AimA treatment strategy for patients with a significant polyp or early colon cancer (SPECC) of the rectum presents a challenge due to the significant rate of covert malignancy and lack of standardized assessment. For this reason, NICE recommends multidisciplinary meetings to improve outcomes. The primary aim of the present study was to report the performance of our specialist early rectal cancer (SERC) multidisciplinary team (MDT) in correctly substratifying the risk of cancer and to discuss the limitations of staging investigations in those patients with “poor outcomes”.MethodThis was a retrospective review of patients referred to our SERC MDT from 2014 to 2019. Lesions were assigned by the MDT to three pre‐resection categories (low, intermediate, high) according to the risk of covert malignancy. Resection method and final histology were compared to the pre‐resection categories.ResultsOf 350 SPECC lesions, 174 were assessed as low‐risk, 108 intermediate‐risk and 68 high‐risk. The cancer incidence was 4.8%, 8.3% and 53%, respectively (15.5% overall). Eight lesions were categorized as low‐risk but following piecemeal resection were found to be malignant. Five lesions, three of which were categorized as high‐risk, were ultimately benign following conventional surgery. One pT1sm1 cancer, removed by anterior resection, may have been treated by local excision.ConclusionA total of 83% of malignant polyps were triaged to an en bloc resection technique and surgical resection avoided for nearly all benign lesions. However, 12 patients from this cohort were deemed to have a poor outcome because of miscategorization. Further comparative research is needed to establish the optimum strategy for rectal SPECC lesion assessment.Originality statementThere is currently no consensus for staging significant polyps of the rectum. This paper reports the effectiveness of a specialist early rectal cancer MDT to correctly risk‐stratify significant rectal polyps. It underscores the importance of accurate categorization for treatment decision‐making, while acknowledging the limitations of current staging modalities.