Business Planning

Question 1

What are the procedures for setting up in practice?

Answer 1

1. Contact the RICS and obtain a start up pack
2. Inform RICS and apply for regulation.
3. Appoint a contact officer for RICS correspondence.
4. Prepare a complaints handling procedure.
5. Obtain PI insurance.
6. Abide by Rules of Conduct.
7. Display “Regulated by RICS” on company literature.

Question 2

What insurances are required when setting up in practice?

Answer 2

Professional indemnity insurance, employers liability, public liability and buildings insurance for premises.

Question 3

What is included within an Annual Return to the RICS?

Answer 3

Type of business and staffing
Nature of clients
Training provision
Complaints handling procedure details & record
PI insurance details
Whether the firm holds client money