The new professional standard will become effective from 1^st January 2018 and prevents firms from using dual or multiple agency.

RICS members who work with non-RICS regulated firms are subject to the same criteria as regulated firms.

The standard was developed following a consultation with industry professionals and regulatory experts that focused on issues around dual agency practice, whereby an agency acts for both the seller and buyer in the same deal.

Some well-known commercial property firms, such as SEGRO, JLL, CBRE and Land Securities, have already voiced their support for the new standards.

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Stephen Hubbard, chairman of CBRE UK, said: “As a member of the RICS Working Group, I am pleased to endorse these new rules and guidance which are an important step forward for the property industry in inspiring trust among clients and the public in the way we do business.”

Chris Ireland, CEO of JLL UK, said: “The RICS professional statement will reassure our clients and the public that we have effective procedures and controls in place and will stick to them.”

Following the launch of the global statement and the UK-specific statement, RICS will look to consult on the requirement for further market-specific standards.