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The Devil's In The Detail: RICS To Move Away From Detailed Conduct Rules.

Publication: Mondaq Business Briefing
Publication Date: 02-NOV-06 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Article by BLG's Professional Liability and Commercial Litigation Team

We reported, in the last edition of the Property Professionals' Liability briefing, on some of the key recommendations made by Sir Bryan Carsberg following his review of the regulatory regime of RICS. In this article we focus on one of those proposals, that is the move towards principles-based regulation, in respect of which RICS has firmly grasped the nettle.

Sir Bryan recommended that RICS should adopt a principles-based approach to regulation, providing supporting (non-mandatory) guidance where appropriate. The concern underlying this recommendation (and this is a concern no doubt shared by a number of members) is that the existing rules are unduly rigid and detailed and do not reflect modern working methods. In particular, there has been a concern among members that the application of the rules has also been somewhat rigid and there is little scope for discretion...

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