Setting up your own firm

Question 1

What do you need to have in place to set up an RICS regulated practice?

Answer 1

• Register with the RICS
• Complaints handling procedure
• PI and run off cover
• Abide by rules of conducts
• 25% of employees chartered
• Use the designated ‘Regulated by RICS’ on all practice material
• Practices in place to ensure staff training and CPD requirements.
• If you are a sole practitioner you need to agree a locum (other firm will step in if you are incapacitated).

Question 2

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

Answer 2

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

Question 3

What do you mean by use of designation?

Answer 3

• The RICS once you have registered your firm set the standards for the types of logos that can be used
• A firm cannot be called ABC chartered surveyor and use the designations

Question 4

Do the directors of your firm need to be chartered for it to be a regulated firm?

Answer 4

• 25% must be rics allowing you to apply for regulation
• 50% or more chartered then you must apply for regulation

Question 5

What are the benefits of your firm being regulated by the RICS?

Answer 5

• Gives the client assurance
• Protects your clients and firms
• Repeat business
• CPD
• Access to professional standards and guidance
• Operating with a gold standard
• Access to network

Question 6

Procedure for regulation?

Answer 6

1) Provide information to RICS in such form as prescribed by the Standards and Regulation Board
2) Agree that RICS may share relevant information about the Firm with government or other regulatory bodies as appropriate and
3) Agree that if RICS declines to register the Firm, RICS may publish its decision.

Question 7

Who may be appointed as a responsible principle?

Answer 7

Condition A) The Head of Regulation is satisfied that the person is appropriate to hold that appointment.

Condition B) the Head of Regulation is satisfied that the person:
a) Is able, through the exercise of executive leadership responsibility, to influence strategic objectives of, and significant decisions made by the Firm or
b) reports directly to a person who is so able and can demonstrate they have been delegated authority by the firm to fulfil the role of the Responsible Principal.

Condition C) The person is an RICS member or the head of regulation is happy that they cannot appoint an RICS member and the person has sufficient experience.