Starting a new practice

Question 1

What are the legal requirements when setting up a new firm?

Answer 1

• Disclose business name
• Appoint a money laundering reporting officer to comply with Money Laundering Regulations 2018

Comply with the following:
- Equality Act 2010 (Discrimination)
- Bribery Act Compliance 2010
- Financial Services Act 2012
- Health and Safety Act 1974
- Inform HMRC (Tax and VAT)
- Compliance with employment laws
- Ensure insurance compliance for employer and public liability

Question 2

What are the RICS requirements when setting up a new firm?

Answer 2

• Complete a firms details form
• appoint a responsible principle
• register with RICS for regulation of firm
• arrange appropriate Professional indemnity insurance
• CHP approved
• set up procedures for client money handling
• set up a complaints log
• use rics logo kit
• cpd log record
• do a rics annual return

Question 3

What must you do if you close a practice?

Answer 3

Inform the RICS
Ensure Clients are informed and prepare handover with another firm
Return any client monies
Inform insures and procure professional indemnity insurance run-off for 6 years
retain client files and records for a minimum of 6 years.