Ethics - Starting and Closing a Practice

Question 1

Starting a New Practice - RICS compliance

Answer 1

• Inform RICS of your new practice by completing a Firm Details Form
• Register with RICS for regulation of the firm
• Arrange professional indemnity Insurance and send details to RICS
• Set up procedures for client money handling requirements
• Be registered for the RICS Valuer Registration Scheme (VAS) for Red Book Global valuation work
• Obtain RICS approval for the complaints handling procedure
• Set up a complaints log
• Appoint a Complaints Handling Officer
• Obtain RICS logo for practice material
• Plan for succession of the business if a sole practitioner
• Ensure CPD logged online on RICS CPD Management System
• Complete online RICS Annual Return at the end of each year

Question 2

Starting a New Practice - Statutory compliance

Answer 2

• Requirement to disclose business name
• Disability discrimination compliance
• Financial services compliance
• Bribery Act 2010 compliance
• Appoint a Money Laundering Reporting Officer
• Health and Safety compliance
• Asbestos register
• Fire Safety compliance
• Register for data protection
• Estate agency compliance
• Inform HMRC for VAT and Tax registration
• Ensure compliance with current employment law
• Ensure insurance compliance for employer and public liability

Question 3

Closing a Practice - RICS compliance

Answer 3

• Inform the RICS of retirement/closure and deregister
• Ensure clients are informed and hand over arrangements to a new firm
• Return any monies held by clients to their own accounts
• Inform insurers and procure professional indemnity insurance run-off cover
• Retain client files and records for a minimum of 6 years