RICS Membership Overview

RICS Background

• Founded in 1868
• Granted a Royal Charter in 1881
• Governed by the Royal Charter, internal councils, and boards
• Governing Council has over 20 members
• Current Chief Executive is Justin Young
• Current President is Tina Paillet (effective from 1 Jan 2024)

RICS Membership Levels

• FRICS: Fellow - Requires 5+ years as MRICS; a leadership role; professional/technical achievement; academic achievement; or raising the profile of RICS
• MRICS: Member
• AssocRICS: Associate
• Trainee/Student

RICS Role

• Promotes and enforces high professional qualifications and standards in land, real estate, construction and infrastructure development and management
• Maintains high standards of education and training
• Protects consumers through strict professional standards regulation
• Serves as the leading source of information and independent advice on land, property, construction, and associated environmental issues

Benefits of Being a RICS Member

• Status: Professional credentials provide client confidence
• Recognition: RICS promotes professional excellence to governments and markets.
• Market Advantage: RICS status and standards provide competitive advantage
• Knowledge: Access to international practice standards, professional guidance, CPD, and knowledge sharing
• Network: Access to professionals worldwide (over 140,000 members)

Bichard Review

• Independent review commissioned by the RICS Governing Board in December 2021
• Aimed to create a new sense of purpose and direction for the RICS
• Recommended 36 changes that are currently being implemented
• Key recommendations include:
  • Separation of commercial activity from other activities within RICS
  • Enhanced governance structure for younger members with increased representation on the Governing Council
  • Establishment of a Diversity and Inclusion Panel
  • Improved technology within RICS
  • Establishment of a Public Interest Panel
  • Updated governance structure with Public Interest Panel, Sustainability Panel, Commercial Committee, and Audit, Risk, Finance & Assurance Committee

RICS Mission and Vision

• Vision: A natural and built environment that's sustainable, resilient, and inclusive for all
• Mission: Inspire members, advance knowledge, uphold standards

RICS Strategic Goals

• Lead and influence on sustainability
• Attract a diverse next generation
• Strengthen trust in the profession
• Enhance member value and engagement

RICS Values

• Professional
• Collaborative
• Inclusive
• Ambitious

RICS Rules of Conduct (2021)

• Effective from February 2, 2022
• Single set of rules for members and firms
• Provides a simple structure with clear example behaviors for each rule
• Accompanied by 12 supporting case studies

RICS Rules of Conduct (2021) - Key Requirements

• Rule 1: Honesty, integrity, personal obligations, and compliance with RICS obligations
• Rule 2: Professional competence, service provision by competent individuals, and necessary expertise.
• Rule 3: Providing good quality and diligent service.
• Rule 4: Treating others with respect and encouraging diversity and inclusion.
• Rule 5: Acting in the public interest, taking responsibility for actions, and acting to remedy any adverse consequences.

RICS Professional Standard: Countering Bribery, Corruption, Money Laundering, and Terrorist Financing (2019)

• Sets out mandatory requirements for RICS members and firms
• Divided into three parts: Mandatory Requirements, Guidance, and Supplementary Guidance

RICS Professional Standard - Part 1: Mandatory Requirements

• Bribery & Corruption (B&C)

  • Regulated firms must not offer or accept bribes.
  • Firms must have procedures in place to comply with anti-bribery laws.
  • Firms must report suspicion of bribery to the relevant authorities.
  • Firms must act with due diligence, perform periodic written evaluations of B&C risks, and keep records of their compliance.

• Money Laundering & Terrorist Financing (ML & TF)

  • Firms must not facilitate or be complicit in ML or TF.
  • Firms must have systems in place to comply with ML/TF laws.
  • Firms must report suspicion of ML/TF to the relevant authorities.
  • Firms must evaluate and review ML/TF risks, use third-party reliance for checks only when confident in the quality of information provided by the third party.
  • Firms must take appropriate measures to understand the client and the purpose of instructions, verify clients with basic ID checks, and retain records demonstrating compliance.

RICS Professional Standard - Part 2: Guidance

• Establish a written policy and appoint senior management to oversee procedures.
• Publish a code of behaviour and provide staff training.
• Encourage transparency in business dealings.
• Set up a gifts register to track items received from clients or other parties.
• Keep up-to-date with relevant legislation.

RICS Professional Standard - Part 3: Supplementary Guidance

• Risk-based Approach: Consider the "three W's" when evaluating risk.
  • WHO You act for
  • WHAT You are doing
  • WHY You are being asked to do something.
• PEP (Politically Exposed Persons): PEPS are considered higher risk and require enhanced due diligence.
• Beneficial Ownership: Identify beneficial owners of companies (use documents like the Certificate of Incorporation, Annual Return, and information from Companies House).