The organisation has launched a new global professional statement setting tighter requirements for professionals and regulated firms from 1st January 2018 at this year’s MIPIM event in Cannes, France.
In April, RICS will also publish a UK-specific professional statement for the commercial property investment market that bans the practice of dual agency or “double-dipping”.
Commenting on the news, David Sleath, CEO of SEGRO PLC, said: “It is vital that agents and real estate professional advisers are seen to adhere to the highest standards, conducting themselves with the greatest integrity.
“For too long public trust in the industry has been blighted by concerns around conflicts of interest.
“Action urgently needed to be taken and I’m pleased to see that RICS has taken the lead in banning the practice of ‘dual agency’ or ‘double-running’.”
The new statement was developed as a result of a global consultation with industry professionals and regulatory experts.
Respondents expressed a desire to see RICS address definitions of confidentiality, full disclosure and transparency between parties and tighter rules around multiple agency relationships.
While dual agency will now be banned in the UK, multiple agency relationships elsewhere in the world will now only be permissible with informed consent, with the statement introducing better processes to facilitate this and further promote transparency.
David added: “Across our industry, we should view this as a very welcome move.”
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