Client money handling for livestock auctioneers
Published February 2021
Effective from 8 February 2021
Reissued October 2022
This professional standard provides mandatory requirements and guidance for RICS firms acting as livestock auctioneers. RICS firms selling any property at auction for a third party must do so as agent, ensuring that purchase money is handled as client money. There is one exception – where the asset sold is exclusively livestock. In this instance, subject to some other conditions being met, the firm may contract to act as principle in the financial transaction.
This professional standard outlines the mandatory requirements and best practice guidance for livestock auctioneers in terms of how to deal with client money in both of the above circumstances.
This document was reissued in October 2022 as a professional standard. It had previously been published in February 2021 as a professional statement. The regulatory requirements remain the same and no material changes have been made to the document.