The Property Managers Association (PMA) has created an audit programme designed to help retailers see exactly what they’re paying for at shopping centres.

The PMA Mark audit programme covers communication, transparency and clarity of accounting and standards at the shopping centres. The PMA will appoint one of five independent auditors to visit the centre and examine the management and accounting standards. Points will be awarded, resulting in bronze, silver or gold awards, and a report will be issued to all retailers at the centre.

The scheme will work alongside the RICS Code of Practice for Service Charges in Commercial Properties and the association says it will be a key tool in policing management standards.

“Standards of accounting have dramatically improved over the past few years, but some centres and landlords are some way behind the leaders,” said TK Maxx service charge manager John Gray, who is a PMA member.

“The information retailers receive varies hugely and there is no great consistency of reporting across shopping centres. We need to be able to see clearly what is going on.”

A handful of shopping centres have offered their schemes up for auditing already. Three landlords – Land Securities, The Mall and British Land – have applied to have some of their schemes audited.

“We will start with these properties, so we can find out if there is consistency among individual auditors over point-scoring,” said Gray. “That way, we can forge ahead next year with other schemes and hopefully get to a point where everything is clear and consistent across the board.”

If a landlord wants a scheme audited and the retailers agree, they will pay half the fee each. Retailers can apply to have a scheme audited without the landlord’s consent, but they will have to foot the whole fee.

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