UK Watchdog Probes Accountants at FTSE 250 Builder as Profit Hit

The UK’s accounting watchdog Tuesday launched an investigation into two accountants at the building company Vistry Group plc, which downgraded profit forecasts after underestimating costs.

The Financial Reporting Council said it was looking into “the conduct of two individual accountants in relation to the forecasting and financial reporting of the business” in financial years 2023 and 2024. The FTSE 250 housebuilder said in October 2024 that it had underestimated costs on some projects in its South Division by about 10%.

• The two accountants no longer work for the company, Vistry said in an emailed statement. “The matter is limited to ...