RICS

RICS’ first thematic review: Conflicts of Interest

Research by Design is proud to be supporting the Royal Institute of Chartered Surveyors (RICS) with a new programme of research to assist with its first thematic review on Conflicts of Interest.

On behalf of RICS, Research by Design will send correspondence to the Contact Officer of every RICS regulated firm across the world regions, which includes a link to the online regulatory thematic review. The Contact Officer should complete and return the review on behalf of the firm. This research is being undertaken during the summer of 2018.

Once completed, RICS will publish the findings and share these with the profession and the marketplace. The outcome of thematic reviews will be used to inform RICS’ thinking on risk, and to develop guidance and advice for the profession. Outputs of the research will be anonymised, although RICS may segment the findings according to firm characteristics such as size, number of offices, type of work undertaken, geographical area of operation, and so on.

Conflicts of Interest – background

The Conflicts of Interest Professional Statement, 1st Edition, March 2017, and the Conflicts of Interest - UK Commercial Property Market Investment Agency Professional Statement, 1st Edition, May 2017, became effective from 1st January 2018. These place mandatory requirements on every professionals and regulated firm and highlight how vital it is that members and firms prevent anything getting in the way of their duty to advise each client objectively and independently.

Clients and the wider public need to be confident that this is the case in order to have trust in the integrity of the profession. The findings of the thematic review will assure them that the profession is living up to its standards or that RICS understands where it needs to take action.

The findings will also enable firms to determine whether they are operating in accordance with good practice in the area of the review’s focus, for example in relation to their internal processes, controls and working practices, and where to make improvement if necessary. In turn, this will help firms mitigate their exposure to risk. In this case, conflicts of interest.

Thematic reviews

RICS expects to undertake several thematic reviews each year, covering on-going and emerging risks. The areas chosen for thematic reviews will be informed by analysis of information the profession provides through the annual information collected, complaints received from the public, and any other sources of intelligence. 

The ultimate aim of each thematic review is to support the profession in implementing best practice and demonstrating to clients that RICS professionals and firms meet their needs as business partners. Firms are required to participate in our thematic reviews and to make them insightful and valuable as possible.

 

For more information about this research programme, there is an FAQs page on the RICS website or please give the Research by Design team a call on 0121 643 9090.

This entry was posted in News release, tagged Survey and posted on August 6, 2018


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