RICS Regulation

Question 1

When is a firm required to register for Regulation by RICS

Answer 1

• Provides services to the public
• Operating in the United Kingdom
• At least 50% of the firms Principles are RICS Members

Question 2

When are the minimum requirements for a firm to regulate.

Answer 2

Offers professional services in surveying disciplines to professional, corporate, institutional clients

Have at least 25% Principles

Agree to observe and comply with RICS rules of Conduct for Firms

or

Provide surveying services to the public

25% Principles

Head of compliance happy plan in place to have 25% principles
&
they are appropriately supported by a RICS registered firm/firms

Question 3

What are the 5 Principles of better regulation?

Answer 3

Proportionality
Accountability
Consistency
Targeting
Transparency

Question 4

What are the benefits of better regulation?

Answer 4

Regulated by RICS is recognised and respected

• Shows that you have globally recognised standards
• Skills to do the job
• Access to information

Question 5

How do you set up a regulated firm?

Answer 5

*Contact the RICS for guidance and obtain a company start up pack.

• Inform the RICS and register for regulation.
• Register a Responsible Principle
• Nominate contact officer
• Prepare a complaints handling procedure.
• Obtain Professional indemnity insurance cover.
• If registered, use the designation ‘Regulated by RICS’ on all practice material

Question 6

What sort of information do registered firms have to send to the RICS annually?

Answer 6

• Type of business and staffing.
• Nature of clients.
• Training provision.
• Complaints handling procedures details and records.
• PI insurance details.
• Whether the firm holds clients’ money.

Question 7

How would you close down a regulated firm?

Answer 7

Follow the RICS checklist

Infrom RICS

Professional Indemnity Run off cover

Inform clients and deal ensure any money was appropriately dealt with

Question 8

What happens for non-compliance?

Answer 8

• Fixed penalty.
• Consent order.
• Disciplinary panel.

Question 9

How can a disciplinary proceeding be triggered?

Answer 9

• Someone complaining to the RICS.
• An allegation by a client or third party.
• Information received or established by the RICS

Question 10

How can a disciplinary proceeding be triggered?

Answer 10

• Someone complaining to the RICS.
• An allegation by a client or third party.
• Information received or established by the RICS.

Question 11

What three actions can be imposed after the end of the investigation
stage for a complaint?

Answer 11

• Fixed penalty.
• Consent order.
• Disciplinary panel

Question 12

What are consent orders?

Answer 12

Written agreement between the RICS and a member or firm concerning a disciplinary issue on a
breach of the RICS rules.

Require the member to take corrective actions

Stop them doing a certain action for a period of time

make them pay a fine or cost

Question 13

When is a disciplinary panel applicable?

Answer 13

• They are used for more serious breaches of conduct.
• The panel will usually be held in public.
• The burden of proof is on the RICS.
• A balance of probabilities approach will be adopted.

Question 14

What sort of breaches would expulsion be suitable for?

Answer 14

• Gross, persistent or wilful failure to comply with an RICS rule of conduct.
• Fraud, dishonesty, conviction of a serious criminal offence, gross incompetence, deliberate
  discrimination, misappropriation of a client’s money.