October 2019 update Flashcards
when was the last AVD?
The Antecedent Valuation Date (AVD) for the next business rates revaluation will be 1st April 2019
The last revaluation was in 2017 and the next revaluation was due in 2022
What are the new RICS rules for Firms?
RICS ‘Rules for the regulation of firms’, 2019 (effective from 1st April 2020) states that if 50% of Principals of a UK firm which provides surveying services are RICS members then it has to be regulated, and if at least 25% then it can apply to be regulated
• 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 to report to RICS as required
What are the new rules to come in for the RICS logo and designation?
• New rules to come into force on 1st April 2020
• There will be a requirement that Regulated Firms must include a prescribed text in terms of engagement to
explain what being regulated by RICS means
RICS Client Money changes?
There is a requirement since 1st April 2019 that all firms holding client money in the UK need to publish
their client money handling procedures on their website and/or be freely available on request
What guidance is there on corruption?
RICS Professional Statement - Countering bribery, corruption, money laundering and terrorist financing, 2019
- Mandatory requirements for anti-bribery and corruption and for anti-money laundering and terrorist
financing - Guidance setting out supporting good practice for the above
- Supplementary guidance on some of the concepts set out in Parts 1 & 2
Tell me about the RICS Surveying Safely Guidance Note, 2018
- Came into effect on 1st February 2019
- Provides an overview of best practice relating to H&S in the workplace
- RICS Regulated Firms must provide a safe working environment, work equipment and systems of work
What are the changes to the Governing Council?
• In November 2018, Governing Council proposed modernisisations to itself and RICS more broadly. These
changes include:
- A smaller Governing Council (from 50 to 25 seats) with seats ringfenced for global regional
representatives
- A Chair of Governing Council to be appointed for up to 6 years (the President will retain an ambassadorial role)
- The merging of the Regulatory Board and the Standards Board
- A joined-up approach to RICS Professional Group working
- Better engagement with clients, stakeholders and the public
- Improvements in the digital infrastructure within RICS
• Final arrangements relating to these proposals are awaited
What are the RICS doing for Diversity and inclusion?
October has been black history month - RICS are shining a light on high-achieving RICS professionals who are living proof that talent has no colour. We’ll also be raising awareness of the benefits and value of a diverse workforce.
Measurement changes?
whilst IPMS has been published for industrial and for retail premises, the RICS is yet to announce adoption dates for them
