View more on these topics

RICS launches new regulatory regime

Members of the Royal Institution of Chartered Surveyors will face a simplified set of rules today, under a new “arms-length regime”.

It will regulate every sector of the property industry, from quantity surveying through to valuation and real-estate.

Steven Gould, director of regulation and consumer protection at RICS, says: “The new regulatory regime offers simplicity for business and better protection for consumers, and builds on the government’s own approach to better regulation.

“Unlike many bodies that regulate under law, RICS is under no obligation to modernise its regulatory process, but takes seriously its public interest role as a Royal Chartered public-interest-body, to offer consumer protection and improved industry standards.”

From June 4 every RICS member firm holding client’s money will be subject to an accounts inspection which will take place on average every three years either by RICS accountants or PKF accountants.

The inspections will be more frequent for firms that have problems and less frequent for low-risk firms.

In the past member firms obtained their own accountant’s report. This was not an effective regulatory tool and was actually far more expensive for the firms concerned.

RICS member firms will now display a ‘Regulated by RICS’ stamp, which will appear on everything from company letterheads and corporate material to shop windows.

Gould adds: “Our intention is for ‘Regulated by RICS’ to become an immediately-recognisable stamp of confidence and consumer protection.

“It will give consumers and businesses a simple signpost when looking to employ the services of a property professional.”

Recommended

Advantage selects Hometrack as AVM provider

Advantage has assigned Hometrack to provide free instant property valuations through its online mortgage sourcing system.The appointment is part of the lenders drive to improve its service levels to mortgage customers following a meltdown earlier this year. Advantage hopes the technology, which is available for both purchase and remortgage qualifying cases, will enable it to […]

RBSIP makes 30 redundancies

Royal Bank of Scotland’s union Amicus has confirmed that 30 people have been offered voluntary redundancies at Royal Bank of Scotland Intermediary Partners.The union confirmed that 30 out of the 250-strong team at RBSIP have been offered voluntary redundancies and redeployment.One source alleges that the redundancies are a result of a “swift turnover” in business […]

Easy steps towards energy efficiency

Energy efficiency measures play an important role in reducing carbon dioxide emissions produced in the home. Even derelict and dilapidated properties can become energy efficient through sympathetic renovation.

The savvy consumer

In last year’s FCA thematic review of the mortgage market, one of the key things highlighted was the “savvy consumer”. That’s the client who comes in the door with a very clear idea of what they need and expect you to get them it. They don’t think they need advice, they have after all consulted […]

Newsletter

News and expert analysis straight to your inbox

Sign up