Firms regulated by the Royal Institution of Chartered Surveyors (RICS) must:

• Complete an annual return with information on:
  • Business type
  • Staff
  • Statutory regulated activities
  • Nature of clients
  • Complaints handling procedure
  • Professional indemnity insurance
  • Contact officer

Firms handling client money (such as rent and service charges) must also register with the Client Money Protection Scheme and pay the fee.

RICS regulated firms must adhere to the RICS Rules of Conduct which makes the following obligations mandatory:

1. Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log.
2. Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
3. Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
4. Firms must cooperate with RICS.
5. Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
6. Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS.
7. Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.

RICS Regulated Firms must also comply with:

• Professional Standard Conflicts of Interest (1st Edition)
• Bribery and Corruption