The Royal Institution of Chartered Surveyors (RICS) has implemented stricter regulatory measures following the expulsion of an estate agent found guilty of multiple fraud and misconduct offences. The case underscores the importance of maintaining high professional standards to protect consumers and safeguard trust in the property industry.
Estate agent and firm expelled for misconduct
Emma Walker, the director of EW Estates based in Ashington, North East England, was expelled alongside her firm after being found guilty of 11 offences of fraud and incompetence. RICS initiated an investigation that led to a disciplinary tribunal ruling in February last year. The panel concluded that Walker’s actions amounted to professional misconduct, resulting in her immediate expulsion from RICS membership and the removal of her firm from the Register of Regulated Firms.
RICS stated, “This case demonstrated our commitment to taking robust regulatory action to uphold standards, protect consumers, and maintain public confidence in the profession.”
Recommendations to enhance regulatory oversight
In response to this case, RICS’ Standards and Regulation Board (SRB) conducted a thorough review to evaluate the effectiveness of its regulatory functions and identify areas for improvement. Key recommendations from the review include:
1. Strengthen public understanding of RICS regulation
- Launch a communication campaign to educate members, stakeholders, and the public about the SRB’s role and the broader regulatory framework.
- Address misinformation on social media to minimise harm caused by misleading information about RICS members.
2. Improve data quality and verification
- Ensure ongoing verification and updating of member data to maintain accuracy.
- Enhance quality assurance mechanisms for member enrolments and applications, with robust IT systems supporting public-facing member registers.
3. Review regulatory requirements for firms
- Evaluate professional indemnity insurance requirements and run-off cover to ensure clarity and effectiveness.
- Work with the Pilot Consumer Working Group to enhance consumer protections and address gaps in the current framework.
4. Update counsellor and assessor guidance
- Accelerate the review of requirements and processes for counsellors and assessors, ensuring alignment with new post qualification Continuing Professional Development (CPD) standards.
Balancing transparency and professionalism
While RICS faced criticism for the fraud case, the review highlights the organisation’s proactive approach to upholding its standards. The SRB acknowledged that “professional regulation within RICS has functioned independently, appropriately, and with integrity.” It noted that investigations, once credible evidence was available, were conducted efficiently and transparently.
Broader implications for landlords and professionals
The reforms and strengthened oversight at RICS aim to bolster trust in the property sector—a critical factor for landlords and investors relying on professionals to manage their properties effectively. By tightening regulations and ensuring transparency, RICS sets an example for fostering accountability within the industry.