Decision of Head of Regulation
Date of Order:
Regulated Member Name: Karl Newton
RICS Membership Number: 0101231
Location: Runcorn
The Regulated Member has admitted the following breach of the rules of conduct, and accepted liability for disciplinary action and the imposition of Regulatory Compliance Order for the following:
Between 1 December 2010 and 6 November 2015, Karl Newton failed to carry out his professional work with due skill, care and diligence and with proper regard for the technical standards expected of him when producing 28 valuation reports in relation to storage pods and a further four valuation reports in relation to airport parking spaces. Each of those reports was deficient in that:
i. They failed to comply with the applicable RICS Valuation – Professional Standards (Red Book) in particular VPS1 and VPS3.
ii. Regardless of their non-compliance with Red Book, they fell far below the standard expected of a competent valuer.
Contrary to Rule 4 of the Rules of Conduct for Members
Outcome: Regulatory Compliance Order (RCO)
This requires the Regulated Member to accept a reprimand in relation to his conduct, contribute £600 towards the cost of investigation, and agree to publication of a summary of the Order for a period of 12 months.