New rules to clamp down on “double-dipping” in commercial property transactions have been proposed by the Royal Institution of Chartered Surveyors.
A RICS working group chaired by independent solicitor Will Glassey, partner at Mayer Brown, has released a final draft of a global review of conflict of interest guidelines for chartered surveyors and is asking the industry for feedback.
Conflicts of interest outlined in the review include where a property advisory firm advises both the buyer and seller in an investment deal, unless “informed consent” has been obtained from all parties.
Another example set out in the review is where a company advising on retail investment opportunities in a certain area offers advice on an asset it was instructed on.
Gary Strong, RICS’ director of practice standards and technical guidance, said: “Conflict of interest is a serious issue, impacting the reputation of our industry.
“As such, it has been our priority to drive the agenda and ensure that our standards remain fit-for-purpose in a changing world.”
The conflict of interest working group is made up of 17 independent professionals, including JLL’s UK chairman & lead director Chris Ireland, CBRE’s UK chairman Stephen Hubbard and SEGRO chief executive David Sleath.
The global consultation will be open until 1 July 2016 with the new industry standards coming into effect by autumn 2016.
Click here to access the RICS consultation and contribute to it >>
• To send feedback, email louisa.clarence-smith@estatesgazette.com or tweet @LouisaClarence or @estatesgazette
