Rules For The Registration of Firms

Question 1

Are you aware of any rules associated with registering a firm with RICS?

Answer 1

Rules for the registration of firms - Version 8 with effect from 2nd February 2022.

Question 2

When is a firm required to register for regulation?

Answer 2

1. Provides surveying services to the public.
2. Operates in a Regulated Area A (UK).
3. 50% of the firm’s principles are RICS members.

Question 3

In which circumstances are firms eligible to register for regulation?

Answer 3

Rule 4.1
A. Provides surveying services to the public.
B. 25% of firms principles are RICS members.

Rule 4.2 - a firm is also eligible if it provides services to the public and either:

1. The Head of Regulation is satisfied that the firm is implementing an appropriate plan to ensure 25% of the firms principals are members within a reasonable period of time or
2. The Head of Regulation is satisfied that the firm is appropriately supported and supervised by another RICS-registered firm or firms that fulfil the requirements.

Question 4

What is a locum?

Answer 4

A firm which has sole principle (sole director) must have arrangements in the event of death, incapacity or other extended absence.

Another professional who is appointed to stand in for the surveyor if unable to work.

Question 5

Who can be a locum?

Answer 5

Chartered Surveyor. Can be solicitor or accountant.

Question 6

How does PII cover relate to locums?

Answer 6

Locums need to be covered for any work undertaken whilst the sole practitioner is unavailable. This could be under their own cover, if appropriate, or under the firm’s PlI policy.

Question 7

You want to set up your own firm, what do you need?

Answer 7

1. PII
2. CHP
3. Arrangements for death, incapacity or absence from or inability to work
4. RICS Designation on business literature

Question 8

What is a principal?

Answer 8

1. Sole practitioner
2. Director
3. Partner

Question 9

What is the procedure for registration?

Answer 9

1. Provide info to the RICS prescribed by the Standards & regulations board
2. Agree that the RICS may share information with the government or other regulatory body.
3. Agree that I’d the RICS declines to register, RICS may publish its decision