We support the profession and underpin client and wider public confidence through our assurance programme.
The majority of RICS’ regulatory efforts go into our professional assurance programme. This programme comprises a range of quality monitoring activities, to assess the performance of RICS professionals and firms against RICS mandatory standards and, where necessary to support them back into compliance. While this is almost always a cooperative and constructive process, in serious cases of non-compliance we use our disciplinary powers to enforce compliance. This helps to upholds the reputation of the profession.
In line with international best practice in regulation, our programme is risk-based – which means using data and market insight to target our resources where we see the greatest likelihood of public or client detriment occurring.
Reviews are undertaken by specialist, qualified reviewers using a range of techniques to engage with registered professionals and firms, including mandatory returns of information, and interviews and file/document reviews (both on location with the professional or firm and remotely through digital channels).
All members of the profession and registered firms are bound by our rules which means they must comply with reasonable requests to review their systems, processes, files and related documentation.
Our professional assurance work includes thematic and ongoing monitoring programmes. Examples of key areas of focus include:
- complaint handling procedures
- professional indemnity arrangements
- firms’ internal quality management controls
- arrangements for managing conflicts of interest
- arrangements for preserving the security of client money
- valuation standards.
In the UK we are a designated professional body, authorised by the Financial Conduct Authority for supervision of General Insurance Distribution (under the Financial Services and Markets Act 2000).
Where required, all firms and individuals receive tailored guidance and advice on how to make improvements to their business and work to the profession’s standards. The support we provide through our review programme is highly valued by those members of the profession that receive a review, with over 90% regularly telling us that we have assisted their business.