New RICS framework for increased autonomy of regulation of surveying
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07 December 2022
RICS is today announcing increased independence for the regulation of its professional services. The independently-led Standards & Regulation Board, set up in 2020, now has exclusive responsibility for regulatory functions to ensure surveyors act in the public interest.
A new structure for the institution, which regulates the surveying profession across the world, shows a clear separation of RICS’ regulatory functions and its membership work, with parity for the two boards which oversee them.
The changes represent a significant evolution of the RICS model of regulation and are a central part of the wider transformation outlined in the Bichard RICS Review to govern RICS with clarity, accountability and transparency and place the public interest at the heart of its work.
As part of the changes, the RICS Standards and Regulation Board will have:
- delegated authority from the Governing Council for all regulatory functions
- parity with the RICS Board (when it is in place) in the new RICS governance structure, with both boards directly accountable to the Governing Council
- independent responsibility for its own strategy, priorities, resource and governance
- exclusive responsibility for regulatory functions only, which excludes RICS thought leadership, public affairs and delivery of commercial activities
- responsibility of the line management of staff within regulatory functions through a leader accountable through the Chair to the SRB.
Dame Janet Paraskeva DBE, Chair RICS Standards and Regulation Board commented:
“This new framework clarifies the independence of regulation and assurance of the surveying profession to give confidence to those that rely on its services.
“Acting in the public interest is at the core of the Standards and Regulation Board’s role, and the separation of RICS regulatory and representative functions will better equip us to do this.”
Clement Lau FRICS, RICS President commented:
“Rebuilding trust is fundamental to our ongoing work to transform RICS at pace as an organisation with public interest at its heart. These reforms embed clarity, accountability and transparency and will help maintain professionalism through independent regulation in the public interest.”
Read more about the Standards and Regulation Board.
Read more about the Bichard RICS Review.
