Newport estate agent hits out over charges

A row has broken out between an estate agents in Newport and the Royal Institution of Chartered Surveyors over handling money used by clients.

Davies, White & Perry estate agents has been charged with failing to preserve the security of clients' money by the industry regulator, as well as failing to pay an annual registration fee to the RICS.

Both charges were proved after a disciplinary hearing in London's Parliament Square in March, which was not attended by any representatives of the company.

The family-run business, which was formed in 1806, had its registration for regulation removed by RICS at the hearing. But bosses, who had denied both charges, have hit back at the outcome of the hearing.

An inspector visited the business in 2010 and found that there were 'serious failings in the firm's accounting arrangements'.

Andrew Davies, a partner at Davies, White & Perry, said: "Clients' money not being secure is a load of rubbish because it's all in ring-fenced clients' accounts in Barclays Bank. It was them telling us how to run our business and we weren't going to have it. It's sour grapes, basically. They think they are God Almighty in their ivory tower in Parliament Square.

"We haven't been in business for over 200 years by doing something wrong."

He admitted a charge of using the letters 'R.I.C.S' on business stationery and ignoring correspondence from the RICS.

The panel voted to expel Mr Davies from the RICS for his personal charges – but he insisted that he had already quit in 2010.

The RICS report said: "The panel decided that in view of Mr Davies's persistent and wilful failure to co-operate with RICS, his lack of integrity by the inappropriate use of the letters 'R.I.C.S' and his demonstrated disregard of regulatory obligations, the only appropriate sanction was expulsion of Mr Davies from membership of RICS."