Firm Regulations Flashcards
1
Q
When do firms need to be regulated?
A
A firm is required to register for regulation by RICS if the firm:
- Is providing surveying services in the United Kingdom;
- At least 50% of its principals (directors, partners or member of LLP) are RICS members (chartered or non-chartered).
A firm can still register to be regulated (even if not required to do so) provided at least one principal is an RICS member.
2
Q
What arrangements do a firm have to have in place in order to be regulated by the RICS?
A
- Adequate professional indemnity insurance cover.
- Adequate complaints handling procedure with approved alternative dispute resolution scheme.
- Approved procedure for handling client’s money.
- Adequate training programme for all employees.
3
Q
What are the benefits of a firm registering to be regulated by the RICS?
A
A firm can then use the ‘Regulated by RICS’ designation, which confers a market advantage by demonstrating to Clients:
- Enhanced Credibility and Trust - The firm acts with integrity and avoids conflicts of interest.
- The firm carries out professional work with due skill, care and professionalism.
- Manages its finances appropriately.
- Safeguards security of client’s money.
- The firm operates a complaints handling procedure.
- The firm ensures all past and current work is covered by adequate professional indemnity insurance.
