If you use an unregulated firm to do the work for you, you may not have any protection in place at all. For your peace of mind and protection, remember to check whether the firm is ‘regulated by RICS’ before you make your choice.
Many professions, such as solicitors and doctors, are regulated, and RICS members and firms are no different.
When a firm is regulated by RICS, it means:
All the firms we regulate must comply with our Rules of Conduct. Individuals working in regulated firms who are also RICS members must also comply with the same set of rules.
RICS members who undertake surveying services must only provide services in areas where they are fully competent, so you can trust that your surveyor has the expertise to carry out the work to a high standard. Additionally, all RICS members are required to undertake annual continuing professional development to ensure they keep their skills and knowledge up to date.
When you see the following logo, you can have confidence that the firm is regulated and therefore that you are protected.
Regulated firms should display either that logo or the words ‘regulated by RICS’ on their website and business literature. They should also highlight their regulated status in their Terms of Engagement.
To find a firm that is regulated by RICS, you can use our Find a Surveyor service.
If you use an RICS-regulated firm in the UK, you can have confidence that any money they handle on your behalf is protected.
In the unlikely event that you lose your money as a result of a firm’s actions, you can make a claim to RICS’s Client Money Protection Scheme. This is a scheme of last resort, so you will need to demonstrate that you have tried everything you can to recover your funds. If your attempts are unsuccessful and your claim meets our criteria for payment, we will cover your loss.
Our scheme is also approved by the Department for Levelling Up, Housing and Communities under The Client Money Protection Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018. This means that there is an additional layer of our scheme available to you if your firm is a residential lettings agent or residential property manager.
All our regulated firms in the UK are required to have professional indemnity insurance (PII) that meets rigorous standards. The purpose of PII is to protect a firm against claims of negligence, which can be very costly. Firms have this insurance in place so that if a client makes a claim, the cost can be met. This provides protection for both the firm and its clients.
If you are unhappy with the service a regulated firm has provided, you should visit our website, which details the action you should take.
There are certain concerns you might raise that we would want to investigate further, particularly if you have provided evidence of misconduct on the part of a member or firm.
This is all part of upholding the high standards you can expect when you use a firm that is regulated by RICS.