Registration of firms Flashcards

1
Q

You have decided to start a new surveying firm. What must you do?

A
  • Must appoint an appropriate principal who deals with RICS matters such as compliance
  • Complaints handling procedure
  • Separate client account
  • Professional indemnity insurance
  • Register with the RICS
  • Receive licence to use RICS logo
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2
Q

What are the preconditions for registering as a firm?

A
  • Offer surveying services
  • Have 25% principals (senior manager, partner, owner) who are qualified RICS members
  • If a firm has over 50% principals then they are required to register
  • Agree to comply with RICS rules for firms
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3
Q

What are the conditions to becomming a principal?

A
  • RICS member
  • Is able to have some form of influence over the firm and their strategy and objectives
  • Head of regulation must be satisfied the candidate is appropriate to hold the position
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4
Q

What is the role of the principal?

A
  • Ensure Firms compliance with standards
  • Ensure all information provided to RICS is accurate
  • Ensure systems are in place to allow for compliance
  • Record any failure to comply with RICS requirements
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5
Q

What are the benefits of registering as a firm?

A
  • Increased transparency
  • Held to maintain a high professional standard
  • Client knows the standard of service they will receive
  • Helps to identify ways of improving your firm
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6
Q

Can RICS members join non registered firms?

A

Yes they can as the firm can sign up as a non registered firm that is willing to provide regulatory information on behalf of their registered members

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