RICS Regulation is responsible for ensuring that RICS members and firms meet the requirements of RICS' Rules of Conduct. These define the professional, ethical and business standards which are expected of RICS members and firms.
Independent regulation
RICS Regulation is administered by a Regulatory Board which is chaired by a non member of RICS to demonstrate that RICS' regulation of its members is independent and at arm's length from the interests of RICS members.
Policing of standards
RICS Regulation monitors, trains and assists members and firms to comply with rules, regulations and ethical standards; it reviews and investigates complaints received about members and takes disciplinary action in cases where members or firms fall seriously short of the standards expected of them.
Regulated by RICS
RICS member firms that come under our regulatory regime are easy to spot, as they use the words 'Regulated by RICS' on their letterhead and other communication materials. A firm that is regulated by RICS has:
- A commitment to professional and technical standards and staff training
- Professional indemnity insurance cover
- A complaints handling procedure to answer client complaints
- Access to independent resolution of complaints where the firm cannot resolve the matter
- Rules to ensure that any money held on behalf of clients is held safely and securely - this includes, rent, deposits, service charges and insurance premium money
