RICS Flashcards
When was the RICS founded and when did it receive its Royal Charter?
- Founded in 1868
- Royal Charter 1881
What is meant by Royal Charter?
Gives a firm an independent legal personality & powers to govern its own affairs i.e. self-regulation
Established RICS as a professional institution. Formal document granted by the British monarchy that establishes RICS as a professional institution. Important changes of the constitution must be ratified by the king via the government via the privy council
Who is the president and who is the CEO?
- President is Justin Sullivan
- CEO is Justin Young
What are the two key priorities of the current President?
- Attracting a diverse next generation: from schools, universities, returners and career changers
- Role of RICS in shaping the world around us: delivering sustainable building, ensuring safety in construction to valuing assets with integrity
How many levels of membership are there, and what are these levels?
4:
- FRICS
- MRICS
- AssocRICS
- Trainee/Student
How many RICS members are there?
Over 130,000, across more than 140 countries globally
What is the RICS governance structure?
Level 1 – Privy Council (UK Gov)
Level 2 – Governing Council (25 members)
Level 3 – Regulatory Tribunal
Standards & Regulation board
Management Board
Audit Committee
(All report into with sub divisional representatives for each service line)
Level 4 – 17 professional Groups
What is the role of the RICS?
Every Right Idea
To promote the highest professional standards by:
- Maintaining high standards of education
- Protecting customers through regulation
- To be a leading source of information and advice on land, property, construction and associated environmental issues
What is some recent publicity that is surrounding the RICS?
RICS launches consultation for new edition of financial crime standard incorporating crypto and AI – February 2025.
Launching a consultation for a second edition of its financial crime standard. The standard, titled Countering Financial Crime: Bribery, Corruption, Money Laundering, Terrorist Financing and Sanctions Violation was first released as a professional statement in February 2019 and upgraded to the status of a Mandatory Standard in July 2023.
Can you outline some of the recommendations as a result of Bichard’s review?
- Renewed interest in the public
- Greater independence of regulatory functions
- increased focus on diversity and inclusion
- renewed focus on younger members
- independent review every 5 years
- clearer governance structure
- showing greater leadership in current issues e.g., sustainability.
What are the five benefits of being a member?
- Status – professional credentials
- Recognition – governments and markets
- Knowledge - CPD
- Market Advantage – RICS status
- Network – other members
What are the benefits of being a registered firm?
‘Gold standard’ quality of work for clients
- Confidence – client conf
- Professionalism
- Security – CHP and PII
When does a firm need to be regulated?
When at least 50% of the firms principles are RICS members
What do the rules for the regulation of firms 2022 state?
- 50% of firm principles = must be regulated
- Each firm must have a responsible principal
Principal – sole practitioner, directors, partners etc i.e. someone who can act without supervision of a firm
What information is required by RICS for registration?
- Type of business and staff details
- Name of Responsible principal
- Statutory regulated activities
- Nature of clients
- Complaints handling procedure
- PII
- Confirmation of if they will hold clients money
Who is your firm’s responsible principle?
Philip Gardner, Group Head of Strategy Risk ＆ Operations
What are the mandatory professional obligations for firms?
Rules of Conduct: Appendix A – Professional Obligations
1. Publish CH, including details on the ADR provider and complaints log
2. PII cover on all previous and current professional work
3. If sole, make succession plans
4. Cooperate with RICS
5. Promptly provide information requested
6. Display a designation to note they are RICS regulated
- Cooperate with the RICS.
- Provide all information requested by standards and regulatory board
- CPD
What are the mandatory professional obligations for members?
Rules of Conduct: Appendix A – Professional Obligations
1. Comply with CPD
2. Cooperate with RICS
3. Promptly provide any information requests by Standards and Regs board.
Why were the Rules of Conduct updated?
- Simpler structure
- Clearer examples – 12 case studies
- Focusing on diversity and respect
- Understanding evolving tech
- Tackling global issues
Who in the RICS regulates the surveying profession?
Standards and Regulatory board
What are the RICS requirements on CPD?
Once qualified:
- 20 hours in total with 10 hours being formal.
- Every 3 years, 1 hour of ethics.
- Must maintain understanding of RoCs
- Must record CPD in RICS CPD Management System
Formal: structured with learning outcomes
Informal: relevant, self-managed learning
Can you comment on the comment state of ethics in RICS?
Successfully promotes high standards of professional conduct, emphasising principles such as honesty, integrity, competence, service, respect and responsibility.
What are the requirements for becoming FRICS?
- More than 5 years as MRICS
- Leadership role
- Academic achievement
- Raising profile of RICS
Submission – portfolio of professional achievement and CPD
What are the CPD requirements for APC and RICS member?
APC
- 48 hours minimum per 12 month period
- 50%+ formal
RICS
- 20 hours minimum per 12 months
- 50%+ formal
- 3-yearly review of RICS Rules of Conduct
- Record CPD using management system
N.B. Use of CPD Decision tree for formal vs informal – structured program/ define learning objectives
