RSM and Quantuma alleged to be involved in the tip-off scandal at Insolvency Service
It is alleged that employees at an accounting firm and a corporate advisory group received tip-offs from staff at the Insolvency Service, who have since been fired from the government department.
The Insolvency Service fired three staff over allegations they tipped off two private sector bankruptcy practitioners about potential work. A spokesperson for the Insolvency Service stated that it reported this incident to the Information Commissioner’s Office (ICO).
According to the Financial Times, it was allegedly staff at RSM and Quantuma were receiving tip-offs about potential future work from those fired individuals at the governmental department.
Quantuma confirmed that it was contacted by the Insolvency Service who informed the firm of certain allegations with regards to a member of staff.
A spokeswoman for the firm said it “immediately suspended the individual concerned and conducted a robust investigation”, following this, that person was fired. The firm confirmed that the person was not a member of its licensed insolvency practitioners.
Quantuma also said it also immediately notified its regulators, the ICAEW and the ICO.
When contacted for a comment, a spokesperson for RSM said: “We are aware of the Insolvency Service investigation. As part of our rigorous internal governance procedures, we have conducted our own investigation, working closely with regulatory bodies, and taken considered and appropriate action.”
The ICO has a range of enforcement powers including information notices, enforcement notices, penalty notices, and inspection powers.