From 1 January 2018, all RICS professionals and regulated firms will be required to follow the global professional statement on Conflicts of interest, 1st edition.
In March 2017, RICS released a global and a UK-specific professional statement giving RICS professionals time to familiarise themselves with the new rules. Following industry feedback, additional commentary notes have been added to provide clarification on:
- Competing bidders
- Effective date/transition
- Conflicts arising during professional assignments
- Passing confidential information to insurers and legal advisers.
Both standards take on mandatory status from News Year's Day 2018.
Confidence and clarity
The global Conflicts of interest professional statement is not geographic or sector specific. It provides greater confidence for end users and increased clarity for RICS professionals because it addresses a number of concerns raised by end users and RICS practitioners globally on matters such as:
- Definitions of and application of informed consent confidentiality
- Full disclosure and transparency between parties
- The practice of "dual agency" in the UK commercial property investment market
- Tighter rules around multiple agency relationships
Under RICS' bye-laws and regulations, our members must comply with RICS professional statements, in the interest of maintaining the highest professional standards.
Watch: Stay updated on this new mandatory requirement
Watch this short video and gain an understanding of this professional statement. The video will provide you with an overview of:
- Why addressing conflicts of interest is important.
- The professional statement on conflicts of interest and confidentiality.
- Definitions used in the professional statement.
- Views from industry stakeholders as to why this professional statement matters to them and the impact it will have on the industry.
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