Standards and Regulation Board
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The Standards and Regulation Board delivers independent professional regulation within the RICS, acting in the public interest to uphold standards. It strengthens trust and confidence in the profession through;
- Rigorously applying the principles of Better Regulation (see Better Regulation Framework - GOV.UK (www.gov.uk)) and maintaining regulatory autonomy
- Setting and upholding the standards of entry and assessment to the profession
- Responsible for professional standards, including approving technical standards, setting conduct standards (including the RICS Rules of Conduct), and developing regulatory policy
- Developing, setting, and upholding the professional standards of RICS’ Dispute Resolution Service which is responsible for the appointment of President’s Panel dispute resolvers, education and accreditation of alternative dispute resolution (ADR) qualifications and the administration of disputes, as well as promoting alternative mechanisms of dispute resolution
- Using targeted, proactive regulatory compliance, enforcement, and assurance activities, to regulate RICS Members and Firms
- Working with the profession, the public, external stakeholders, and global agencies to share intelligence and lead regulatory best practice
- Providing assurance to Governing Council that the Regulatory Tribunal and its processes are operating effectively for consideration of cases involving serious allegations of failing to adhere to the Rules of Conduct and incompetence against RICS Members and Firms
The independently led SRB provides assurance to the profession, public and stakeholders that RICS members and regulated firms meet professional standards, including those set out in RICS’ Rules of Conduct. The SRB leads the development of a consistent global regulatory strategy and oversees operational delivery across all world regions where Members operate.
The SRB is also responsible for overseeing the work of the Regulatory Tribunal, the independent tribunal responsible for hearing those small number of cases involving serious allegations of misconduct and incompetence against RICS members.
SRB’s full remit, role and independence is set out in the RICS Regulations and RICS Regulatory Framework document, which can be found here.
Independent regulation
The SRB and SRB Executive work closely with the membership body within RICS but ensures its independence through leadership, staff reporting lines and decision making, ensuring effective implementation of the RICS Regulatory Framework.
The Chair and the majority of the SRB members are not members of RICS. They are independent leaders with experience of regulation, company governance and legal structures globally. Although the Chair of SRB provides regular reports to Governing Council and the RICS Board, the SRB is not instructed by Governing Council.
The staff who work within the regulatory functions of RICS relating to standards of entry, setting professional standards, dispute resolution standards, and regulatory compliance, assurance and enforcement report to a Senior Executive Officer who reports directly to the Chair of SRB.
These structures ensure that decisions made on our standards, admission to the profession, regulatory policy and regulatory and disciplinary action cannot be improperly influenced or pressured. Only those reporting to the SRB can make these decisions, and Governing Council and RICS understands and accepts the importance of this separation. In the case of the most sensitive decisions to take serious disciplinary action against a member of RICS, this decision is made by the Regulatory Tribunal under the independent leadership of a senior lawyer and through public hearings.
RICS Governance Structure
RICS Governance Structure as of 2023, currently being updated.
Interim SRB
Following the resignation of the former SRB in late June 2023, RICS promptly undertook an exercise to appoint an Interim board, which has been in place since 24 July 2023. The Interim SRB has been chaired by Nigel Clarke, who is an independent member with a wealth of experience and prior involvement with regulation in the UK.
Whilst the Standards and Regulation Board remains an Interim board, following a competitive appointment exercise using external recruitment specialists Nigel Clarke was permanently appointed as Chair of SRB as of 4 December 2023. The recruitment of the permanent Board is currently ongoing with the intention to hold the Induction of the new Board in May 2024.
SRB Sub-Committees and Expert Working Groups
The Interim SRB is supported by a number of SRB Sub-Committees and Working Groups, which are either permanent committees, or shorter term ‘task and finish’ groups arranged to address particular projects and areas of work falling within the SRB remit. To find out more, please see here.
Recruitment to SRB and SRB Sub-Committees and Working Groups
SRB are keen to attract excellent candidates to join their Sub-Committees and Expert Working Groups, as well as the Regulatory Tribunal and Assigned Risk Pool Panel. For future and current opportunities please see Standards and Regulation Board Vacancies (rics.org).
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The regulatory functions of RICS are led and overseen by the Standards and Regulation Board (SRB).