The chair of an independent review into corporate governance practices at the Royal Institution of Chartered Surveyors (RICS) has resigned.

RICS agreed in January to set up an independent review into its response into a scandal which broke out over allegations that a report criticising the group’s governance had been suppressed.

Peter Oldham was appointed a few weeks later February to investigate the events that led to the dismissal of four directors in November 2019 after they raised concerns about the findings of a 2018 BDO financial audit into the historic body.

But on Friday evening RICS updated its website to announce that Oldham, a barrister at 11KBW, was unable to continue in his role “for professional reasons”.

RICS launched the independent review following allegations last year that four directors were forced out for highlighting a 2018 BDO report warning that RICS was exposed to “unidentified fraud, misappropriation of funds and misreporting of financial performance”.

Oldham will be replaced today by Alison Levitt QC.

Levitt QC will be assisted by barrister Christopher Foulkes. Both serve at 2 Hare Court Chambers, a barristers chambers specialising in criminal defence, fraud, health & safety and professional discipline and regulatory law.

The date for the completion of the review has also been pushed back from early April to mid-June, RICS said.

In addition to the independent investigation, RICS has also agreed to undertake a comprehensive review looking at the ongoing purpose and relevance of RICS in 2021 and beyond.

Overseen by chief executive Sean Tompkins and president Kathleen Fontana, it is currently examining a range of issues, including member experience and engagement.

RICS orders independent review into handling of governance scandal