Take-up of the RICS’ Designated Professional Body (DPB) Scheme as an alternative to Financial Services Authority (FSA) regulation has been a resounding success.

Since going live on 10 February this year almost 500 RICS member firms undertaking general insurance mediation activities, which are incidental to or complementary to the professional services they offer as chartered surveyors, have applied to be licensed.

The popularity of the scheme reflects a tailored, proportionate and cost effective option for chartered surveyors when compared with the FSA’s own regime for full time intermediaries. Stratton & Holborow’s Charles Dixon (FRICS) believes the DPB scheme provides a valuable lifeline for smaller firms like his.

'The scheme has provided a lifeline to RICS member firms, in particular, small firms like mine. The cost of joining the scheme is much lower then the FSA, however, the real bonus is that there is much less paperwork involved than FSA regulation.

'You only have to look at the DPB application form to understand that, all in all, the DPB scheme provides a real service to members'.

Martyn McCarthy, chairman of the RICS DPB Regulated Activities Committee commented:

'Obtaining DPB status was a significant achievement for the RICS and is good news. DPB licensed firms can be confident in the knowledge that they are appropriately regulated for undertaking general insurance mediation activities.

'It also provides clients with the reassurance that a RICS DPB licensed firm will be fully equipped to undertake general insurance mediation work and will do so in an open and professional manner'.