RICS Annual Review 2024: Strengthening trust in the profession
RICS is the only global professional body with a Royal Charter that has responsibility for regulating its members in the public interest. Our work supports RICS members as regulated professionals, fostering trust with clients and consumers.
Entry to the profession
Entry and assessment standards and processes for all grades of RICS membership are critical to ensuring confidence in the profession. They provide the gateway to membership, ensuring individuals have the right knowledge, skills, experience and behaviours at the point of entry.
2024 was a landmark year for RICS, as we shared plans for a significant overhaul of our assessment process, while keeping enrolments on track.
Entry to the profession in numbers
- Global enrolments were on track at 7,644, up 2% since 2023.
- 27% identified as women and 73% men.
- 5,192 chartered surveyor assessments took place, 13% more than 2023.
- The average pass rate for all assessments and all pathways was 64%.
- There were 613 Associate assessments. 73% of these were in the UK,an increase of 6% on 2023. The average global pass rate was 67%.
- Assessor training sessions added 1,071 assessors during this period. There are now 4,117 active assessors.
- 48 accreditation meetings were completed, reviewing 166 programmes.
- Pass rate for individuals identifying as women was 65%, compared to 57% for men. 3% of assessed candidates chose not to provide this data.
- In the UK, the pass rate for women was 68% compared to 62% for men, and 3% of candidates did not provide this data.
- In the UK, enrolments were 3% above plan at 4,832, though slightly behind 2023, with 85% continuing to come from candidates enrolling in APC graduate routes.
- New trainees and candidates in the AEMEA regions was 16% higher than plan, driven by increases from the UAE and the Kingdom of Saudi Arabia, making 2024 the highest enrolments year since 2017.
- Enrolments were 26% below expectations in APAC, continuing a year-on-year decline since 2019, primarily due to lower applicant numbers in China.
Creating a fairer, clearer, and more inclusive entry and assessment process
In summer 2024 we released our Entry and assessment review final report – our proposal for an assessment process that is fairer, clearer and more inclusive while maintaining the rigour and high standards expected of the Institution. The report was based on feedback gathered during an extensive consultation in 2022, including more than 900 survey responses and 130 roundtables with over 1,000 participants.
Our report proposed significant changes for future members and associates who join RICS. It was downloaded more than 12,500 times as members and stakeholders sought to learn how we plan to futureproof our assessment process. We asked for feedback and received almost 400 responses to our consultation.
Following the conclusion of the consultation, and consideration by the Qualification and Assessments Committee (QAC) and the Standards and Regulation Board (SRB), the new model will be developed and implemented in the coming years by a new, member-led group.
Professional practice and thought leadership
Professional practice in numbers
- 6 new or updated standards
- Customer satisfaction score of 8.4 for training, events and professional development products
- Member satisfaction in RICS’ leadership in sustainability rose from 57% to 70%
- 6% rise in satisfaction that RICS influenced issues affecting society
- 27 adoptions of Whole life carbon assessment in the built environment standard
An update from Simon Rawlinson, chair of the Knowledge and Practice Committee (KPC)
2024 was a strong year of delivery and progress as the KPC worked closely with the RICS’ executive team to achieve some important milestones. Adoption of RICS’ Whole life carbon assessment in the built environment standard rose significantly, member satisfaction increased in multiple areas, we exceeded our target of 250 citations by 20, and – crucially – launched 6 new and updated standards.
These standards included three that have been highly anticipated by the industry: Residential retrofit, Surveyors acting in respect of compulsory purchase and RICS Valuation – Global Standards. Our commitment to understanding and reacting to the needs of members, the industry and the wider public is paramount. This came to the fore with our leadership in response to the Grenfell Inquiry Phase Two Report and our ongoing guidance in building safety.
Our trusted economic data continues to be used by European Central banks, and our influence in sustainability has also grown significantly. RICS was appointed to the UN’s Building Breakthrough Steering Committee for Priority Action 1, which focuses on standards and certifications, and we advocated for sustainable practices at the UN Global Buildings and Climate Forum, New York Climate Week and COP29. For members, the successful launch of the Whole Life Carbon webclass and assessment products has supported transition to the standard.
Meanwhile, members asked for the return of Modus and Journals in print form and we delivered this in the UK with a new opt-in magazine, Modus by RICS, which was well received. We also continued to grow other member services including Modus, Journals, our library and podcasts – all to support members in delivering their professional practice to the highest standard.
Whole life carbon assessment standard for the built environment standard
In 2024, our flagship sustainability standard was adopted by a number of high profile organisations, including:
- The UN – Buildings Breakthrough Priority B1 – Standards and Certification
- DEFRA specified the use of the standards in the UK government’s timber in construction roadmap
- The Welsh government committed to adopting the standard to meet Welsh Development Quality Requirements 2021 and has updated their guidance to direct social landlords to use the standard to meet carbon calculation requirements
- Queen’s University Belfast has specified the standard to be used in all new and refurbishment projects over £1m.
Updating the Red Book to reflect a changing profession
The year began with the publication of new International Valuation Standards (IVS) that reflect a changing profession. Changes included an emphasis on ESG factors, data utilisation, and valuation modelling. These new standards would become effective in January 2025, and so to keep pace, we committed to updating the Red Book - globally recognised as one of the most rigorous sets of standards for valuation and a key reference for global users and stakeholder.
We consulted with more than more than 200 stakeholders globally, including members, firms, government representatives, and industry bodies about our proposed changes to the Red Book.
The new edition focuses on practical implementation by incorporating the new IVS, best practice guidance, and updates on financial reporting. It includes updated content on modelling, methods, risk, and valuer/auditor relationships. For the first time, the Red Book also now includes mandatory requirements for the consideration of ESG at every stage of the valuation process.
Our updates we completed during 2024, ready to take effect in line with the latest IVS. Using this latest edition of the Red Book positions RICS members and regulated firms as the leading global providers of IVS-compliant valuations, fostering sustainable and responsible practices within the built and natural environment.
RICS’ response to the Grenfell Tower Inquiry
In September, the Grenfell Tower Inquiry released its Phase 2 Report.
Prior to the report’s release, RICS communicated with members. We would play our part in ensuring that recommendations would be put into practice, and we would support our members to do the same. We invited our members two live webinars immediately following the report’s publication. The first was an opportunity to ask initial questions of the Fire Safety working group. In the second, the working group would draw out areas of the 1700-page report of most pertinence to members and provide a summary of its recommendations.
When the report was released of the Grenfell Tower Inquiry Phase 2 report on 4 September RICS issued a formal statement which is available on our Fire Safety Hub.
In addition, in October RICS was invited to update the UN on fire safety internationally as chair of the International Fire Safety Standards (IFSS) Coalition.
RICS remains committed to closely monitoring developments stemming from the Inquiry, and to collaboration with members and the industry. We will ensure understanding of the recommendations to facilitate their effective implementation. We are continuing to strengthen expertise and understanding of building and fire safety issues through continuous learning and skills improvements, alongside improving standards.
Other highlights from 2024
RICS participation at the International Federation of Surveyors (FIG) Accra
RICS delivered 11 papers, chaired four sessions, two workshops and participated in many joint sessions at the conference. With nearly 1000 delegates, RICS was proud to be at the heart of the action with the delegation of RICS members including James Kavanagh, Nigel Sellars, Gordon Johnston, David Hunt, Grazyna Wiejak-Roy and Duncan Moss.
DEFRA/Industry Farm Tenancy Forum (2024) - Code of Practice for England
RICS was engaged with the production of this voluntary Code of Practice via our representation on the Code drafting Expert Working Group alongside industry bodies. RICS are also represented on the Farm Tenancy Forum. RICS are delighted to endorse this Code as it provides RICS members and firms with a route to follow for good behaviour in this area of practice. RICS encourages members and firms to adopt this voluntary Code and embrace the good behaviours outlined within it.
Launch of UK Net Zero Carbon Buildings Standard
This launch is the result of a collaborative effort between RICS and a coalition of leading UK professional institutions, industry bodies and key leaders in the field, who all recognised the need for consistent guidelines to both mitigate unfounded net zero carbon claims and accelerate the design, construction and operation of buildings that deliver lower carbon outcomes. The standard references RICS Whole Life Carbon Assessment throughout.
Dispute Resolution Service (DRS)
The RICS Dispute Resolution Service (DRS) continued to provide impartial, professional solutions for resolving disputes in the built environment in 2024. We maintained our status as the leading Adjudication Nominating Body (ANB) and focused on improving service and user experience to keep up our good reputation.
DRS in numbers
- DRS held around 60% of the market share
- The Appointment Team processed more than 461 individual applications for appointments
- Our Education Team trained more than 475 delegates internationally
Education and training
The DRS Education Team ensures top-quality and up-to-date training programmes, maintaining high standards for dispute resolvers and expert witnesses.
In February 2024, RICS issued a global Practice Alert, reminding expert witnesses of their legal, professional and regulatory obligations, prompting DRS to invite nearly 100 RICS Accredited Expert Witnesses for reassessment interviews to uphold high standards. Additionally, DRS reassessed over 80 construction adjudicators and arbitrators on the President’s Panel in the UK.
New Party Representative training was launched with 34 delegates, which relied on RICS professional standards.
The Women in Construction Scholarship continues to be a key initiative in RICS’ commitment to diversity and inclusion in the sector. In 2024, a distinguished panel of judges reviewed over 30 applications, narrowing them down to five finalists who submitted essays on topics related to the
Discussing the Arbitration Bill in the House of Lords
In February, John Fletcher, executive director of DRS, gave evidence to the House of Lords Committee on the Arbitration Bill. John was invited by the UK Law Commission to discuss an amendment to the bill, which would tightly interpret foreign parties’ contracts to make the law of their arbitration the Law of England, even where they may have expected it to be that of their own country.
The amendment presented a challenge for DRS, particularly in relation to a panel of eminent construction arbitrators in India that we have created, which includes some of our most senior Fellow members, former judges of the Indian High and Supreme Courts, and DRS’ leading UK construction arbitrators. DRS also has a memorandum of understanding (MoU) with the Indian government’s India International Arbitration Centre. This work has catapulted RICS centre stage in the fast-growing Indian arbitration sector, but was threatened by the amendment which could deter parties abroad from using London as the seat of their arbitration.
The oral evidence provided before the House of Lords Special Public Bill Committee by our executive director further strengthened DRS’s influence in shaping ADR policy. Our work in this field is crucial to the success of RICS’ strategic goal to strengthen trust in the profession and uphold professionalism.
Other 2024 highlights for RICS DRS
- We worked to bring our appointment services and existing and bespoke training programmes to the global market, focusing on India, UAE, Saudi Arabia, Canada and China.
- DRS took a leading role in the inaugural Conflict Avoidance Conference at the Houses of Parliament in October 2024. The sold-out event, organised by the Conflict Avoidance Coalition, highlighted the importance of collaboration in the construction industry and saw growing adoption of the Conflict Avoidance Pledge.
- We contributed to the UK government’s consultation on the Landlord and Tenant Act 1954.
- The Dispute Resolution Appointments Board (DRAB) was revitalised in 2024 with the appointment of new members, including Amanda Clack, former RICS President, as DRAB Chair.
Regulation and assurance operations
Overseen by and reporting to the SRB, Regulation continued to work to maintain public trust and confidence in the profession throughout 2024.
2024 Regulation operations in numbers
We monitored:
- 10,066 Regulated Firms
- 142,117 Individual professionals and trainees
- 15,902 Valuer Registration Scheme members
- 1,726 Client Money Protection Scheme firms (UK only)
- 540 Designated Professional Body Scheme firms (UK only)
- We assessed 5,223 concerns, of which 2,091 related to RICS members or regulated firms from members of the public, RICS members or their clients
- 644 cases opened
- 659 cases closed
- 479 member support or regulatory review visits conducted
- 3,691 regulated members and firms reached, and reviews undertaken against £787,410,753.03 client money
- 53 regulatory compliance workshops and webinars held
- 97% of RICS members complied with their CPD obligations
