RICS Flashcards
RICS stands for
Royal Institution of Chartered Surveyors
When was the RICS founded and in what year was it incorporated by Royal Charter?
1868 and 1881
How many RICS members are there?
130,000+
President and CEO
President - Justin Sullivan (but Nick Maclean is currently acting as President and Chair of Governing Council as Justin Sullivan is being investigated about his role as expert witness in a High Court Case).
CEO - Justin Young
Four Levels of Members
FRICS (Fellow), MRICS (Member), AssocRICS, Trainee/Student
FRICS criteria
*Evidence of achieving 4 fellowship characteristics
1. Five + years at MRICS
2. Leadership role
3. Professional/technical achievement
4. Academic achievement or raising the profile of RICS
* A portfolio or professional achievement to support the application is required to include your CPD record.
Current Governance Structure
Under the terms of the Royal Charter Governing Council (leads to Regulatory Tribunal) > Standards and Regulation & Board Management Board
Why did the RICS Standards and Regulations board resign in 2023?
News article: “It is understood the members had walked after it emerged the RICS’ governing council planned to break up the board and transfer responsibilities for technical standards to the newly established knowledge and practice committee.” Outgoing board: ““But we were treated from the outset by the leadership more as the enemy rather than as the regulator within RICS. It became increasingly difficult to do our job.”
What is the RICS Royal Charter?
Royal Charter gives the organisation an independent and legal status to govern itself and is granted by a monarch.
Royal Charter - to work in publics best interest to advance knowledge, uphold standards and inspire future professionals.
King Charles became Royal Patron of RICS in May 2024.
Our Royal Charter requires RICS to act in the public interest. Under the Royal Charter, RICS’ governing body is the Governing Council, which is responsible for approving RICS strategy and vision, overseeing the effective delivery of the strategy’ as well as standards and regulation.
How many specialist groups are there?
17 - covering property, land, construction - sets standards for area.
Role of RICS
3 Main Roles:
1. Maintain highest standards of education and training.
2. Protect customers through strict regulation of professional standards.
3. To be the leading source of information and independent advice on land, property, construction and associated environmental issues.
What was the Levitt review (2021)?
Commissioned by RICS following allegations the RICS tried to suppress a report into its finances in 2018/2019 and then unfairly dealt with those who sought to explore the issue. The report found that governance principles were not followed and those concerned were wrongly dismissed.
Bichard Review (2022) sets out 18 specific recommendations.
What were the initiatives of the Bichard Review (June 2022)
Commissioned to clarify the purpose of the RICS (act in public best interest, made recommendations on how to deliver this purpose, provided proposals for incoming leadership and governing body on the future culture and strategy).
EG recommendations:
- Renewed and increased focus on the public interest remit of RICS - amending Royal Charter, public interest panel created to advise governing council.
- Maintaining self-regulation through greater independence for regulatory functions.
- Increased focus on diversity and inclusion across the profession.
- New simplified, clear, accountable governance structure.
Why do you want to becoming chartered?
I want to be part of this prestigious organisation to progress my career in an industry I am
passionate about. It will give me recognition and status to develop my work with clients, and will allow me to undertake more forms of work (Red Book Valuations once registered valuer).
Benefits of Membership to RICS
- MA - Market advantage – RICS status and standards gives you a competitive advantage.
- R - Professional recognition – Promotion of your professional excellence to governments and markets.
- K - Knowledge – International Practice Standards, professional guidance, CPD & knowledge sharing.
- S – Status – Professional credentials provide unrivalled client confidence
- N - Global network – Access to professionals worldwide.
5 Rules of Conduct for members and firms
- Act with honest and integrity.
- Maintain competence
- Provide quality and diligent service.
- Treat everyone with respect and promote diversity and inclusion.
- Act in publics best interest.
Mandatory Professional Obligations for members
- Must comply with CPD requirements.
- Must cooperate with RICS.
- Must provide reasonable information to Standards and Regulation board.
Mandatory Obligations for RICS firms
- Must have CHP which includes an alternative dispute resolution provider approved by RICS, and must maintain complaints log.
- Have adequate PII for past and current work.
- If sole principal, succession arrangements must be made.
- Must cooperate with RICS.
- Must provide reasonable information requested by Standards and Regulation Board.
- Must display on business literature a designation to denote they are regulated by RICS.
- Must report to RICS any matter that they are required to report under the Rule of Conduct.
Who is chair of the Standards and Regulatory board?
Nigel Clarke
Action by Head of Regulation (Initial Investigation)
- Serve a Fixed Penalty Notice – only in relation to information not being provided to the RICS.
- Make a Regulatory Compliance Order (RCO) – low level breach, pay a fine, written document to outline terms where rules breached (e.g., not completing CPD).
- Refer to regulatory tribunal.
- Refer to disciplinary panel
Action by Disciplinary Panel
(Non-RICS members on Panel)
- 10 people on the panel (some are external to the RICS)
- High level breach, a hearing is required.
- Regulatory compliance order (RCO)/ unlimited fine and/or temporary suspension/expulsion
- Publication of the result of the hearing.
Appeal Panel (Non-RICS
members on Panel)
- Reviews existing and new evidence and can vary the penalty
RICS Core Material
RICS Professional Standards (Previously Professional Statements) Mandatory, best practice advise documents.
RICS Practice Information (Previously Guidance Notes – voluntary)
* Supports the practice, knowledge and performance, no explicit recommendations.
CPD - How much must you do? What type? How do you log it
20 hours per year.
10 hours must be formal.
Must maintain a relevant and current understanding of the RICS Rules of Conduct during a rolling 3-year period.
Must be logged on the RICS CPD portal by 31st January.
