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Hot Topic Highlight - Changes to RICS Regulation (Nov 2019)

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What is today's blog about?

This week, we look at further changes to rules relating to RICS regulation.

You can also listen to our CPD podcast on Anchor for more free AssocRICS and RICS APC training and support.

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How does RICS regulation work?

RICS self-regulates, meaning that it operates within it’s own published regulatory framework, rather than being legislated by Government.

RICS regulation is led by an independently-chaired Regulatory Board and regional sub-boards.

These have three key roles:

  • To set regulatory strategy and policy

  • To oversee operational deliverability of RICS regulation

  • To ensure RICS regulation serves the public interest and protects the reputation of the profession

The RICS Royal Charter and Byelaws allow Regulatory Board to set rules to guide disciplinary action. We will look more fully at the full range of disciplinary action available to RICS against Firms and Members in a future blog article.

What rules are new?

From 1 October 2019, RICS have introduced new versions of:

  • Disciplinary, Registration and Appeal Panel Rules (Version 8)

  • Constitution of Conduct and Appeal Panel Rules (Version 5)

  • Sanctions Policy (Version 7) and Supplements

These are accompanied by a new Practice Direction.

You can read the full versions of the rules on the RICS website.

When do the new rules apply from?

All cases coming to the attention of RICS after 1 October 2019. Cases received before this will be continued to be considered under the former version of the relevant rules.

What is the aim of the new rules?

To ensure more effective and proactive management of RICS regulation, including cases considered by the Disciplinary, Registration and Appeal Panels.

Generally, this includes considering cases using a more fair and consistent approach and ensuring that sanctions are applied consistently.

What are three of the key changes?

  1. Replacement of consent orders with Regulatory Compliance Orders

  2. Ability of the Head of Regulation to impose a Fixed Penalty or to refer the matter to a Single Member of the Conduct and Appeal Committee rather than referring directly to a Disciplinary Panel (if a Consent Order was not appropriate)

  3. Introduction of Standard Directions within a new Practice Direction

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Stay tuned for our next blog post to help build a better you

N.b. Nothing in this article constitutes legal, professional or financial advice.