RICS is one of a number of professions that operate under a self-regulation model.  In other words Chartered Surveyors are not regulated by government but are monitored and inspected by their professional body RICS.  Why not? you may ask. 

Well in the case of RICS members – Chartered Surveyors – our self-established standards of regulation already meet, and in some cases surpass, the UK Government’s own better regulation principles. 

Consumer protection and the development of the profession for the public advantage are very much at our core and are the reason we have retained our Royal Charter status for over 137 years.

We are very proud of this position and recognize the responsibility placed upon us.  That is why we are consistently working to ensure we set the standards for professional regulation not just in the UK but around the world.

Introducing legislation to regulate a sector of industry which is already applying modern practices, regulating at arms-length and operating in a business-like manner would be costly, time-consuming and unnecessary. 

Legislation should only be applied if a self-regulation system is not working - if it is not transparent, proportional, accountable, consistent and targeted.

These are the five principles of better regulation determined by the Better Regulation Commission, a division of the UK Cabinet Office, on which RICS has based it’s own regulatory model.

Effective and efficient regulation of the sector is vital to the profession’s success.  Whilst the UK Government regularly reviews the approval it bestows on professional self-regulators, we aim to continuously demonstrate that we maintain a regulatory regime that is leading at the front and fit for purpose.

"We commend RICS for its leadership on better regulation and for voluntarily taking this important step to implement an exciting new principles and risk based regime, based on building a relationship of accountability and trust with its members. This is a good initiative that I hope will provide a model that other statutory and independent regulators can study and learn from." - Rick Haythornthwaite, Chairman of the Better Regulation Commission

Ensuring better regulation
A potted history of RICS regulation
About RICS Regulation
Regulated by RICS