Ethics - Registration

Question 1

What is the Requirement for registration according to RICS Rules for the regulation of firms’ 2022?

Answer 1

Firms must make a return to the RICS on an annual basis and comply with their obligations.

Regulation provides a ‘gold standard’ of quality control for clients. A practice can be a corporate body, a partnership, an LP, or a sole practitioner.

Question 2

What are the responsibilities of the Responsible Principal according to RICS Rules for the regulation of firms’ 2022?

Answer 2

Each firm must nominate a Responsible Principal who is obliged to ensure all reasonable steps are taken and systems are in place to ensure compliance with regulatory and RICS requirements, including reporting to RICS as required.

Question 3

What are the Information required by the RICS for Registration?

Answer 3

Type of business and staffing details
Name of the Responsible Principal
Statutory regulated activities (such as for financial services)
Nature of clients
CHP
Professional indemnity insurance details
Whether the firm holds clients’ money