In a statement on Tuesday (27 June), RICS president and chair of the governing council Ann Gray said the organisation had accepted Paraskeva's resignation and that all members of the board have since also opted to step down.
Gray said Paraskeva and the board members will work a short notice period to ensure a "smooth transition" for their successors. RICS' activities remain in "full operation" with no break in the continuity of regulatory functions. Interim appointments will be made to the SRB "as a priority" while a permanent board is recruited.
RICS gives all clear for property sector but £5bn of investor capital remains in lockup
In a separate statement released on 28 June, RICS provided its perspective on the reasons behind Paraskeva and the SRB's resignation.
The organisation said that on 23 June, Paraskeva was invited to a meeting to discuss a number of "significant matters", including reports from third parties that communications and assurances she had given to the governing council "may have been at odds" with those discussed elsewhere.
However, shortly before the meeting was due to take place, RICS said she decided to tender her resignation instead, with her board subsequently tendering their individual resignations.
RICS recognised the creation of a knowledge and practice committee meant it had to reallocate some technical staff and resources away from the SRB, but noted the board retained the authority to approve all professional standards, including technical surveying standards.
"The SRB absolutely has autonomy to set and regulate standards and that has never been and will not be altered," it said.
RICS rules out material uncertainty across UK property sector despite lockdown
Paraskeva was appointed in 2019 as the first independent chair of the then newly-created SRB. From September 2022, she was re-appointed as chair of the SRB for a further three-year term.
The SRB is responsible for carrying out the regulatory duties of RICS in the public interest, including strategy, governance, structure, policy and operational monitoring. It is independently run and reports to the governing council.
Justin Young was appointed chief executive of RICS earlier this month. The organisation said the departures have no link with the appointment, and he will start his new position on 5 July.
RICS was the organisation that imposed the material uncertainty clauses (MUC) that led to the suspension of the majority of open-ended UK property funds in March 2020.
The organisation recommended its first lifting of MUC on some property sub-sectors in May 2020, before recommending a general lifting of MUC for all UK real estate in September that year.