RICS Regulation of Firms Consultation

About the consultation

Scope of this consultation and rationale

The RICS brand carries increasing weight with the public and the profession globally. As a professional body with a non-statutory regulation function, we must meet the challenge of ensuring that compliance with our standards by the firms and individuals that make up the profession, carries the same weight as would a statutory framework.

We believe that it is the right time to strengthen further the architecture of our regulatory relationship with the profession and for this reason, RICS is reviewing and, where necessary, clarifying the baseline requirements of our regulatory system, to ensure they are fit for the future.

We are now considering two key changes to our approach to the regulation of firms. The strategic objective of these proposed changes is to ensure that our regulatory framework provides for sufficient corporate and personal accountability for meeting RICS' standards at board and senior levels in the firms that we regulate. This is because we see the leaders of firms as critical to the implementation of high standards. In this context, the specific issues currently under consideration include:

  • strengthening the eligibility rules that determine which firms may register for regulation - in particular the minimum expectations relating to the proportion of RICS' qualified leaders in a firm; and,
  • introducing requirements to clarify the role played by principals within a registered firm to ensure RICS' standards are implemented in the delivery of surveying services

The RICS Regulatory Board will be considering these proposed changes to support its strategy relating to regulation of firms during 2018. In advance of Board consideration of these proposed changes we are undertaking an open consultation to help inform the Regulatory Board's policy decisions.

Timing of introduction of changes agreed

If adopted, we envisage that these proposals would apply to newly registering firms during the first half of 2019. A reasonable transitional timetable will be applied to firms already registered for regulation by RICS. Our thoughts on the length transitional of transitional arrangements are included next to the specific proposals.

Consultation period

The consultation runs from 26 Feb to 20 April 2018. There are several ways in which you can respond please Log in to RICS iConsult to see the full details. If you have not registered with iConsult already, you will need to complete the user-friendly registration process, but should you need further support with registration please contact Ellie Scott (+44 (0)20 7695 1540 escott@rics.org) or Katherine Andrews (+44 (0)20 7695 3723  kandrews@rics.org)

Confidentiality

Unless you state otherwise, we may decide to publish all or part of your response to this consultation, including your name, professional qualification(s) and any organisation you represent or belong to. Please indicate clearly if your response is confidential.

What happens next?

Following closure of this consultation, RICS Regulatory Board will consider the matters under consultation with reference to the consultation responses received. Following this we will publish a summary of the responses received, together with an explanation of how the responses have informed the Board's final decision on changes.

Contact Details

UK+ I, EMEA Jonathan Gorvin, Head of Regulatory Policy and Development, jgorvin@rics.org

Asia Pacific Ilana Rosenzweig, Head of Regulation. APAC, irosenzweig@rics.org

Americas Michael Zuriff, Head of Regulation, Americas, mzuriff@rics.org