Starting a new practice

Question 1

Say you find out you qualify next week and you wanted to start your own firm, what steps would you take?

RICS Compliance

Answer 1

1) Inform RICS of new practice by completing a Firm Detail Firm
2) Appoint contact officer for RICS communication
3) Register with RICS for regulation by Regulatory Board
4) Arrange PII and send details to RICS
5) Set up procedures for Members Accounts Regulations for handling Client’s money including Client Money Protection Scheme details
6) Register for RICS Valuer Registration Scheme (VRS) if undertaking Red Book Valuation work
7) Obtain RICS approval for CHP
8) Setup complaints log
9) Appoint complaints handling officer (elect surveyor in another practice if sole practitioner)
10) Obtain logo kit from RICS to ensure compliance with designation ‘Regulated by RICS’
11) Plan for succession / future running of the business if sole practitioner
12) Ensure CPD logged online
13) Setup staff training plan
14) Ensure completion of RICS Annual Return at end of each year

Question 2

What steps would you take when closing a practice?

Answer 2

• Inform RICS of retirement / closure
• Ensure clients informed at earliest opportunity
• Ensure handover arrangements made to new firm
• Return any money held for clients to their own accounts
• Inform insurers and procure professional indemnity insurance run-off cover for min. 6 years from expiry of policy in force at time of cessation
• Retain copy of client files for min. 6 years

Question 3

Who can use the RICS logo?

Answer 3

RICS members (no matter what type of organisation you work for) and a Registered firm (i.e. Regulated by RICS)

Question 4

What RICS document concerns the RICS logo?

Answer 4

RICS Regulation ‘Guidelines for the personal use of the rics logo and designations by RICS qualified professionals’ – effective 2 February 2022

And, RICS Regulation ‘Rules for the use of the RICS logo and designation by firms’ – Version 6 effective 2 February 2022.

Question 5

Can you alter the colour/design of the RICS logo?

Answer 5

No – it is a registered trademark. It must be in black or white, no other colour.

Question 6

Who can use the designation ‘Chartered Surveyor’?

Answer 6

• A sole practitioner who is a chartered member.
• A company carrying out surveying services may use the chartered surveyor designation if:
  o 50% or more of partners/directors are chartered members.
  o No partner/director has been expelled from RICS membership
  o Chartered Surveyor can only be used in business trading name and not in business corporate name.
  o Firm is registered with RICS for Regulation.
  o Partners/directors who are chartered members must use appropriate designatory initials.
  o If firm has principal office outside UK that is not registered for regulation by RICS, the services carried out by the company must be in line with Rules of Conduct