Working group chaired by president will spend a year investigating the declaration of fees and commissions

The RICS has set up a taskforce to encourage openness in professional fees.

The Transparency Working Group, to be chaired by RICS president Peter Goodacre, will conduct an industry consultation over the next year.

It will investigate declaration of insurance fees and commissions, service charges in leasehold property and valuation fees.

Peter Goodacre
Goodacre: "certain areas where there needs to be more openness"

Goodacre said: “By far the majority of RICS members and other professionals working in the property sector are open and transparent in all their business dealings. However, there is anecdotal evidence that suggests either that this might not always be the case, or that there are certain areas where there needs to be more openness.

“What the working group wants to do is engage with all those involved in these issues to find out what is really happening. It wants clear evidence from which to take forward the work on transparency.”

The group expects to report its findings by the end of 2009.