It is a matter of great sadness that I can't trust the pubcos to change — those were the words of Business Skills and Innovation Committee chairman Peter Luff.
The Tory MP said that his job would have been a lot easier if he could say with confidence that the pubcos would change voluntarily.
"I am not confident we can (trust the pubcos to change)," he said. "I wish we could be. Our problems would have been much less severe if I could have confidence in their ability to change but I can't and that is a matter of great sadness to me."
Luff said there was "just a chance" that the new Framework Code of Practice, RICS guidance and PIRRS could bring about real change.
However, he warned pubcos this was their "final warning" and he stood by every word of the original report in May.