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ANNUAL FEE FOR FIRMS

20112012

UK HELP SHEET
Providing information about your firm to RICS Regulation
Now that your firm has registered for regulation we have the most up to date information about
your firm. If any of these details change you should log onto the firms portal and amend the
information whenever you need to.

On an annual basis we will contact you for certain information where we require confirmation that
the details that you have provided are current and correct. These relate to your firms professional
indemnity insurance, training, complaints handling and, if applicable, clients money.

This process is called the firms annual return and we will, where possible, put as much of your
firms details that we hold on the form to make it easier for you to complete and return. The
annual return, covering all compliance matters, will ease the burden of you having to contact us
at different times of the year about different topics.

Does your firm hold clients money?


If your firm holds clients money you will be aware that RICS has discontinued the requirement for
you to provide an annual third party accountants report about the status of your firms accounts.
RICS is now undertaking this task using its own reviewers and those from PKF, our appointed
professional partner. Firms will be charged an annual regulatory review fee. You should be aware that
RICS does not plan to routinely visit firms on an annual basis.

Most firms are likely to notice a saving under this arrangement as the fee should be less than the
amount paid to external accountants to prepare reports. The fee will also cover any advice or
guidance your firm may need about its accounts during a regulatory review visit.

Firms will also have to pay the clients money insurance levy (CMIL) rather than individual member
principals as in previous years.

The fee for 2011/2012 and levy for 2012 is set out below.

Total number of Regulatory Clients money


DPB fees*
principals within a firm review fee insurance levy

1 225 30 225

24 500 60 240

59 1,400 225 420

1024 3,500 425 1,260

2549 6,750 1,100 3,150

50+ 14,500 2,250 3,150

*DPB fees apply only to firms that are offering general insurance mediation services and are part of the RICS Designated Professional Body (DPB) scheme.

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T +44 (0)870 333 1600 Over 100 000 property professionals working in the major established
F +44 (0)20 7334 3811 and emerging economies of the world have already recognised the
importance of securing RICS status by becoming members.
RICS is an independent professional body originally established
in the UK by Royal Charter. Since 1868, RICS has been committed
to setting and upholding the highest standards of excellence and
integrity providing impartial, authoritative advice on key issues
affecting businesses and society.
RICS is a regulator of both its individual members and firms enabling
it to maintain the highest standards and providing the basis for
unparalleled client confidence in the sector.
RICS has a worldwide network. For further information simply contact
the relevant RICS office or our Contact Centre.

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