Open Market Investment Agency - Conflicts of Interest

The IPF issued the ‘Protocol: Open Market Investment Agency’ in November 2014, setting out good practice to ensure transparency in property investment sales and acquisitions. The ‘Protocol’ was developed by an IPF cross-industry working group, chaired by Martin Moore, comprising property investors and agents, as well as representatives from the legal and accountancy professions (members of the group are listed below). 

The Protocol has now been superseded by the first edition of the RICS’ Professional Statement, ‘Conflicts of interest - UK commercial property market investment agency’, published in May 2017. The Professional Statement, based on the IPF Protocol, sets out mandatory requirements for RICS members and RICS regulated firms when acting on the open market sale or acquisition of a commercial investment real estate opportunity in the UK in order to avoid conflicts of interest. A copy of this Statement is available here.

The RICS is now developing a training module to explain the Professional Statement in more detail. In the interim, included here to download is a sample barrier policy (an information barrier template) and a sample letter to clients when conflicts arise. 

Example of a Barrier Policy


Standard Conflict Letter

Members of the IPF Protocol Working Group (now re-named Conflicts of Interest Group)


Martin Moore

Gordon Aitchison – Legal & General Property
David Allen – Shortland Penn & Moore
Jason Baggaley – Standard Life Investments
Rupert Clarke 
David Erwin – Cushman & Wakefield
Sue Forster – IPF
Dean Hodcroft – Cale Street Partners
Simon Hope – Savills
Stephen Hubbard – CBRE
Chris Ireland – JLL
Peter MacColl – Knight Frank
Mark Morgan – Morgan Williams
Chris Morrish – GIC
Imogen Moss – Allen & Overy
Fiona Rowley – M&G Real Estate
James Watson – Colliers International
Chris Taylor – Hermes Real Estate

(Organisations correct at time of paper publication)

For further information, contact:

Sue Forster (Chief Executive, IPF)
T: 07880 729624
E: [email protected]