Consumers, businesses, and property professionals will today begin life under a new regulatory regime being introduced by RICS (Royal Institution of Chartered Surveyors).

All RICS members and member firms will adopt a new set of rules that have been both updated and simplified, offering clarity for business and an enhanced level of protection for consumers.

The new arms-length regime is the only system regulating every sector of the property industry, from quantity surveying through to valuation and real-estate agents.

RICS Director of Regulation and Consumer Protection, Steven Gould, said:

"The new regulatory regime offers simplicity for business and better protection for consumers, and builds on the government’s own approach to better regulation. Unlike many bodies that regulate under law, RICS is under no obligation to modernise its regulatory process, but takes seriously its public interest role as a Royal Chartered public-interest-body, to offer consumer protection and improved industry standards."

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