RICS Brings Regulations to HK Surveying Firms with an Aim to Increase Public's Protection Through Strategic Mediation Scheme

Unprecedented partnership with the Hong Kong International Arbitration Centre to launch mediation and arbitration scheme

HONG KONG, May 6 /PRNewswire-Asia/ -- To encourage practitioners to move more aggressively towards best practice in regulatory arena, the Royal Institution of Chartered Surveyors ("RICS") today announces the official launch of its regulatory regime and the unprecedented partnership with the Hong Kong International Arbitration Centre ("HKIAC"), which will take on the unbiased role in performing mediation and arbitration tasks for firms "Regulated by RICS" in Hong Kong.

Mr. Albert So, Chairman of RICS Hong Kong, commented, "One of RICS' key roles is to protect the public through effective regulation of members and member firms. RICS Regulation is responsible for ensuring RICS members and firms meet the requirements of RICS' Rules of Conduct. By setting a systematic mediation and arbitration scheme, RICS can work seamlessly with HKIAC to resolve dispute cases for the public. When cases like valuation discrepancies, property and construction disputes emerge, RICS can efficiently transfer the cases to HKIAC for further mediation and arbitration services.

Mediation is a confidential, voluntary, non-binding and private dispute resolution process, in which a neutral person (the Mediator) helps the parties (the Claimants and the respective Surveyors or Surveying Firms reach a negotiated settlement). If the dispute cannot be resolved by Mediation, the parties may then agree to proceed with Arbitration. "The launch of the scheme is definitely a milestone for Hong Kong to further develop as the regional choice for international land, property and construction disputes", said Dr. Michael MOSER, Chairman of the HKIAC.

The RICS Regulation has been launched in the UK since June 2007 with around 9,500 firms already signed up to be "Regulated by RICS". The principles-based regulatory regime allows for RICS to offer flexible regulation to firms beyond the UK and Hong Kong is the first to benefit.

Further to the launch, RICS Hong Kong is committed to take a proactive approach to invite RICS members and Hong Kong firms to register for Regulation through an education program specialized for the public and members to understand this new regime.

Ms Diane Telford, Director of Regulation Operations, RICS, says "More regulation to firms not only increases consumer protection, it will also help firms to establish credibility so that their clients will have more confidence when buying services from them. Regulated firms can take advantage of the benefits of clear and simple, principles-based regulation. The regulated firms will be easily recognised by the 'Regulated by RICS' designation and the RICS logo they will be able to use on their business stationery and publicity material, thereby giving them a competitive edge in the market."

About RICS & RICS Asia

RICS (Royal Institution of Chartered Surveyors) 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 the worlds' leading qualification when it comes to professional standards in land, property and construction. With over 140,000 members globally, RICS represents, regulates and promotes the work of property professionals throughout 146 countries.

The RICS Asia supports a network of over 9,000 individual professionals across the Asia region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.

The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam.

About HKIAC

The Hong Kong International Arbitration Centre (HKIAC) was established in 1985 by a group of leading business and professional people in Hong Kong to be the focus for dispute resolution in Asia. It has been generously funded by the business community and by the Hong Kong Government but it is totally independent of both and financially self-sufficient.

The HKIAC aims to assist parties to resolve their disputes by arbitration and by other means of dispute resolution. It places great emphasis on providing some dispute resolution services in the wide variety of areas including intellectual property and information technology.

To learn more about the HKIAC, please visit http://www.hkiac.org .

Please download the PPTs of the Press Conference at the below link: http://www.rics.org/Networks/Regions/AsiaPacific/HongKong/Regulation_n_0605200 9.htm

    Media enquiry, please contact:

     RICS Asia Pacific Public Relations Representative
     Ms Katherine Chow / Ms Kate Kwan
     Tel:    +852-2372-0090
     Fax:    +852-2372-0490
     Mobile: +852-9256-3223 / +852-9077-1337
     Email:  kat@creativegp.com / kate@creativegp.com

SOURCE Royal Institution of Chartered Surveyors