RICS Service Charge Code (4th Edition)
At Prime Property Management, we’ve always believed property management should feel like caring for your own home. Not as a slogan, but as a standard.
That mindset hasn’t changed. What has changed is the industry around us.
New regulatory updates and the latest 4th Edition guidance are raising expectations across building safety, transparency, financial governance, and resident engagement. For many in the sector, this represents a significant shift.
For us, it simply confirms something we have long strived to achieve: this is how property management should be done.
The difference now lies not in direction, but in clarity, structure, and the standard of evidence required.
The Bar Has Been Raised
Property management is no longer just operational. It is now formally recognised as a discipline rooted in accountability, risk management, and long term governance.
Across the sector, expectations now include:
- Stronger building safety duties, particularly for Higher-Risk Buildings
- Clear accountability through the Accountable Person framework
- The “golden thread” of building information
- Long-term Planned Preventative Maintenance (PPM) as standard practice
- Greater focus on resident engagement, vulnerability, and fairness
- More rigorous inspection, reporting, and audit requirements
- Procurement decisions justified on value, not just cost
This marks a clear shift from reactive management to proactive management based on evidence led oversight.
Major Works: From Projects to Strategy
Major works are no longer standalone events. They are now expected to sit within a long-term, fully documented strategy.
That means:
- Aligning works with PPM and asset planning
- Transparent, structured procurement with clear justification
- Fully documented decision making at every stage
- Stronger links to reserve fund planning
- More formal and transparent Section 20 consultation processes
- Increased influence from building safety requirements
Every decision must now be explainable, traceable, and defensible.
This is where the industry is heading and it reflects the standards Prime Property Management has consistently worked to achieve.
Accounts: From Reporting to Full Transparency
Financial governance has entered a more structured phase
Expectations now include:
- Stricter reporting deadlines (including the 6-month accounts requirement)
- Stronger client money controls and monthly reconciliations
- Full transparency of service charge expenditure
- Clear disclosure of fees, commissions, and income
- Robust audit trails and financial governance standards
Accuracy is no longer enough. Transparency is now essential.
