RICS Regulated Firms Flashcards
What must all firms providing surveying services to the public do?
Register for regulation to the RICS
Why is it important to do so?
To ensure there is a recognised quality benchmark for all firms. If there are no qualified members a firm cannot register.
What does regulation provide?
Provides a ‘gold standard’ of quality control for clients.
How does regulation link to the Rules of Conduct?
- Links directly with Rule 2 relating to maintaining professional competence and ensuring services are provided by competent individuals.
Rule 3, must provide a good-quality and diligent service.
What are the key details for RICS regulated firms as of ‘Rules for the regulation of firms’ 2022?
- If 50% of Principals within a firm are registered members of the RICS then it must be registered. If there are 25% with RICS membership, then a firm can apply to register.
- Each firm must nominate a ‘sole practitioner’ who must ensure that all reasonable steps are taken and systems are in place to ensure compliance with RICS regulation.
Principles are sole practitioners, directors, partners, board members or anyone with equivalent status.
What is the responsibility of the RICS Standards & Regulation Board?
In this instance they are responsible for hearing disputes concerning the registration of firms. (Full details founds on the RICS website)
What are the rules surrounding the use of the RICS logo?
There are strict rules on the use of the RICS logo, the new rules came into effect in April 2020, including the restriction to use the term ‘chartered surveyors’ by firms to the trading name only. Only RICS members and registered firms can use the logo.
What information is required by the RICS for registration?
- Type of business and staffing details
- Name of the responsible principle
- Statutory regulated activities - such as financial services
- Nature of clients
- Complaints handing procedure, details and records
- Professional indemity insurance details
Whether the firm holds clients’ money
