7. Setting up a new practise Flashcards
What procedures must you follow if you are starting up a new practice?
- Contact the RICS for guidance and obtain a company start up pack.
- Inform the RICS and register for regulation.
- Appoint a contact officer for all RICS communication.
- Prepare a complaints handling procedure.
- Obtain Professional indemnity insurance cover.
- Abide by the Rules of Conduct for Firms.
- Use the designation ‘Regulated by RICS’ on all practice material.
Would you advertise your new company in the press?
Yes as long as it is in a trustful and responsible manner in line with the Rules of Conduct for Firms.
What insurances would you need if you were starting up your own
firm?
- Professional Indemnity Insurance.
- Employer’s Liability.
- Public Liability.
- Building’s insurance of an office premises.
What sort of information do registered firms have to send to the RICS annually?
- It is called annual return and carried out on-line.
- Failure to do so leads to a fixed penalty.
- It includes:-
o Type of business and staffing.
o Nature of clients.
o Training provision.
o Complaints handling procedures details and records.
o PI insurance details.
o Whether the firm holds clients’ money.
Why do you want to become a chartered surveyor?
Opportunities to network with other surveyors
Continuous professional development
If you were setting up your own practice as a chartered surveyor, what insurances would you need to have in place?
Firms’ compliance with its Rules of Conduct
Professional indemnity insurance
Protection of clients’ money through security measures
A complaint handling procedure with an alternative dispute resolution and a complaints log
There also may be other insurances:
Public liability
Building insurance
If you were to leave here today and set up your own firm of Building Surveyors, what would you need to put in place?
- Create a business plan
- Register the new company on Companies House (if required)
- Comply with the RICS obligations
- Comply with statutory obligations
- Take out sufficient insurance policies
Name some of the RICS obligations for starting a new surveying business.
- Register for regulation - no cost unless the firm will hold clients’ money
- Ensure clients’ money handling procedures as per RICS guidance are in place if applicable
- Obtain sufficient professional indemnity insurance (PII)
- Adopt a sufficient complaints handling procedure (CHP)
- Ensure processes are in place ensure staff are adequately trained and competent (including CPD provision)
- Comply with the rules of conduct for firms
- Appoint a Contact Officer designated to be the main liaison point with the RICS
- Appoint a locum if a sole practitioner
Name some of the statutory obligations for starting a new surveying business.
- Comply with employment legislation (e.g. HASAWA, Equalities Act)
- Follow statutory policies for staff recruitment, contracts, hours, pay, holidays, illness, paternity/maternity, grievances, disciplinary, dismissals, redundancy
- Comply with other legislation:
- Data Protection Act 1998
- Money Laundering Regulations 2007
- Bribery Act 2010
If you were to leave here today and set up your own firm of Building Surveyors, what would you need to put in place?
- Create a business plan
- Register the new company on Companies House (if required)
- Comply with the RICS obligations
- Comply with statutory obligations
- Take out sufficient insurance policies
Name some of the RICS obligations for starting a new surveying business.
- Register for regulation - no cost unless the firm will hold clients’ money
- Ensure clients’ money handling procedures as per RICS guidance are in place if applicable
- Obtain sufficient professional indemnity insurance (PII)
- Adopt a sufficient complaints handling procedure (CHP)
- Ensure processes are in place ensure staff are adequately trained and competent (including CPD provision)
- Comply with the rules of conduct for firms
- Appoint a Contact Officer designated to be the main liaison point with the RICS
- Appoint a locum if a sole practitioner
Name some of the statutory obligations for starting a new surveying business.
- Comply with employment legislation (e.g. HASAWA, Equalities Act)
- Follow statutory policies for staff recruitment, contracts, hours, pay, holidays, illness, paternity/maternity, grievances, disciplinary, dismissals, redundancy
- Comply with other legislation:
- Data Protection Act 1998
- Money Laundering Regulations 2007
- Bribery Act 2010
