New rules to clamp down on “double dipping” in commercial property transactions have been proposed by the Royal Institution of Chartered Surveyors.
It proposes that advisory firms are not allowed to act for both buyer and seller in an investment deal, unless “informed consent” has been obtained from all parties.
Gary Strong, RICS director of practice standards and technical guidance, said: “Conflict of interest is a serious issue, impacting the reputation of our industry.”
The conflict of interest working group is made up of 17 independent professionals, including JLL UK chairman Chris Ireland, CBRE 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.
