RICS rent reform 'won't be rushed'

The Royal Institution of Chartered Surveyors (RICS) says it won't rush to give a timetable for implementing changes to make the pub rent-setting process more transparent.

That was in response to anti-pubco campaign Fair Pint, which urged RICS to publish a timetable for making the changes announced on 16 October.

Fair Pint spokesman Steve Corbett said RICS's promised reforms were "very welcome".

"The recommendations addressed many of the criticisms raised by the [Business & Enterprise Select Committee] and proposed a code of practice which would ensure that the way in which rents are calculated is clear. The forum made it clear that the correct interpretation of their guidance should ensure that tied tenants are no worse of than free of tie tenants."

Corbett claimed the current system is "biased against the interests of tenants".

"It is therefore vitally important that RICS starts the process of implementation of the new code of practice as soon as possible if they are to avoid questions about their commitment to responding to the criticisms made by the Select Committee."

A RICS spokesman said: "'RICS has made its plans clear and intends to be thorough in addressing the issues identified by the Forum we mounted in August.

"We will set our own timetable for this in order to ensure that it is done properly, with the care and attention it needs in order to consider all views and concerns. We do not want to produce unwanted unintended consequences by rushing this work."

Meanwhile, Fair Pint said it will propose new members of the Trade Related Valuation Group, which advises on valuation methodology, later this week. Fair Pint says it is currently "biased towards pubco interests".