The RICS will soon publish its new rules on agencies ‘double-dipping’ and they “will not be unclear”.
Paul Bagust, a RICS director, said that feedback to its global consultation on ethics had questioned the lack of tough rules on the practice, where agencies act for multiple bidders on the same deal or act for both the seller and potential buyer.
Bagust also revealed there is an extra piece of work looking at the application of global principles on conflicts of interest.
He said: “Perhaps we weren’t clear enough, but the intention is there will be additional work to support the global document that will address it and people will have an opportunity to comment on that as well. It will be available very shortly.
“The comments we got weren’t negative. They were expecting to see something on that specific issue for the UK market and that’s what we’re doing.”
Bagust added: “When we do get around to producing the rule it’s going to be fairly robust. That seems to be a lot of the feedback we’re getting from the industry. They’re fairly comfortable with that. There’s no hidden agenda there.”
New rules are being proposed as part of a RICS working group chaired by independent solicitor Will Glassey, partner at Mayer Brown.
The conflict of interest working group is made up of 17 professionals, including JLL’s UK chief executive Chris Ireland, CBRE’s UK chairman Stephen Hubbard and SEGRO chief executive David Sleath.
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