RICS Regulation issues Practice Alerts to Regulated Members from time to time. The purpose is to remind Regulated Members of their professional and regulatory obligations relating to compliance with all statutory and RICS regulatory requirements. It is a key tool for warning or alerting the profession to emerging areas of risk, over which RICS has concerns. It also provide an immediate and agile route to share regulatory information, to influence practice, pave the way for updating standards, and potentially to bolster subsequent regulatory cases.
The Practice Alerts may be issued to all RICS Members and RICS-Regulated Firms globally or may be specifically directed at certain categories or regions of RICS Members or RICS-Regulated Firms.
Current practice alerts
Issued August 2024
This Alert is to notify all RICS-regulated firms on the Designated Professional Body (DPB) Scheme that RICS has received approval from the Financial Conduct Authority (FCA) for the proposed rule changes that were announced in February 2024. The new DPB Rules will come into effect on 1 October 2024.
Published date: 29 August 2024
Issued July 2024
This Alert acts as a reminder to RICS Members of their regulatory obligations when engaging in valuation activities, including where mandatory, for them to join the Valuer Registration Scheme (VRS).
Published date: 02 August 2024
Issued May 2024
This Alert is to notify all RICS-regulated firms on the Designated Professional Body (DPB) Scheme that RICS has not received approval from the Financial Conduct Authority (FCA) for the proposed rule changes announced in February 2024. As such RICS is making making RICS-regulated firms on the DPB Scheme aware that the new rules will not come into effect on 10 May 2024. RICS will issue an update as soon as possible once FCA approval is provided.
Issued February 2024
This Alert acts as a reminder to RICS Members of their legal, professional, and regulatory obligations when providing expert witness services.
Issued February 2024
This Alert is to notify all RICS-regulated firms on the Designated Professional Body (DPB) Scheme of upcoming changes to the DPB Rules and Guidance documents.
Issued January 2024
This Alert highlights the risks and concerns associated with “phoenixing” firms, where a RICS Regulated Firm which has gone into liquidation, but the Responsible Principals look to set up and register a new entity almost immediately afterwards. This alert explains how RICS will engage with RICS Members who are directors or Responsible Principals of Regulated Firms that are wound-up or liquidated.
Issued June 2023
This Alert acts as a reminder to all RICS Members who undertake Home Surveys for consumers, including the risks associated with increased volume of complaints to RICS regarding the quality of Home Surveys.
Issued February 2023
This Alert acts as a reminder to RICS Members who undertake residential property management services, including the risks associated with high volumes of complaints to RICS regarding the provision of these services, new legislative requirements and concerns of the government.