Starting/Closing firm Flashcards

1
Q

Which document is relevant for opening firm under the RICS?

A

Rules for the Registration of Firms, Eff. 2022 V8

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2
Q

explain the benefit of registering a firm with the RICS

A
  • 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
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3
Q

What is the barrier for a firm to become RICS registered under Rules for the Registration of Firms, Eff. 2022 V8

A

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

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4
Q

What must firms provide when registering?

A

(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
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5
Q

What are a firms annual confirmation obligations to the RICS

A
  • 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
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6
Q

What should you do when closing a firm

A
  1. Agree a closure date
  2. Inform the RICS and apply for a deregister
  3. Ensure the clients are informed at the earliest opportunity and hand over arrangements made to the new firm
  4. Deal with money - Return any monies held by clients to their own accounts
  5. Notify PII and arrange run off cover for a minimum of 6 years
  6. Retain a copy of files and record for a minimum of 6 years
    Inform staff and take the necessary steps (redundancy etc)
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