In accordance with the RICS’ Regulatory Framework, Cruse Management Services Ltd maintain Professional Indemnity Insurance at a level consummate with the business activities.
In June 2007, the RICS launched a principles-based regulatory regime, dispensing with a 56 page rule book and introducing a short, simple set of principles prescribing requirements for businesses on matters that are dealt with at business level. This major regime change followed three years’ work involving an independent root and branch review of RICS’ regulatory framework, consultation with members, government and stakeholders and, at an EGM in October 2006, overwhelming member support for change.
Whilst the regime will only apply in the UK at first, the simple, principles-based approach lends itself to being rolled out in other countries where RICS firms operate. The RICS plan to achieve this over the next few years.
RICS firms in the UK benefit from:
- A clear and simple set of principles-based rules prescribing conduct of business requirements.
- A proportionate and flexible approach that allows firms to comply with the rules in a way that suits their business size, the sphere in which they operate and the needs and demands of their clients.