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.
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.
RSM was contacted for comment but it declined to comment to the FT on if it had taken disciplinary action against any staff member.
The ICO has a range of enforcement powers including information notices, enforcement notices, penalty notices, and inspection powers.
