RICS Professional Statement: latest
The new Professional Statement comes into effect on 1st April 2019, for all service charge periods commencing after that date.
RICS have issued a Draft Professional Statement, which they propose as an update to the current Third Edition of the Code of Practice for Service Charges in Commercial Property.
The draft consultation version of the current Code of Practice has a target implementation date of 1st April 2018. The consultation process runs from 25th October until 6th December 2017.
All interested parties are invited by RICS to review the proposals and comment online, by visiting this link:
As one of the leading suppliers of property management and accounting software, Trace Solutions have been recognised by RICS as a key stakeholder in the consultation process.
Our initial review of the proposals has identified the main difference between the current and proposed version: their intention to reclassify the Code of Practice as a ‘Professional Statement’. This will make the Code mandatory under RICS rules, with key issues highlighted in the proposal as “must do’s”.
It does not appear that we will need to make any significant changes to our software to support your compliance.
Initial analysis suggests some of the key changes are:
We strongly advise our clients to review the RICS proposals yourselves, as it may require changes to your processes or working practices. We ourselves will continue to carry out a full review of the proposals and will issue a further update at the end of November.
In the meantime, if you have any other comments or concerns at this stage, please do not hesitate to contact your Account Manager.
Call or email us now on +44 (0)20 7825 1299 for a free, no obligation demonstration. Please note: during the current pandemic all demos are taking place online, via Zoom or MS Teams.
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