indicate that the FRC has made, or will make, any findings of misconduct by the relevant individuals,” the finance watchdog added.
The investigation will be conducted by the FRC’s executive counsel under the Accountancy Scheme, which covers members and member firms of select professional accountancy bodies.
Responding to the announcement, a Vistry Group spokesperson confirmed that the two accountants are former employees.
“Vistry will cooperate fully with the investigation and provide any assistance required,” the spokesperson added.
“The matter is limited to these two individuals and, as the [FRC] has stated, the opening of an investigation does not indicate that the FRC has made, or will make, any findings of misconduct in relation to the individuals concerned.”
