RICS Flashcards
When was RICS founded?
1868
What was RICS Royal Charter granted?
1881
What are the 4 levels of RICS membership?
Student, AssocRICS, MRICS, FRICS
What are the 4 levels of RICS membership?
Student, AssocRICS, MRICS, FRICS
Governance Structure of RICS?
Governed by various councils, boards and associations.
- In the UK there are:
- 4 National Associations, Local Associations and also 10 Regional Boards
Levitt Review (2021)
Public exposure stating lack of clarity, structure and purpose of RICS so called for independent review (Bichard Review)
Bichard Review (2022)
Aims to clarify purpose and structure of RICS
Role of RICS
- Maintain highest standards of education and training
- Protect consumers by regulating professional standards
- Be leading source of information and advice on land/property
Benefits of being RICS member
- Status - client confidence
- Recognition - professional excellence
- Market Advantage - competitive advantage once chartered
- Network - 130,000 professionals worldwide
- Knowledge - RICS documents, CPD
Requirements of RICS Annual Return
- Type of business and staff details
- Statutory regulated activities
- Nature of clients
- CHP details
- PII details
- Whether firm holds clients money
RICS Regulation Requirements
If 50% RICS members, firm has to be regulated
If 25%+ RICS members, can apply to be regulated
If no RICS members, cannot register for regulation
Note: only RICS members and registered firms can use the logo
Three levels of disciplinary action
- Action by Head of Regulation (formal investigation)
- Regulatory Tribunal (serious breaches)
- Appeal Panel
What disciplinary action can Head of Regulation initiate?
- Fixed Penalty Notice (EG breached Rules of Conduct)
- Regulatory Compliance Order (states terms on which member/firm must desist from taking action in set time)
- CPD Sanctions (obligation for member to follow CPD requirement)
- Refer to Regulatory Tribunal (50% lay members, can issue fine, Compliance Order, expel from RICS or publicise results)
