RICS General Information

Question 1

What does RICS stand for?

Answer 1

Royal Institution of Chartered Surveyors

Question 2

When was the RICS founded?

Answer 2

1868, in London

Question 3

When did the RICS gain its Royal Charter?

Answer 3

It was granted by the Privy Council in 1881

Question 4

What is the RICS motto?

Answer 4

“Est Modus in Rebus” which translate to “There is measure in all things”

Question 5

What is the structure of the RICS?

Answer 5

The Governing Council manage the overall strategy of RICS, underneath are the RICS Board and Standards & Regulations Board (SRB).

Question 6

How is the RICS regulated?

Answer 6

The RICS is self regulated and internally monitored meaning it not regulated by the Government or any external parties.

Question 7

Who is the president of RICS?

Answer 7

Ann Gray

Question 8

Who is the president elect of RICS?

Answer 8

Tina Paillet

Question 9

Who is the senior vice president of RICS?

Answer 9

Justin Sullivan

Question 10

Who is the CEO of RICS?

Answer 10

Justin Young

Question 11

Who is the senior executive officer?

Answer 11

Chris Alder

Question 12

What is the Levitt Review?

Answer 12

It was an independent review into the RICS governance following a failed Treasury management audit in 2018.

Question 13

What was the conclusion of the Levitt Review?

Answer 13

It identified an internal power struggle due within the RICS and poor governance principles.

Question 14

Can you name some of the recommendations of the Levitt Review?

Answer 14

There were 18 recommendations made including:

• The RICS Governing Council are to have more oversight over internal dealings of the RICS.
• The RICS Governing Council are to be briefed by the Management Board as opposed to a single CEO.
• The RICS Governing Council are to oversee executive management bonuses.
• The report calls for greater transparency as the CEO could have involved other board members in order to rectify the Treasury report issues.

Question 15

What was the Bichard Review?

Answer 15

The Bichard Review is an independent review of the RICS’ purpose, governance and strategy.

Question 16

Why was the Bichard Review undertaken?

Answer 16

The aim of the Bichard Review was to create a new sense of purpose and direction for the RICS.

Question 17

What was the outcome of the Bichard Review?

Answer 17

The outcome was 36 recommendations, all of which the RICS agreed to and intend to implement “at pace”.

Question 18

Can you tell me about some of the recommendations?

Answer 18

• The RICS needs to significantly improve its technology.
• The RICS should reaffirm its commitment to work in the public interest and public advantage.
• RICS should make it clearer how clients can complain or seek redress for inadequate service.
• The Board and Standards and Regulation Board should commission an external evaluation of its performance every three years
• Governing Council should consider the global strategy and a delegation framework to give appropriate freedoms, resources and responsibilities to regional and area boards, whilst maintaining globally consistent standards.