RICS becomes one of only 10 UK government-recognised Designated Professional Bodies (DPB) today (10 February 2006), following a long campaign to win the right to minimise costs and red tape.
RICS is now directly authorised by HM Treasury to licence and regulate the thousands of surveyors who provide insurance for their customers, offering a potential direct initial cost saving of up to £1 300.
The completion of the formal parliamentary approval process marks the end of two years’ of lobbying by RICS to remedy the bureaucratic nightmare which hit companies following the expansion of Financial Services Authority (FSA) powers in 2004.
By achieving DPB status RICS can provide an alternative option to FSA regulation with significant potential savings available for firms large and small.
Sean Tompkins, Chief operating Officer said:
“This is an important achievement. It is good for our industry, our members and their clients. The intervention by the FSA in this market was unnecessary and has resulted in more costs, more form filling, and more resources spent on compliance.
“By awarding RICS DPB status, the Government has recognised that RICS’ existing professional requirements are robust and can be relied upon to regulate the sector.
"As a consequence we can offer significant potential savings for members whilst safeguarding public interests and standards.
“RICS becomes a statutory regulator today having gained the Government’s stamp of approval. We are joining the premier league of professional bodies.”
Martyn McCarthy, Chairman of the RICS DPB Regulated Activities Committee commented:
“With over 165 companies already pre-registered for our scheme members have already recognised the benefits DPB status can offer.
"The RICS DPB scheme is simpler, involves less paperwork and costs significantly less than being regulated by the FSA. If a firm is currently authorised by the FSA and wishes to transfer to the RICS scheme, we will waive the joining fee during the transitional period.”
Futher information: www.rics.org/dpb.
