The investigation follows concerns arising from correspondence sent by the charity to the regulator in July 2023 and engagement with the charity since then in relation to governance and finance-related matters.

The Charities Regulator said it will continue to “liaise closely” with the Approved Housing Bodies Regulatory Authority (AHBRA) which recently announced a separate investigation into the affairs of the charity related to its activities as an approved housing bodies.

The two regulators have signed a memorandum of understanding allowing them to co-operate and share information for the purpose of performing their respective functions.

Helen Martin, chief executive of the Charities Regulator, said: “While Peter McVerry Trust has engaged with the Charities Regulator on the concerns raised regarding its governance and finances, the Charities Regulator has determined, based on its inquiries, that a statutory investigation into the charity is warranted.

“In order to ensure that there is no unnecessary duplication of activities, we intend to work closely with the Approved Housing Body Regulatory Authority so that our activities are co-ordinated in so far as is consistent with our respective statutory functions.”