The Charity Commission has launched separate statutory inquiries into two linked financial services charities that “have persistently and repeatedly failed to meet their accounting requirements”.

The inquiries will look at the administration, governance and management of the charities SharedImpact and SharedImpact Foundation UK Limited.

They have a trustee in common and were both set up to improve the financial efficiently and effectiveness of charities by offering grants, financial services and advice.

Four years ago they had been placed on the regulator’s double defaulter class inquiry for charities that have failed to submit the required financial information to the Commission twice or more over the previous five years.

These have been escalated after both failed to file their accounts for the years ending March 2022 and 2023.

Being looked at will be whether they have “appropriate and robust financial controls in place” and whether they are operating for the public benefit, said the regulator.

Also being looked at is whether SharedImpact has a sufficient number of trustees.

The two charities’ financial information is now up to date.

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