What is the role of RICS?
- Advancing the highest ethical and technical standards for professionals in land, property and the built
environment. - Protecting and providing benefits to consumers by enforcing standards and codes of best practice.
- Providing expert impartial advice to governments, businesses and the public.
- Equipping RICS members with leading edge advice, market insight and professional training.
- Promoting RICS status and standards in key worldwide markets as the mark of property professionalism.
What is the Royal Charter?
- Awarded in 1881 by Queen Victoria
- The Royal Charter requires RICS to promote the usefulness of the profession for the advantage of the UK public and in other parts of the world
Where are RICS’ international headquarters located?
12 Great George Street, Parliament Square, London
What is the motto of RICS
‘Est modus in rebus’ - there is measure in all things
Can you tell me what Lionheart is?
- Lionheart is an independent charity run by RICS professionals, for RICS professionals
- Benevolent fund establish over 100 years ago
- The services include a range from financial support, health and wellbeing packages, free professional counselling, work-related support and legal advice and help if a member or loved one become seriously ill
Why do you want to be a Chartered Surveyor (MRICS)?
- RICS is the largest international property institution in the world. By joining I will get global recognition and will become part of an international professional community.
- I will get elite professional status, guidance, information and support.
- I will be part of promoting best practice in the profession.
What is RICS Martix?
RICS Matrics supports new members entering the profession, as well as working with RICS to shape the future of surveying and grow the size and respect of the profession across industries globally.
What is the role of the Standards and Regulation Board?
- The Standards and Regulation Board has exclusive responsibility for exercising RICS’ regulatory functions, including strategy, governance, structure, policy and operational oversight in the public interest.
- SRBs aims are to operate in the public interest, and develop the technical and ethical competence of the profession and its ability to deliver ethical practice to high standards globally.
- It oversees the activities of RICS’ professional standards, entry and admission to the profession, education and qualification standards, regulatory operations, dispute resolution services and the Regulatory Tribunal.
- The Board is independently led and comprises of non-members (independent) and members of RICS, and reports to Governing Council.
Can you give an overview of RICS’ governance structure?
Under the Royal Charter, RICS governing body is the Governing Council, which is responsible for approving RICS strategy and vision, overseeing the effective delivery of the strategy as well as standards and regulation.
Governing Council is also responsible for approving changes to RICS constitution.
Can you explain your understanding of why the Levitt Review was commissioned?
Alison Levitt QC was commissioned to conduct an independent review into historic treasury management matters and subsequent actions at RICS
What were the key objectives of the Levitt Review?
- To consider the way in which the internal report was commissioned, dealt with and to determine whether there were any shortcomings
- To consider whether any shortcomings represented a failure of governance
- To make recommendations for the future
What were the key conclusions of the Levitt Review?
- Sound governance principles were not followed by RICS
- The review found that the Non-Executive Board member’s concerns were legitimate and they they were wrongly dismissed from their roles
- A lack of clarity around the roles and responsibilities of the various RICS Boards, senior leadership and management
What is the Bichard Review and why was it commissioned?
The Bichard Reciee was commissioned by the Governing Council in December 2021, following a recommendation in the Levitt Review that a “wide-ranging examination of the purpose, governance and strategy” should be conducted by an external reviewer, replacing “Defining our Future”
What was Lord Bichard’s remit?
The review aimed to clarify the purpose of RICS, make proposals on its governing structure, and make proposals for the incoming leadership and governing body in the future culture and strategy of the Institution
What are the key recommendations from the Bichard Review?
The report’s recommendations include:
- A renewed and increased focus on the public interest remit RICS, including amending the Royal Charter and creating a public interest panel to advise the Governing Council.
- Maintaining self-regulation, through greater independence for regulatory functions.
- Increased focus on Diversity and Inclusion across the profession and within RICS governance.
- Empowering and enabling members through greater support for regional boards, alongside increased member engagement, with renewed focus on younger members.
- Undertaking an independent review of RICS’ governance and effectiveness at delivering against its Charter for the public advantage once every five years.
- A new simplified, clear, accountable governance structure.
- Showing greater leadership on the issues that matter most to society, such as sustainability and climate change.
What topics are covered by RICS Guidance and Standards?
- Rules of Conduct (2021)
- UK professional indemnity insurance requirements (2022)
- Use of social measure: guidance for RICS members (2021)
- Rules for the registration of firms (2022)
- Conflict of interest (2017)
- Client money handling (2019)
- Asbestos (2021)
Surveying Safely: health and safety principles for property professionals (2018) - Japanese knotweed and residential property (2022)
- Retention (2012)
- NRM 1, 2 and 3
- Employers Agent: design and build (2017)
- Rules for the use of the RICS logo and designation by firms (2022)
- Guidelines for the personal use of the RICS logo and designations by RICS professionals (2022)
- Complaints Handling (2016)
- Tendering Strategies (2014)
- Subcontracting (2021)
- Stakeholder engagement
- Countering bribery and corruption, money laundering and terrorist financing (2019)
- RICS sanctions policy: Guidance to RICS regulatory tribunal rules (2022)
What is the RICS Futures Report?
- In 2015 the futures report was launched and highlighted key trends such as urbanisation, the disruption of big data, and the climate crisis, as presenting key challenges to the
property and construction industries - Since 2015, the RICS have analysed these trends by engaging with the profession to keep its members best informed on how to address these key issues
Findings include -
- Construction industry processes a large amount of data - most of which is wasted
- Rapid urbanisation in china - presenting sustainbility challenges
- Rapid increase in use of drones - presents compliance issues
Can you name the RICS Leadership Team 2024?
Justin Young - CEO
Chris Alder - Senior Executive Officer
Tina Paillet - President
Justin Sullivan - President Elect
Nicolas Maclean - Senior Vice President
What is the RICS Levitt Report?
- Comissioned by RICS followng a Treasury Management Audit in 2018
- Prior to the audit the RICS had to extend it overdraft facility by circa €3M due to inaccurate cashflow forcasting
- The treasury management audit offered a ‘no assurance verdict’ on RICS internal financial control procedures and following this the Levitt report was comissioned as an
independent review - Conculsion of report illuded to an internal power struggle due to its two board structure made up of a Management Board and Executive Board
RICS accepted each of Levitt’s recommendations:
- The RICS Governing Council are to have more oversight over internal dealings of the RICS
- The RICS Governing Council are to be briefed by the Management Board as opposed to a single CEO
- The RICS Governing Council are to oversee executive management bonuses
- Greater transparency as the CEO could have involved the management board in order to rectify the treasury issues
- No evidence of improper or illegal conduct was discovered
What is the RICS Business Plan 2021-2022?
Incomporating the Levitt Report recommendations:
- Be more open and trasparent with member and the public about operations, including decision making and finances
- Developing new and more effective whistleblowing arrangements
- Reviewing arrangement for senior exective reward
Immediate Financial Prioirties
- Continue to support the profession as economies recover from Covid-19 and seek to minimise any increase in the cost of subsription levels.
- Utilise any surplus cash generation to pay back furlough monies received
- Reduce RICS’ need to access external financial support
- Reduce any funding deficit in the closed Final Salary Pension Scheme
What is the “Black Book” and can you name them?
- The ‘Black Book’ is a collection of technical practice documents which covers all processes throughout the construction project lifecycle.
- The documents are essential development tools for junior professional
They include:
- Acceleration
- Change Control and Management
- Commercial Management of Construction
- Conflict Avoidance and Dispute Resolution
- Construction Security and Performance
- Cost Reporting
- Defining Completion on Construction Works
- E-Tendering
- Employers Agent: Design & Build
- Final Account Procedures
- Fluctuations
- Interim Valuation and Payment
- Lender’s Independent Monitoring Surveyor
- Life Cycle Costing
- Management of Risk
- Retention
- Subcontracting
- Tendering Strategies
- Termination of Contract, Corporate Recovery and Insolvency
- Value Management and Value Engineering
- Valuing Change
What’s the difference between RICS professional standards and RICS practice information?
Professional Standards - set requirements or expectation for RICS members and firms about how they provide services or outcomes of their actions. The may include mandatory requirements or recommended best practice.
- Practice Information - Information to support the practice, knowledge and performance of RICS members and firms, and demand for professional services. This information is not mandatory and not set requirements.
Who is the chair of the standards and regulation board?
Nigel Clarke
What is Modus?
RICS publication that provides expect insights on the surveying profession
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Ethics, Rules of Conduct and Professionalism84
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RICS24
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Client Care32
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Communication & Negotiation18
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Health & Safety63
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Accounting Principles and Procedures43
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Business Planning21
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Conflict Avoidance, Management, and Dispute Resolution Procedures30
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Data Management21
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Diversity, Inclusion and Teamworking19
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Inclusive Environments8
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Sustainability44
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Contract Practice190
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Programme and Planning18
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Construction Technology and Environmental Services100
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Procurement and Tendering82
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Project Finance / Design Economics and Cost Planning / Quantification and Costing123
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Contract Administration14
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Hot Topics38
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Case Study42
