Transparency in Professional Fees

The RICS have formed a Transparency Working Group to work on the issue of transparency in the delivery of property services, including transparency with consumers in relation to fees and charges. The working group consulted on the following issues during Summer 2009:

  • Declaration of insurance remuneration and commissions.  
  • Service charges in leasehold property.       
  • Commission on lettings renewals.     
  • Commission on Home Information Packs ( HIPs) and Energy Performance Certificates.    
  • Valuation fees.     
  • Arrangement of fees for security loan valuations.
  • The NFoPP's response to this consultation is attached.

On 24 February 2010 RICS published its report which raised the following points, which NAEA and ARLA are in firm agreement with:

  • RICS calls for further regulation of letting and managing agents in the PRS which NFOPP supports;
  • RICS is also in favour of the Property Standards Board as an independent regulatory body. NFOPP supports the     overarching principle of self-regulation which could potentially include the Property Standards Board.
  • NFoPP agrees with RICS in stating that the national landlord register doesn't go far enough, and doesn't offer enough consumer protection, whilst supporting the concept of industry regulation of landlords as part of a regulated property sector.

RICS REPORT - TRANSPARENCY IN PROFESSIONAL FEES

VIEW THE NAEA'S RESPONSE