Royal Institution of Chartered Surveyors
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| Royal Institution of Chartered Surveyors | |
|---|---|
 Rics2 · CC BY-SA 4.0 · source | |
| Name | Royal Institution of Chartered Surveyors |
| Abbreviation | RICS |
| Formation | 1868 |
| Status | Professional body |
| Headquarters | London |
| Region served | International |
| Membership | Chartered surveyors |
| Leader title | President |
Royal Institution of Chartered Surveyors. Founded in 1868, the body is a professional institution that regulates and accredits chartered surveyors across building, land and property markets in the United Kingdom and internationally. It interfaces with national regulators such as the Chartered Institute of Building, professional associations such as the Royal Society, international organisations such as the United Nations agencies, and commercial stakeholders including multinational developers and financial institutions. The institution’s work touches legal frameworks like the Land Registration Act 2002, infrastructural projects such as the Crossrail programme, and urban policy debates in cities including London and Hong Kong.
History
The institution was established amid Victorian-era professionalisation movements alongside bodies such as the Institution of Civil Engineers, the Royal Institute of British Architects, and the Institute of Chartered Accountants in England and Wales. Early members engaged with property disputes involving estates like the Duke of Bedford holdings and infrastructure projects such as the Great Western Railway. During the interwar period the institution responded to housing issues exemplified by the Addison Act 1919 and post‑Second World War reconstruction programmes including the Town and Country Planning Act 1947. In the late 20th century it expanded alongside globalisation trends that produced projects such as the Jubilee Line Extension and financial innovations tied to the London Stock Exchange. Recent decades saw engagement with international standards organisations such as the International Valuation Standards Council and policy fora including the World Economic Forum.
Functions and Activities
The institution develops valuation standards used in transactions involving entities such as HSBC, Barclays, and sovereign wealth funds like those of Norway. It issues professional guidance for built environment projects such as Heathrow Airport expansions and urban regeneration initiatives like the King's Cross redevelopment. Its dispute resolution services interact with tribunals including the Lands Tribunal and courts such as the High Court of Justice. The institution conducts market surveys referenced by institutions like the Bank of England and advises governments on land-use policy alongside ministries such as the Ministry of Housing, Communities and Local Government. It collaborates with standard-setters including the International Organization for Standardization.
Membership and Qualifications
Professional routes lead to chartered status through assessments akin to those administered by the Institute of Chartered Accountants in Scotland and pathways comparable to the Chartered Institute of Personnel and Development. Candidates undertake competency assessments, logging experience from projects such as major refurbishments at Trafalgar Square or valuations of portfolios like those owned by British Land. Recognition of qualifications involves academic providers ranging from University College London and the University of Cambridge to vocational centres linked with the City and Guilds of London Institute. Membership grades align with professional frameworks used by bodies like the Engineering Council and the Royal Academy of Engineering.
Professional Standards and Ethics
The institution promulgates codes of conduct comparable to those of the Bar Standards Board and the General Medical Council, mandating standards in valuation, surveying and reporting used in transactions involving firms such as Savills and Jones Lang LaSalle. It enforces disciplinary procedures that may engage panels mirrored in processes at the Solicitors Regulation Authority and interfaces with corruption‑prevention mechanisms linked to the United Nations Convention against Corruption. Ethical guidance covers conflicts of interest in procurement procedures similar to those overseen by the Crown Commercial Service and due diligence for investors including BlackRock.
Governance and Structure
Governance comprises an elected presidency and a council with committees reflecting practice areas akin to committees in the Royal Society of Chemistry and boards similar to those at the British Geological Survey. The institution’s regional and global boards coordinate activity across jurisdictions such as Singapore, Australia, Canada, South Africa, and United Arab Emirates. Executive leadership interacts with regulators such as the Financial Conduct Authority where valuation for capital markets is concerned, and with city authorities including the Greater London Authority on planning policy.
Education, Training and Research
The institution accredits university programmes at institutions including the University of Manchester, the University of Edinburgh, and the University of Hong Kong. It sponsors research grants and collaborates with research councils such as UK Research and Innovation and programmes like the Horizon 2020 framework. Continuous professional development modules reference case studies from projects such as The Shard and policy evaluations used by think tanks like the Policy Exchange and the Institute for Public Policy Research.
Global Presence and Influence
Operating in markets from New York City to Mumbai and Dubai, the institution shapes practice through capacity building with agencies such as the World Bank and regional bodies like the African Development Bank. It influences international valuation practice via participation in forums including the International Valuation Standards Council and intergovernmental negotiations involving institutions such as the Organisation for Economic Co-operation and Development. Its members contribute to urban initiatives in cities such as Singapore, Sydney, and Cape Town, and to infrastructure financing models adopted by entities like the European Investment Bank and national development banks.