Hot Topics 2023 Flashcards
What are the new RICS PII requirements Aptil 2022?
- Introduced a new maximum uninsured excess of PII
- so now it is companies with turnover of:
£10,000,000 or less - the greater of 2.5% of the sum insured or £10,000
£10,000,000 or more- no limit set
What is the RICS Futures Report?
Launched in 2015 to highland key trends such as:
- Urbanisation
- Disruption of big data
- Climate Crisis
Since 2015 RICS have analysed these trends
What is the Levitt Report?
- An Independent review into the RICS by Alison Levitt QC published 2021
- Commissioned by Governing council due to events in 2018-2019
- In relation to management and decision making on treasury management (4 non excs stood down)
- 18 Recommendations
- The main findings being a lack of clarity in the governing structure of the RICS.
Are you aware of some of the aims within the RICS Business Plan 2021-22?
- Incorporating recommendations of the Levitt Report
- Being more open and transparent with its members and public with decision making and finances
- Immediate Financial Priorities
- Continue to support the profession to support recover and minimsie increase in cost of subscription levels
What key challenges does the Global Economic Recession present in your area of surveying?
- Rising inflation of 10-11% last year has meant the BoE increased the base interest rate which increased borrowing costs At 5.25%
- This has created more pressure on developers, building owners and operators who are facing greater pressure on budget plans prior to rise in interest rates
- Many new developments viability is not stacking up due to increase in building costs, energy and borrowing
(works for Dev app and planning)
What do you know about COP 27?
- Egypt 2022
- New loss and damage fund agreed
- This fund is when richer countries have not met targets and are to give $100bn per year to countries who need it most
- COP 28 UAE in Nov-December 2023
Tell me about the Bichard Review?
- Independent review by Lord Bichard commissioned by RICS Governing Council
- To create clarity about RICS purposes
- Made 36 recommendations to the RICS published 30th June 2022
Can you give some of the Bichard Review recommendations?
- Re invigorate Matrics
- Amendment to Charter
- Greater use of technology
- Diversity and Inclusion panel
What is the current Interest Rate?
5.25%
What is the current Inflation Rate?
6.7%
What do you know about the BCIS price rate?
- I am ware that in June 2023 this was at an all time high
- 10.5% this has slowed down
Can you tell me about the renaming of RICS documents?
- IVS, RICS Professional Statements and Guidance notes renamed:
- RICS Professional Standards (Mandatory)
- RICS Practice Information (Non Mandatory)
Tell me about RAAC?
- Recently publicised in the news and RICS updates
- Issues with concrete in Schools with risk of collapse
Can you tell me about a planning Hot Topic?
- Refusal of a number of windfarms within Scotland
- These have been refused on visual impact of the area
- News as this is different stance to what NPF4 Policy 11 states
- NPF4 and housing developments.
- Developments proposed on unallocated landing getting refused through NPF4 policy 16
What do you know about IPMS all buildings Jan 2023?
- Will supersede all standards previous published IPMS objectives to set one standard for al’ buildings
- Both RICS Measurement Documents remain in use 2015 for non IPMS and 2018 for IPMS
