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Fixed Charge Receivers
Fixed Charge Receivership Scheme (FCRS)
For Registered Property Receivers (RPRs)
 

Background


Launched in 1999 as a joint venture between the Royal Institution of Chartered Surveyors (RICS) and the Insolvency Practitioners Association (IPA), the Fixed Charge Receivership Scheme for Registered Property Receivers was aimed at those operating in an area that had previously been unregulated.
 
Designed to provide a register of individuals who satisfy suitability and competence criteria to conduct such work, membership is voluntary but appointors have increasingly sought to use Registered members for fixed charge and Law of Property Act (LPA) 1925 work, recognising the provision of assurance on the quality of work undertaken.
 
The scheme has been supported by The Insolvency Service since inception with appointment taking members monitored through inspection visits. In 2010 the IPA adopted this role, offering a 6 year visit cycle supplemented by desk-top self-certification, mirroring the IPA’s established ‘Better Regulation’ procedure for its own insolvency practitioners.
 

Current Position  (Spring 2015)


A revised and updated Memorandum of Understanding between the RICS and the IPA was completed in 2012 to formalise procedures and enable the restructure of the Joint Regulation Committee (JRC)* as the body responsible for scheme management, policy and standard setting.  The JRC consists of a majority of lay members, including the Chair, and coupled with the experience of the four practitioner Registered Property Receiver members (two from each of the participating bodies who, in respect of the IPA are Nick Hancock and Robert Pick) will enable the scheme to develop and progress for the benefit of members, creditors and the public at large.   [* previously known as the Joint Registration Committee]
 
With some 250 members, over half of whom are appointment takers, the scheme remains well supported, measured through annual membership renewals and by the number of candidates (a record in 2011) applying to register for the examination, and welcomes new membership applications.  
 
The Association of Property and Fixed Charge Receivers (nara) continues to market the scheme, provide member and student training and production of the annual Membership Directory listing all Registered Property Receivers as nara Fellows, with non-registered nara members being included as Associates. The nara website is www.nara.org.uk  
 

Thinking of Becoming a Registered Property Receiver?


Application for scheme membership is generally by examination, for which a fee is payable, comprising...
- experience certification; through a declaration within the exam application form
- a written paper; 20 questions with multiple choice answers plus 2 (of 3) essay style questions
- preparation of  a ‘critical analysis’ of 1 case with which the applicant is familiar, and
- a peer interview, including a case presentation
 
The process usually begins with the written exam in mid/late June, which candidates must pass prior to progressing to the peer interview held in late September/October. Final results are usually available shortly after the peer interviews are completed.
 
Comprehensive details and an application form are contained within an Examination Candidate Information document ('A Guide to becoming a Registered Property Receiver & Information for Examination Candidates'). This document includes a copy of the exam syllabus, reading list and examples of previous exam questions.
 

Comment from the IPA Chief Executive


David Kerr said, "It is most encouraging that the revised JRC structure is in place and working well; I have attended all the JRC meetings to date and welcome the enthusiasm, commitment and constructive ideas from the Chairman and committee members."
 
Principal Points of Contact at IPA
Telephone:- 020 7623 5108
Secretariat;
Richard Allsop, Business Support Manager [email richarda@ipa.uk.com]
Nikki Haggis (membership & examination applications) [email nikkih@ipa.uk.com]
Anna Gill (monitoring & technical issues) [email annag@ipa.uk.com]
Alison Curry (administration & other matters) [email alisonc@ipa.uk.com]                     
 

Frequently Asked Questions


Q.  When is the RPR exam held?

A.  The written paper, consisting of 20 multiple choice questions plus 2 (of 3) essay style questions, is   usually held annually in mid/late June.   
                         

Q.  When are the peer interviews held?

A.  Approximately 3 months after the written paper, usually in late September/October, allowing time for candidates to complete the ‘critical analysis’ exercise being a study of 1 case upon which the candidate has been involved. 

Q.  I have work experience in property management/property matters generally and now wish to make a career change and become a RPR; how do I satisfy the experience criteria to be eligible to sit the exam?
A.  Frankly, this is a specialist scheme and the point raised is something of a ‘catch 22’; ie an interested party is seemingly unable to gain LPA case experience without passing the exam and cannot sit the exam without evidencing sufficient case work experience. However, we have found that this entry barrier can be overcome by candidates seeking short term guidance/employment (of some sort) with a firm currently involved in the scheme.
 

Q.  Having passed the exam, how do I register as a RPR? 
A.  Through the appropriate participating body (ie RICS or IPA); an annual membership/monitoring fee is payable.

RPN 22 May 2014

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