Decision of Head of Regulation
Date of Order: 27 June 2024
Regulated Member Name: Parkinson Holt
RICS Membership Number: 053646
Location: UK
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:
Parkinson Holt failed to comply with its professional obligation to ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS in that:
(a) having decided not to renew its Professional Indemnity Insurance policy on or around 6 February 2022, it continued to provide surveying services to the public until around 1 April 2023 without arranging alternative cover; and
(b) when it ceased to provide surveying services to the public on or around 2 April 2023, it failed to have in place adequate and appropriate run-off cover.
Contrary to Rule 1 of the Rules of Conduct for Firms and Members (Effective from 2 February 2022)
Parkinson Holt is therefore liable to disciplinary action in accordance with Bye-law 2.3.2(c)
Outcome: Regulatory Compliance Order (RCO)
This requires the Regulated Member to accept a reprimand, contribute £600 towards the cost of investigation, and agree to publication of a summary of the Order for a period of 12 months.