RICS History and General Knowledge Flashcards
When was RICS founded?
1868
When was the Royal Charter granted to RICS?
The Privy Council granted the Royal Charter In 1881 (by Queen Victoria).
Describe, in general terms, the governance of RICS?
- Self-regulated
- Internally monitored
- Regulated by Bye-Laws
What is RICS Matrics?
- Community set up to support new members entering the profession
- Works with RICS to shape the future of surveying
What is Lionheart?
- Independent charity
- Run by RICS professionals, for RICS professionals
- Established over 100 years ago
- Services include financial and work-related support, legal advice etc.
What is the Royal Charter?
- Granted in 1881
- Awarded by Queen Victoria
- Requires RICS to promote the usefulness of the profession for the advantage of the UK public and in other parts of the world
Where are RICS’ international headquarters located?
12 George Street, Parliament Square, London
What is the motto of RICS?
- ‘Est Modus in Rebus’
- Latin
- ‘There is measure in all things’
What is the role of RICS?
- Advancing the highest ethical and technical standards for professionals in land, property and the built environment 🏆
- Providing benefits to consumers by enforcing standards and codes of best practice ✅
- Providing expert impartial advice to governments, businesses and the public.
- Equipping RICS members with leading edge advice, market insight and professional training
- Promoting RICS status and standards in key worldwide markets as the mark of property professionalism.
What is the Standards and Regulation Board (SRB)?
- Responsible for RICS’ regulatory functions including governance, policy and operational oversights in the public interest.
- Independently led
- Comprised of non-members (independent) and RICS members
- Reports to Governing Council
- Oversees activities of RICS’ professional standards, entry and admission to the profession, education and qualification standards, dispute resolution services and the Regulatory Tribunal.
What is the function of RICS’ Governing Council?
- The governing body of RICS under the Royal Charter
- Approves RICS strategy, and delivery of that strategy
- Responsible for approving RICS strategy and vision
Provide an overview of the RICS’ governance structure…
(1) Governing Council - Manages and agrees the strategy for RICS.
(2) RICS Board + Standards and Regulation Board (incl. audit, risk assurance and finance committee)
Why was the Levitt Review commissioned?
- Commissioned to Alison Levitt QC.
- Independent review
- Into historic treasury management matters and subsequent actions at RICS
What were the key objectives of the Levitt Review?
- To consider the way in which the internal report was commissioned, dealt with and to determine whether there were any shortcomings.
- Whether any shortcomings represented a failure of governance.
- To make recommendations for the future.
What were the key conclusions of the Levitt Review?
- Sound governance principles were not followed by RICS.
- Non-Executive Board member’s concerns were legitimate and they were wrongly dismissed from their roles.
- Lack of clarity around the roles and responsibilities of the various RICS Boards, senior leadership and management.