A two-tier system for regulated individuals and a single-tier for companies are recommended
HONG KONG, March 15, 2011 /PRNewswire-Asia/ -- Today RICS has submitted a response to the Home Affairs Department in response to the public consultation on "Putting in Place a Regulatory Framework for Property Management Industry" and RICS supports regulation on both property management companies and individuals.
Two-tier system for individuals
To minimize duplication, and avoid any additional financial burden for regulated individuals, RICS advocates a two-tier system for individuals. Greater emphasis should be placed on the first tier, encompassing senior individuals practicing in Property Management Companies (PMCs) such as property or facilities managers. Within the first tier, RICS suggests to ensure at least one senior Director is regulated. That individual should be a fully qualified professional who is able to demonstrate sufficient technical knowledge and be held accountable for ensuring all service providers engaged for each property/ facility are suitably qualified and/or licensed.
The second tier of individual should capture all other individuals who perform tasks associated with maintaining or servicing a property. As there are multiple licenses currently held by different service providers, therefore, RICS recommends a streamlined and integrated licensing or registration schemes, which will avoid duplication as well as any additional financial burden for regulated individuals.
Commenting on monitoring property management industry in Hong Kong, MrKK Wong, Chairman of RICS Hong Kong said,
"Regulation of the property management industry is crucial to protect the public as well as private tenants. Mandatory regulation should ensure all those who fall under this scheme are given sufficient training to be able to carry out his/her responsibilities. RICS members are regulated by a set of stringent code of ethics and policy guidelines. It is therefore in the best interest for the government to rely on the professionalism from industry bodies like ours by granting exemptions to qualified members. This will greatly shorten the process and reduce the cost of compliance for the individual practitioners."
A simplified system to be applied at company level
At company level, RICS advocates a single-tiered system for property management companies as a tiered system will be unfavourable to smaller property management companies. RICS supports a staged approach to regulation, starting with high risk properties (ie. those without any form of management) and followed by properties managed by Owners' Corporations (OCs). This approach should help Government address any concerns from OCs while working with professional bodies to raise public awareness on the benefits and protection afforded by a regulatory scheme.
In terms of timing, RICS believes it is important to ensure that the time required should be sufficient so that proper training can be provided so that there will not be any shortage of licensed individuals.
RICS thinks that this is the joint responsibility of both the professional bodies and the Government to champion the industry; drawing from RICS' global experience of developing the profession, RICS is well placed to help deliver this goal together.
To download the response on the consultation paper, please click at the link below:
http://www.ricsasia.org/newsDetail.php?id=326
About RICS & RICS Asia
RICS (Royal Institution of Chartered Surveyors) is the mark of property professionalism worldwide. It covers all aspects of property, construction and associated environmental issues. RICS has 150,000 members globally and represents, regulates and promotes the work of property professionals throughout 146 countries.
The RICS Asia supports a network of over 11,000 individual professionals across the Asia region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members. The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.
Media enquiry, please contact:
RICS Asia Public Relations Representative
Ms Belinda Chan / Ms Ava Lau
Tel: +852-2372-0090
Fax: +852-2372-0490
Mobile: +852-9379-3045 / +852-9829-2913
Email: belinda@creativegp.com / ava@creativegp.com
