Heath Lambert has warned property managers that they need to join the FSA in order to survive in a regulated environment.
At a seminar on regulation organised for property investors and managers, Heath Lambert's property portfolio team managing director, John Dilley, said: "We believe that the only really viable option for a property manager is to join the FSA in it's own right.
"We anticipate that this will be the most relevant and effective route for those entities in the property market that they are going to have to comply with the rules. However, regulation will take time and money.
We recommend that companies get started on their application to be authorised by the FSA as soon as possible in order to meet the January 2005 deadline. Failure to do so will mean that property managers can no longer service their clients insurances."
