Skip to content
Search

Consultation: Rules for the Registration of Firms and RICS Logo-use and Designation Rules

Rules for the Registration of Firms & Use of Our Logo and Designation by Firms

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

In February 2018, RICS consulted on proposed changes to the way firms are regulated. We felt that it was the right time to further strengthen the architecture of our regulatory relationship with the profession.

The consultation proposed three substantive changes to our regulatory policy.

The changes were in relation to:

  • the minimum eligibility thresholds in respect of qualified RICS principals in a registered firm;
  • the introduction of the role of "Responsible Principal" to support a strong compliance culture within regulated firms; and
  • extending the mandatory firm regulation model to other markets on a country by country basis.

After considering the feedback received from the consultation the Regulatory Board has approved changes to the firm regulation model which will be introduced in April 2019.

The major changes include:

RICS logo-use and designation rule

  • 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; and
  • restricting the use of the designation “Chartered Surveyors” by firms to the trading name only.

Rules for the Registration of Firms

  • changing the registration eligibility criteria to require firms to have at least 25% RICS qualified principals (current criteria is 1 RICS qualified principal); and
  • introducing a requirement for registering and registered firms to designate a ‘Responsible Principal’ who will provide oversight and accountability for ensuring the firm meets its responsibilities as a regulated firm.

The proposals have been included in new drafts of the ‘Rules for the registration of Firms’ and the ‘RICS Logo-use and Designation Rules’. RICS is seeking feedback on the drafting of the rules, and wording that may cause issues for members and firms. We are not seeking feedback on the policy intent of the changes as this has been approved by the Regulatory Board.

We ask that all feedback is provided by email form to jayling@rics.org.

Submissions close 17:00 (UK time) on Friday 25 January 2019