Starting/Closing firm Flashcards
Which document is relevant for opening firm under the RICS?
Rules for the Registration of Firms, Eff. 2022 V8
explain the benefit of registering a firm with the RICS
- Confidence – for clients as firms are monitored by RICS regulations
- Professionalism – firms will have clear, impartial, and expert advice
Security – recognised complaint handling procedure, independent redress and PII cover
- Professionalism – firms will have clear, impartial, and expert advice
What is the barrier for a firm to become RICS registered under Rules for the Registration of Firms, Eff. 2022 V8
MANDATORY:
* 50%+ of principals are RICS members
* Providing surveying services to the public in the UK
ELIGIBLE:
* Between 25%-49% of principals are RICS members
* Provides surveying services to the public in the UK
Basically at least 25% of principals must be RICS members
INELGIBLE:
Between 0-24% of principles are RICS qualified - this is an issue
What must firms provide when registering?
(Basically Appendix A, contact officer and client money handling)
* Adequate PROFESSIONAL INDEMNITY INSURANCE * SUCCESSION arrangements if sole practitioner - works to continue in the event of incapacity, absence or death * PUBLISH - COMPLAINTS HANDLING PROCEDURE including: alternative dispute resolution & maintain complaints log * COOPERATE with RICS * CONTACT OFFICER for all RICS communications - VOA: Claire Johnson * Ensure you are a RICS registered valuer * RICS LOGO KIT * Procedures for handling client's money
What are a firms annual confirmation obligations to the RICS
- Type of business and staffing details
- Statutory regulated activities – e.g. financial services
- Nature of clients
- Complaints handling procedures and records
- PII details
Whether the firm holds clients’ money
What should you do when closing a firm
- Agree a closure date
- Inform the RICS and apply for a deregister
- Ensure the clients are informed at the earliest opportunity and hand over arrangements made to the new firm
- Deal with money - Return any monies held by clients to their own accounts
- Notify PII and arrange run off cover for a minimum of 6 years
- Retain a copy of files and record for a minimum of 6 years
Inform staff and take the necessary steps (redundancy etc)