The full standards and regulation board of the Royal Institution of Chartered Surveyors (Rics) have tendered their resignation.
The mass departure was sparked by the resignation of the board’s chairperson, Dame Janet Paraskeva.
In a statement published yesterday (June 28), Rics confirmed the news and said Paraskeva and the wider board will be able to work a “short notice period” to ensure a smooth transition.
The search has begun for a replacement chair and board members.
Rics president and chair of its governing council, Ann Gray said in a statement: “Rics passionately believes in robust self-regulation in the public interest.
"We thank Dame Janet and her colleagues on the SRB for their service to Rics - their contributions have been immensely valuable across numerous areas including the new rules of conduct, fire safety and valuation.”
According to the statement, Rics activities will remain in full operation and there will be no break in the continuity of regulatory functions.
“Our staff and governance bodies will continue to work on the assessment of professionals, the setting of professional standards and the regulation of the profession,” Gray said.
FTAdviser contacted Rics, who said more information will be made available in relation to the departures later today.
Earlier this month (June 19), Rics announced the appointment of Justin Young as chief executive.
Young, whose background is in the real estate sector, has not yet taken up his post and is due to become chief executive on July 5.
Prior to joining Rics, Young was the chief operating officer at Knight Frank.
He replaces Richard Collins, who was appointed interim chief executive in October 2021 following the reforms recommended by the Levitt report.
The Levitt report, which looked into the handling of a critical financial audit at the organisation, was published in 2021 and its findings were accepted by Rics.
The report concluded that four non-executive board members, who raised legitimate concerns that the financial audit had been suppressed, were wrongly dismissed from the management board and that sound governance principles were not followed.
jane.matthews@ft.com
