Standards for Registered Property Receivers (RPRs)

The criteria for RPR Scheme registration include that an individual must be a member of a relevant Professional Body whereby the nature of their membership of that body imposes an appropriate regulatory framework upon them in the conduct of their work, and the work that is regulated by that Body is sufficiently relevant to the conduct of the work of a Registered Property Receiver.

The bodies currently recognised for this purpose are the Royal Institution of Chartered Surveyors (RICS), Solicitors Regulation Authority (SRA), Bar Council, Insolvency Practitioners Association (IPA), Association of Chartered Accountant in England and Wales (ACIEW), Association of Chartered Certified Accountants (ACCA).

RPRs are required to comply with any prevailing Rules of Conduct or Ethics Code as determined by their Professional Body. These codes may vary in their detail, however, they ostensibly provide for the maintenance of substantially similar expected professional standards. The RICS Rules of Conduct can be accessed here.

Additionally, as a condition of registration under the Scheme, RPRs must also indicate their willingness to comply with the prevailing professional standards specifically for Registered Property Receivers, in the form of Practice Statements. These Practice Statements are developed and recommended by the Association of Property and Fixed Charge Receivers (NARA) and endorsed by RICS.

Departure from the standards contained in the Practice Statements is a matter capable of referral to the RPR Scheme Quality Assurance Panel.

Professional and Ethical Requirements

RPRs must conduct themselves in a manner that upholds the reputation of the profession and protects the interests of all stakeholders. This includes:

Integrity: acting honestly and transparently at all times.
Independence: avoiding conflicts of interest and declaring them where they arise.
Competence: accepting appointments only when suitably qualified and experienced.
Confidentiality: safeguarding the information of lenders, borrowers, and other parties.
Accountability: maintaining accurate records and being prepared to justify decisions.

Compliance with these ethical expectations is essential to maintaining RPR status.

RPR Practice Statements

The Practice Statements set out detailed guidance on how RPRs must conduct their work. They cover areas including:

appointment procedures;
communication with lenders, borrowers, and stakeholders;
management and disposal of property;
record-keeping and file management;
decision-making principles;
professional judgement and reporting obligations.

All RPRs must be familiar with these Practice Statements and ensure they are consistently applied in their work.

Compliance and Monitoring

The RPR Scheme uses a risk-based monitoring approach. This includes scheduled inspections and reviews of case files, processes, and compliance with standards. The purpose of monitoring is to:

assess whether RPRs are meeting the Scheme’s standards;
identify areas for improvement;
provide assurance to lenders and the public;
protect the reputation of the Scheme and the profession.

Monitoring outcomes are reviewed by the Scheme Quality Assurance Panel, which may require corrective actions where necessary.

Continuing Professional Development (CPD)

To maintain their competence, RPRs must undertake regular Continuing Professional Development. This ensures they remain up to date with legal, regulatory and market developments affecting receivership practice. CPD forms part of the Scheme’s ongoing monitoring. RPRs may be asked to provide evidence of their CPD activity during inspections or reviews.

Reporting Misconduct