The Royal Institute of Chartered Surveyors (RICS) establishes regulations of the highest standards of competence and integrity among its Chartered members in relation to providing advice on property.
All RICS members must comply with the regulations which include, amongst others, the following:
- To have qualified, or be qualifying, as a Chartered Surveyor. This normally involves obtaining a degree and thereafter passing a test assessing professional competence after a minimum of two years appropriate experience supervised by a Chartered Surveyor.
- Thereafter, members are obliged to undertake continuing professional development to ensure that they keep abreast of changes relating to the property sector;
- To comply with certain Codes of Practice defining best standards including the Service Charge Code and the Lease Code;
- To join the Clients Money Protection Scheme where money is held by the firm. This sets out and monitors strict procedures and provides insurance for clients where errors have been made;
- To abide by a formal framework for valuations known colloquially as the Red Book;
- To have proper Professional Indemnity Insurance to cover situations where negligent advice or actions occur; and
- To have a Complaints Handling Procedure enabling aggrieved clients to implement a system of redress.
The RICS is continually reviewing procedures to be consistent with the evolution of business practises.