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The Financial Reporting Council (FRC) has launched an investigation into two ex-workers at housebuilder Vistry.

The accountancy watchdog on Tuesday (10 March) launched its investigation into two unnamed accountants’ financial reporting of 1 in every of Vistry’s divisions in the 2023 and 2024 financial years.

Vistry acknowledged the folks were stale workers and that it would “cooperate entirely” with the investigation.

The watchdog acknowledged the investigation became once in relation to “the forecasting and financial reporting of the trade interior the South Division of Vistry Group plc for the financial years ended 31 December 2023 and 31 December 2024.”

“The investigation would now not expose to any persons or entities other than the relevant folks,” the FRC added.

The FRC acknowledged the choice to launch an investigation became once made at a meeting of its Conduct Committee on 21 October 2025.

Penrose Foss, the FRC’s executive counsel and executive director of investigations and enforcement, will lead the investigation.

The watchdog acknowledged its decision to open the investigation would now not gift that it has chanced on or will earn evidence of misconduct.

A spokesperson for Vistry acknowledged: “Vistry confirms that the folks referenced are stale workers of the community.

“Vistry will cooperate entirely with the investigation and provide any help required.

“The subject is little to these two folks and, as the FRC has acknowledged, the outlet of an investigation would now not gift that the FRC has made, or will invent, any findings of misconduct in relation to the folks concerned.”

The FRC declined to recount extra, citing ongoing investigations.

Vistry has beforehand identified complications within its southern division.

In November 2024, it informed traders it had lopped off £115m from its forecast earnings over the following three years after discovering projects in the division were role to label more than realised. 

Last January, Vistry acknowledged the complications would hit its pre-tax adjusted earnings for £165m, unfold over more than one years.

On the time, the housebuilder acknowledged it had implemented “control enhancements” to mitigate in opposition to identical complications, equivalent to a tightening of the procedures for the monthly situation label opinions.

The FRC’s announcement comes every week after Vistry’s very lengthy time chair, Greg Fitzgerald, acknowledged he would retire in Would possibly. He also plans to step down as chief executive but will remain in post for up to 365 days or till a successor is appointed.