Rules for the Registration of Firms Flashcards
What is the latest version and date for the rules for the registration of firms?
Version 7 from the 1st April 2020
What is a firm?
A company
LLP
Partnership
Sole Practitioner
What does principal mean?
A director of a company
A sole practitioner
A member of an LLP
A member of the management, supervisory or administrative board
What is a material change?
1) Change of principals.
2) Change of non-principal employees (RICS qualified employees ONLY).
3) Change of contact details for firms and their offices.
4) If a firm ceases to hold clients money.
5) If a firm ceases to provide general insurance distribution work.
6) A material breach of the firms regulatory and statutory obligations.
What firms are required to register?
1) If the firm provides surveying services to the public.
2) If the firm is operating in the UK.
3) 50% of the firms principals are RICS members.
4) RICS members who are principals must ensure they register for regulation made on behalf of the firm.
How are firms eligible to register?
1) Firms provides surveying services to the public.
2) At least 25% of the firms principals are RICS members.
What is a responsible principal?
To ensure that RICS professional, technical and ethical standards are applied, upheld and supported by an appropriate assurance frame work within a regulated firm.
What are the obligations of registration?
1) To comply with the rules of conduct for firms.
2) Act in accordance with the obligations set out in RICS Royal Charter and Bye-laws.
3) Inform head of regulation of any finding against it by any disciplinary or regulatory body, court or statutory authority.
4) Inform head of regulation of insolvency against the firm.
5) Notify head of regulation within 7 days if there is a material change regarding the firm and provide full details.
What powers can the head of regulation exercise?
1) Take no action.
2) Add or vary conditions to the firms registration.
3) De-register the firm.
4) Suspend the firm from registration.
What fees must a registered firm pay?
1) Annual fees for registration.
2) Any fees, costs or fines levied under the regulatory tribunal rules.
What can an RICS registered firm use?
The regulated firm is allowed to use the regulated by RICS logo.
