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Tougher requirements on construction conflicts of interest published

A new statement on conflicts of interest and confidentiality has been published by the Royal Institution of Chartered Surveyors (RICS).  All RICS professionals and regulated firms must meet the new standard, which will come into force from 1 January 2018.

In a global consultation, RICS found that its professionals and firms would like to see:

  1. definitions of confidentiality
  2. full disclosure and transparency between parties
  3. changes to the practice of ‘dual agency’ in the UK commercial property investment market
  4. tighter rules around multiple agency relationships

Following this, RICS has created the new requirements to address these concerns, and provide greater confidence and clarity for investors and professionals.

Although correct at the time of publication, the contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Please contact us for the latest legal position.