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Regulatory Compliance Orders/Consent Order

Regulatory Compliance Orders/Consent Order

From 1 October 2019 our Disciplinary registration and appeal panel rules changed.

We will no longer be entering into Consent Orders on any concerns or information received from this date. Instead we will be imposing Regulatory Compliance Orders. A Regulatory Compliance Order is an agreement between RICS and a Regulated Member that they are liable for disciplinary action (a Regulated Member is and RICS professional or regulated firm). The Regulated Member:

  • admits that they have fallen short of the standards expected
  • agrees to an appropriate sanction
  • in some cases, take steps to meet the standards expected and/or to prevent it happening again

A Regulatory Compliance Order shall consist of one or more of the following:

  1. Caution
  2. Reprimand
  3. A requirement that the Regulated Member gives one or more undertakings as to future conduct
  4. A requirement that the Regulated Member takes or stops taking certain actions within a specified period of time
  5. Conditions on the Regulated member's continued membership of RICS
  6. Conditions on a Regulated Members registration for regulation
  7. A requirement that the Regulated Member pays a fine of up to £2000 per breach

The new rules allow RICS to agree to impose cautions and reprimands which was previously not available through Consent Orders.

Cost of a Regulatory Compliance Order

A Regulated Member will usually be charged for the costs of a Regulatory Compliance Order. This will often include but is not limited to the costs of the investigation as well as any follow up regulatory visits required.

Full details of costs are set out in Supplement 2 to the Sanctions Policy – Fines, Costs and Administration Fees

Publication

The name of the Regulated Member as well of the subject matter will be published on our website for 12 months.

There are some circumstances in which we will not publish a Regulatory Compliance Order. These are set out along with the full publication policy in Supplement 3 to the Sanctions Policy – Publication of Regulatory/Disciplinary matters.

This is a change to Consent Order as the name and the subject matter were not usually published.

What happens if the Regulated Members does not agree to the Regulated Compliance Order?

In most cases, the Regulated Member will be referred directly to a Single Member of the Conduct and Appeal Committee to decide the outcome and some cases may be referred to Disciplinary Panel.

What happens if the Regulated Member does not comply the Regulatory Compliance Order?

In most cases, an investigation will be undertaken to consider the Regulated Member's failure. If the failure is serious and it is in the public interest, the case will be referred for a disciplinary outcome. This is likely to be made by a single member of the Conduct and Appeal Committee or the Disciplinary Panel.

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Consent orders

A Consent Order may include terms to:

  • take a certain action
  • desist from taking a certain action
  • define the timeframe over which the order is in effect
  • pay a fine (up to £2,000 per breach or equivalent currency value)
  • pay RICS' costs

Consent Orders Issued 2018/19

In accordance with the Regulatory Board's sanctions policy, we publish a list setting out the number and types of Consent Orders issued during the previous quarter. The summary provides a general overview to demonstrate how we are enforcing the standards expected of members and RICS-regulated Firms, and at the same time seeking to protect the public and maintain confidence in the profession.

Please see below the number of cases for the 2018/19 period that resulted in a Consent Order and the number per quarter; which will remain on the website for 12 months. We may enter into multiple Consent Orders for each case.

 

Q1

Q2

Q3

YTD

Number of cases

8

5

7

22

Consent Order

17

5

7

31

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