Property management chief calls for greater regulation
An expert in property management is calling for greater regulation of third party suppliers to lending institutions and asset management organisations.
John Boardman from national property management company, All in Property Services, has stated that greater regulation is needed to ensure transparency and that financial institutionsâ€™ reputations are upheld by its suppliers.
John said: â€œRegulatory expectation within the asset management industry is increasing and we are strongly in favour of this. It can only help make our industry more transparent and will eliminate rogue operators.
â€œIt is clear from recent reports that the Financial Conduct Authority (FCA) is stepping up its focus on how asset managers are managing third party suppliers. New rules continue to be implemented and there is a direct relationship between compliance and asset management because both areas need each other to successfully maintain a property.
â€œAsset managers are increasingly going to rely on third-party suppliers that have robust compliance procedures in place. Those organisations that arenâ€™t putting compliance at the top of their priorities list, particularly in relation to overseeing outsourcing, could face a very real risk of finding themselves the subject of FCA action. Furthermore, the damage done to a clientâ€™s brand is lasting if the right procedures arenâ€™t in place.
â€œMany in our industry see compliance as a burden but we think it is only a good thing and will help sort out the wheat from the chaff.â€