Requirement for registration

Question 1

3 benefits of regulation for firms

Answer 1

CPS

1. Confidence - RICS regulation
2. Professionalism - expert advice
3. Security - PII cover

Question 2

What are the requirements of registering to become a regulated firm?

Answer 2

Until April 2020 a regulated firm is a practice that has 50% or more principals who are RICS members.

If there are no RICS members in the firm the firm cannot register.

The contact officer is individual designated by firm to be main point of contact for RICS.

Disputes regarding registration of a firm heard by registration panel.

From April 2020, will require firms to have 25% or more principals who are RICS members.

Strict rules on use of RICS logo.

Registered firms must use ‘Regulated by RICS’ designation.

Question 3

Can a firm register for regulation if there are no RICS members?

Answer 3

No

Question 4

If firms are providing surveying services to the public, do they need to register for regulation?

Answer 4

Yes

Question 5

How regularly must firms return to RICS to confirm their competence with their obligations?

Answer 5

Annually

Question 6

What type of firm can register for regulation?

Answer 6

Corporate body, partnership, LLP, sole practitioner.

Question 7

What is the name given to someone who is obliged to ensure all reasonable steps are taken and systems in place to ensure compliance with RICS requirements?

Answer 7

‘Responsible Principal’.

Principals are sole practitioners, directors, partners, i.e. people who can work without supervision in a firm.

Question 8

Who deals with disputes concerning the registration of a firm?

Answer 8

RICS Standards and Regulation Board