Please note, this was reissued in October 2022 as a Professional Standard. It was previously published in February 2021 as a Professional Statement. The regulatory requirements remain the same. For more information on the document category changes, see the text part way down on this page Upholding Professional Standards
This Professional Standard provides mandatory requirements and guidance for RICS firms acting as livestock auctioneers. RICS firms selling any property at auction for a third party must do so as agent, ensuring that purchase money is handled as client money. There is one exception – where the asset sold is exclusively livestock. In this instance, subject to some other conditions being met, the firm may contract to act as principle in the financial transaction. This Professional Standard outlines the mandatory requirements and best practice guidance for livestock auctioneers in terms of how to deal with client money in both of the above circumstances.