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JLL has welcomed a new professional statement from the Royal Institution of Chartered Surveyors (RICS) which now excludes all dual agency in the UK investment market. The new rules mean that agents can't represent both sides of a transaction even with a client's written consent. The statement is mandatory for all RICS members and member firms so will ensure that the UK investment market has a unified approach to conflicts.
The RICS statement strengthens the 2014 Investment Property Forum's (IPF) Protocol for managing conflicts of interest. This new statement aims to ensure that the investment market is able to regulate itself and is clear and transparent.
Chris Ireland, JLL UK CEO, commented: "JLL played a key role in the development of the IPF protocol and we have worked with the RICS on this new professional statement to ensure transparency and best practice in the investment market. JLL will always work in the best interests of our clients and integrity within the investment market is fundamental to the protection of all clients. 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."
You can read more about the new rules at the RICS website http://www.rics.org/uk/news/news-insight/press-releases/rics-outlaws-double-dipping-in-uk-conflicts-of-interest-update/