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16 DEC 2018

End-of-year regulatory health check

Ilana Rosenzweig

Ilana Rosenzweig

Head of Regulation, Asia Pacific

Singapore, Singapore

RICS

As we approach the final weeks of 2018, stay up to date with your professional obligations.

Firstly, we have listened to your feedback and are looking to strengthen the use of the RICS logo and Firm Regulation.

Safeguarding a mark of professionalism

Use of the RICS logo

RICS-qualified professionals, including Fellows (FRICS), Professional Members (MRICS) and Associate Members (AssocRICS), and regulated firms are entitled to use the RICS logo. All RICS-qualified professionals and regulated firms must read our guidelines prior to using the RICS logo and ensure it is being used correctly.

Updates include:

  • re-positioning the existing "policy and guidance" document into "rules" to provide clarity over top level mandatory requirements regarding logo and regulatory designation and key definitions.
  • restricting the use of the RICS logo to regulated firms only.
  • restricting the use of the designation "Chartered Surveyors" by firms to the trading name only.

Rules for the Registration of Firms

Obtaining 'Regulated by RICS' status gives clients confidence and security that your firm practises to globally recognised ethical and professional standards. This status is carefully regulated, and, in a complex and rapidly changing marketplace, we look to continually update and refine the rules for the registration of firms.

Updates include:

  • changing the registration eligibility criteria to require firms to have at least 25% RICS qualified principals (current criteria is one RICS-qualified principal).
  • introducing a requirement for regulated firms to designate a 'Responsible Principal' who will provide oversight, accountability and engagement with RICS standards and regulation.

RICS is now seeking feedback on the drafting of new Rules for the Registration of Firms & Use of Our Logo and Designation by Firms. Feedback submissions close on 25 January 2019.

Act now: Annual Return

Submitting an Annual Return is an annual requirement for RICS professionals who are in the Valuer Registration (VR) scheme and Firms who are regulated in Firm Regulation (FR). The Annual Return submission is due the 31 January 2019.

While we will email to remind you that this must be done, here is a list of some of the information you will be asked about and that you can prepare in advance. You will be asked to provide:

  1. The number of individual valuations you have performed in the last 12 calendar months, prior to 12 months, between 12–24 calendar months ago, and prior to 12 months, between 24–36 calendar months ago.
  2. The best estimate amount for the highest value valuation you carried out in the last 12 months.
  3. The estimate amount of the firm’s total fee income from valuation services in the last 12 months.
  4. Details of your Professional Indemnity Insurance (PII): coverage limit, basis cover is held (“aggregate” or “each and every”), retroactivity of policy, and which insurer your firm/organisation’s policy is underwritten by.
  5. The availability of complaint handling procedures in your firm/organisation.
  6. The approved alternative dispute resolution (ADR) provider engaged by your firm/organisation under its complaint handling procedure.

Act now: CPD

All RICS professionals must undertake and record online a minimum of 20 hours of continuing professional development (CPD) activity each calendar year. CPD activities must be completed by 31 December, and then recorded online by 31 January.

A diverse range of activities qualify as CPD. Because the system is based on personal assessment, deciding which activities are relevant is up to the individual member. There are several useful resources and articles online to help you understand, gain and record your CPD.

Ilana Rosenzweig

Ilana Rosenzweig

Head of Regulation, Asia Pacific

Singapore, Singapore

RICS

Ilana is an experienced attorney with expertise in professional assurance, compliance, complex investigations, remediation of systemic deficiencies, risk management, litigation, and crisis management.

In the past, she conducted and oversaw internal investigations for two of the largest law enforcement agencies in the United States — the Chicago Police Department and the Los Angeles County Sheriff's Department. She also launched and led Chicago Independent Police Review Authority, a one-of-a-kind civilian-staffed department with broad powers to investigate and impose discipline on police officers; investigate officer-involved shootings; and conduct criminal investigations of police officers to refer for state and federal prosecution.

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