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The 7,500 academies in England educate nearly 4 million pupils. Thousands of pupils are being failed by a system that fails to give academy trusts proper oversight. The public accounts committee reported that governance of academy trusts must be strengthened and that the Department for Education’s oversight must be more rigorous. MPs have called for new sanctions to deter and punish malpractice after hearing that the former head of Durand Academy in south London was paid an £850,000 severance package.

Across the country, academies have been plagued by allegations of financial impropriety, conflicts of interest and even corruption. Unlike schools under local authority control, academies are responsible for their own financial management. Although this means that developing good corporate relations is essential, many have ended up without a proper framework for transparency and accountability. A 2014 report for parliament claimed that “conflicts of interest are common”, adding: “There is a broader sense that the academy system lacks transparency.”

Few people enter the teaching profession for the money. Teachers repeatedly describe it as "a vocation", widely recognized as a euphemism for poorly paid. But for a few enterprising teachers, the education system is rife with opportunities for personal financial gain. A report on corruption in education, published this week by UNESCO highlights ways in which heads, teachers and education officials can extort and embezzle school funds.