Topical Matters Flashcards
Why was the Bichard Review undertaken?
The Bichard Review was undertaken following the conclusion of the Levitt Inquiry into the RICS.
What did the Bichard Review recommend?
- A renewed focus on the public interest remit of the RICS
- Greater independence for self-regulatory functions
- Incresed focus on diversity, equity and inclusion.
- Empowering members through greater support for regional boards.
- Undertake a review every five years of the RICS’ governance.
- A new governance structure.
- Take a lead on issues such as sustainability.
What prompted the Levitt Inquiry?
A scandal over cashflow management and a multi-million pound overdraft facility prompted an investigation into the RICS.
It was prompted by the dismissal of four non-Executive Board members, who had raised concerns.
What were some of the recommendations of the Levitt Inquiry?
The report recommended;
- Wide-ranging external review of the purpose, governance and strategy
- Greater oversight for the Governing Council
- More frequent meetings of the management board.
- Review of financial bonuses.
- Overhaul of the whistle-blowing procedure.
- Review of previously provided legal advice and re-tendering of the legal advice every three years.
What were the principal conclusions of the Levitt Inquiry?
The report found that there were serious structural failings in the management of the RICS, where oversight was lax and de facto power lay with a few senior members.
It was also found that the finances were a mess, legal advisors partisan and the leadership panicked.
What followed the Levitt Inquiry?
The Bichard Review was undertaken as a response to the Levitt Inquiry.
