31 Mar 2017
As of 31 March 2017, firms wishing to be regulated by us will need to ensure that at least one of their principals is a qualified professional (MRICS, FRICS and AssocRICS). The current requirement allows for firms to be regulated if the principal is any class of member.
Our independent Regulatory Board is making this change to ensure that only suitably qualified individuals can act as principals. This will give the profession, our clients and the wider public, greater confidence in regulated firms’ ability to adhere to our globally recognised standards.
We will reach out to those “Regulated by RICS” firms who no longer meet the new requirements. These firms will have the opportunity to make the necessary adjustments if they wish to maintain their “Regulated by RICS” status. Firms not meeting the new eligibility threshold on 1 January 2018 will lose their regulated status.
For the new version of these rules, please consult the documents below.
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