RICS Organisation / Firms

Question 1

RICS when was it founded and what type of organisation

Answer 1

1868 and Royal Charter

Question 2

CEO / President

Answer 2

Justin Young / Tina Paillet / Justin Sullivan

Question 3

Explain current RICS structure

Answer 3

Question 4

What does a firm need to file annually to RICS?

Answer 4

**REGULATION RULES FOR REGISTRATION OF FIRMS
1. Type of business and staffing details
2. Name of responsible principal
3. Statutory regulated activities - such as financial services
4. Nature of clients
5. CHP procedures and records
6. PI insurance details
7. Whether firm holds client’s money

Question 5

When are firms required to register with RICS?

Answer 5

RULES FOR REGISTRATION OF FIRMS (2022)
1. Providing surveying services to the public
2. If there are no RICS members, it cannot register
3. 50% of Principals RICS required; 25% eligible
4. Must make annual returns to RICS confirming compliance with obligations
5. Must nominate ‘Responsible Principal’ - they are to ensure compliance, systems and return
6. Strict regulations around logo use

Question 6

What are the professional obligations for members?

Answer 6

1. Comply with the CPD requirements
2. Comply with RICS requests
3. Promptly provide all information requested by Standards and Regulation Board, or those on delegated authority

Question 7

What are the professional obligations for firms?

Answer 7

1. Publish your CHP, including ADR, which is approved by RICS and maintain complaints log
2. Ensure all previous and current work is covered by adequate PI and meets RICS PI standards
3. If sole principal, make appropriate arrangements for professional work to continue if incapacitate, death
4. Cooperate with RICS
5. Promptly provide all info to Regulation and Standards Board
6. Display on business literature, designation that they are regulated by RICS
7. Report to RICS any matter that they are required to report under Rules for Registration of Firms

Question 8

What are the three levels of disciplinary action?

Answer 8

1. Action by Head of Regulation
2. Disciplinary Panel
3. Appeal Panel

Question 9

What are the actions following investigation by Head of Regulation?

Answer 9

1. Serves a Fixed Penalty Notice
2. Makes a Regulatory Compliance Order
3. Refers matter to a single member of Regulatory Tribunal
4. Refers matter directly to Disciplinary Panel

Question 10

What actions can be taken by disciplinary panel

Answer 10

1. Issue Regulatory Compliance Order (eg minor breaches that could be corrected CPD)
2. Reprimand
3. Fine
4. Impose unlimited amount of fine per breach
5. Impose conditions upon future registration
6. Explusion
7. Require publication of hearing in Modus magazine

Question 11

Is there any guidance on social media?

Answer 11

No guidance. REGULATION on use of social media

Question 12

What does the regulation on social media say?

Answer 12

RICS will investigate concerns if it relates to dishonesty, discrimination, abuse, bullying, harrassment, ignoring previous advice to desist (RULE 4)

May take disciplinary action if post is to damage public confidence in profession (RULE 5)

Question 13

Who oversees the regulatory functions?

Answer 13

Standards and Regulation Board

Question 14

What regulatory schemes are managed by SRB?

Answer 14

1. Firm registration
2. Valuer registration
3. Client money

Question 15

Explain the three disciplinary procedures?

Answer 15

1. Less serious, if member admits - Head of Regulation may impost Regulatory Compliance Order
2. Less serious, but member does not admit - Case referred to Single Member of Regulatory Tribunal
3. Serious - Head of Regulation refer to Disciplinary Panel. Can impost fine, sanctions, explusion and determine cost against members

Question 16

When may a fixed penalty notice be given?

Answer 16

Breach of following rules
1. Rule 2 and CPD
2. Professional obligations regarding providing info to RICS
3. Registration of Firms in regarding payment of fees