"We very much viewed this as an opportunity to show other professions how to put the government’s better regulation principles at the centre of regulatory reform. 

"By applying them to RICS we sought to develop a regulatory framework that protects consumers, is cost effective, less bureaucratic and more applicable to today’s market." Teresa Graham, Chairman of the RICS Regulatory Board

When RICS started its review of its regulatory system in 2004, it had a rule book of 60 pages, even though the broad principles of what chartered surveying is about can be captured in five. 

There were very prescriptive, detailed rules, regulations and guidance notes, but some members were still falling foul of them despite their own best efforts. 

The whole issue of enforcement was viewed as a burden because of negative experiences, when the real aim of any such system should be to help members to comply. 

And it was this situation that kick started a wide-ranging review resulting in proposals for a completely new regulatory framework for the Institution by Sir Bryan Carsberg. 

Following RICS Governing Council’s acceptance of the recommendations in April 2005, the organisation set to work to prepare a practical model that could deal with commercial realities whilst maintaining the already high standards of consumer protection.

Teresa Graham, Deputy Chairman of the then UK Better Regulation Commission, was asked to chair a transitional regulatory board (TRB) with responsibility for consulting and engaging with members, other regulators, government and consumer groups to create a modern structure for today’s business environment. 

The changes made by RICS were shadowed closely by a number of very significant players in the field of regulation, including the UK government Cabinet Office and a range of fellow independent regulators.

Many of these took part in a public debate on RICS’ proposals in early March 2006 as part of the official consultation process.

RICS is currently viewed in the UK as being very much at the forefront of better regulation and Teresa Graham is keen that it stays there.

"If we slacken our pace we will end up as a follower," she says, "and I don’t think anyone at RICS would want to play second fiddle – I certainly don’t."

The TRB prepared a detailed package of measures for consideration by Governing Council in July 2006.

Following their approval, an EGM was held in October where all qualified members had the opportunity to vote.

An overwhelming 97% voted yes for the new regime.

"This was a momentous decision putting our proposals on the starting blocks," says RICS Chief Executive Louis Armstrong.
"Our finish line is the system we now operate today which is firm, fair and effective but which understands the realities of commercial life.

"For consumers it means confidence in the RICS mark; clarity as to who and what is ‘regulated by RICS’; and an understandable system for seeking redress.

"For members it means a new, simple set of rules that are easily understood and relevant wherever members operate."

A potted history of RICS Regulation
About RICS Regulation
Regulated by RICS