Regulation UK

There are roughly 10 000 firms in the UK who are regulated by RICS. Firms that offer surveying services to third parties and where 50% or more of the principals are RICS members must register for regulation. Firms who offer surveying services to the third parties and have less than 50%, but at least one, of their principals as RICS members can opt to be regulated.

Regulated firms can benefit from

A proportionate and flexible approach that allows firms to comply with the rules in a way that suits their business size, the sphere in which they operate and the needs and demands of their clients
The opportunity to nominate a single point of contact in the firm and to provide compliance information to RICS through a single annual return
For firms holding clients' money, a lower cost compliance regime that provides help and guidance from RICS' own accountancy team (roughly 2 500 regulated firms hold clients' money)
For eligbile firms, the use of 'Regulated by RICS' on letterhead and business stationery to profit from the reputational benefits of a cutting edge professional regulatory regime, valued by clients, recognised by government and other regulators

There are schemes to which UK firms can belong, such as the Designated Professional Body (DPB) scheme, for those firms carrying out general insurance mediation work. Some letting agents may also
be legally required to join a government approved tenancy deposit scheme.