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In one of the biggest changes to how your firm works with its professional body in a generation, The Property Institute (TPI) is considering changing how we Audit and Review Member Firms.

The Property Institute recognises the importance of continuing to set relevant and appropriate standards for its member firms so that those firms can continue to demonstrate compliance with all relevant legislation and standards.

With this in mind, a number of interrelated changes have been identified that seek to ensure The Property Institute’s member firms remains robust and relevant in the second half of the current decade. And that The Property Institute continues to raise and uphold standards in an appropriate and proportionate way.

Overview of the Consultation

The details of the Member  Firm consultation are summarised below, however members are advised to read the full Member Firm consultation paper available here to view.

Known as ‘Programme 2025’, the changes are driven by a number of factors, including but not limited to:

  • The advent of the new Building Safety Regime with property managers increasingly taking on safety responsibilities additional to their more traditional role of providing services such as the maintenance of common parts and managing the finances of residential blocks; and
  • Growing consensus amongst the residential property management industry about the need for the regulation of residential property managers as recommended by Lord Best’s report in 2019; and
  • Growing media/parliamentary discussion about how such regulation might best be introduced, for example starting with mandatory qualifications and a mandatory code of practice.

These interrelated changes represent a wide ranging and thoughtful change programme, designed to ensure the member firm audit, annual renewal and associated standards remain fit for purpose. They also include a proposal for a new Building Safety Self Evaluation Scheme.

Have Your Say

The Property Institute welcomes and invites comments from each Member Firm or Associate Firm on the proposed changes for Programme 2025. 
Comments received from each Member Firm or Associate Firm will help inform how those changes are finalised, with a view to them being introduced with effect from 1 January 2025.

The Property Institute invites one response per Firm, with responses ideally submitted via the online survey.

The online survey includes a declaration that the response is being submitted by a named individual with delegated authority to do so on behalf of a particular firm.

Whilst responses to the consultation via the online survey is preferred, there is also an option to submit a response offline and complete a word document available to download. Responses submitted manually should be sent to: [email protected] or post to: The Property Institute, 3rd Floor, 2-4 St George's Road, London. SW19 4DP

The deadline for the submission of all responses, whether via online survey, or manual form, is 23:59 on Monday 3 June 2024. Responses received after that time will not be considered unless the respondent has prior written agreement from The Property Institute to submit a belated response.

Key Dates:

  • Programme 2025 consultation runs from: Wednesday 17 April 2024 to Monday 3 June 2024.

  • The deadline for all responses, whether submitted via online, or via the form, is 23:59 on Monday 3 June 2024.

This article is for TPI members only

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