Overseen by and reporting to the SRB, Regulation continues to work to maintain public trust and confidence in the profession. This is achieved by adhering to its strategic direction of professionalism in the public interest and fulfilment of our Royal Charter.
We support the profession, underpin client and wider public confidence, and uphold professional standards through regulatory activities and assurance programme.
This includes:
supporting members with annual continuing professional development (CPD) compliance
supporting regulated firms with registration and renewals
supporting valuer registration scheme members with registration and renewals
supporting client money protection schemes and designated professional body scheme firms
member support visits and regulatory review visits of scheme members
analysing regulatory risks and data, creating a regulatory risk outlook
compliance workshops and webinars
professional indemnity insurance (PII) support and assigned risk pool applications
receipt of concerns about members
investigation of concerns and
referral and prosecuting of disciplinary cases before the disciplinary panels of the Regulatory Tribunal.
Worldwide, we monitor:
10,102 RICS-regulated firms
136,898 individual professionals and trainees
16,324 Registered Valuers
We received:
1,719 concerns about RICS members or firms from members of the public, other members or clients
420 investigations were opened and 358 investigation cases were closed
We conducted:
214 member support and regulatory review visits, and 45 workshops and webinars
reaching
122 regulated firms and 357 valuer registration scheme members
while
1,778 members attended regulation workshops and webinars
and
97.87% of RICS members complied with their CPD obligations
The independent Regulatory Tribunal, chaired by Sir Michael Burton GBE, held 56 hearings and issued 59 sanctions. Disciplinary panels are three-person panels selected from the Regulatory Tribunal, which is made up of RICS professionals and independent members. In more straightforward cases, single members of the Regulatory Tribunal are able to consider and determine disciplinary matters, introducing a more efficient and less costly regulatory process for individual professionals and firms.
Review of RICS professional indemnity insurance (PII) requirements in the UK:
In June 2022, following a call for views and a summary of the progress made in RICS’ review of its requirements, industry feedback was requested for a series of proposals and recommendations. For more information, read the conclusions and proposed next steps.
