Setting Up and Closing Down a Practice

Question 1

What would you need to do to set up your own practice in terms of RICS compliance?

Answer 1

Inform the RICS of my new company and complete a firms detail form
Appoint a contract officer to deal with all RICS communication
Register with the RICS for regulation of the firm by the regulatory board
Arrange PII cover and send details to the RICS
Set up procedures for handling clients money
Register for RICS valuer registration scheme if undertaking Red Book valuation work
Obtain RICS approval for CHP and set up a complaints log and appoint a CHO
Obtain logo kit from the RICS and ensure compliance with the ‘Regulated by the RICS’ designation
Plan for succession / future running of business if sole practitioner
Ensure CPD logged online and the RICS CPD management system and set up a staff training plan
Ensure completion of an RICS Annual Return at the end of each year.

Question 2

What would you need to do to set up your own practice in terms of statutory compliance?

Answer 2

1. Disclose business name - Business Names Act (1985)
2. Disability Discrimination Compliance - Equality Act (2010)
3. Financial Services Compliance - Financial Services Act (2012)
4. Bribery Act Compliance
5. Appoint an MLRO
6. H&S Compliance
7. Asbestos Register
8. Fire safety compliance
9. Register for Data Protection
10. Estate Agency Compliance - Estate Agents Act (1979), Misrepresentations Act (1967), CPR (2006)
11. Inform HMRC for VAT and tax registrations
12. Ensure compliance with current employment law - National Living Wage, working hours, gender pay gap
13. Ensure insurance compliance for employer and public liability

Question 3

How would you close down a practice (RICS Compliance)?

Answer 3

Inform the RICS
Inform my clients at the earliest opportunity and hand over arrangements made to new firm
Return clients money
Arrange for PII run off cover - 6 years minimum
Keep clients files for 6 years minimum