Copy - Ethics, Rules of Conduct and Professionalism Flashcards
Why do you want to become a member of RICS?
To be a member of the RICS shows a level of professionalism that is recognised worldwide.
What is the role of RICS?
To promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.
What are the key functions of RICS?
RICS develops and enforces leading international standards to protect consumers and businesses, ensuring the highest level of professionalism
What is a Royal Charter?
A Royal Charter, granted by the sovereign on the advice by the privy council is given to bodies that work in the public interest.
What is the Royal Charter of RICS
The Royal Charter dated 26th August 1881 requires RICS to act in the public interest.
Who is the current RICS president?
The current president of the RICS is Ann Gray
What do you understand by the term self regulation?
- RICS self-regulates, it operates within it’s own regulatory framework, rather than being legislated by Government.
- The standards and regulation board oversees regulation for RICS Members and RICS regulated firms.
Who does the Standards and Regulation Board report to?
Governing Council
What is Governing Council
The executive body responsible for directing the affairs of RICS
Can you tell me what you understand by the principles of better
regulation?
Better regulation should include;
(PACTT)
Proportionality
Accountability
Consistency
Targeting
Transparency
What is a Bye-Law?
A regulation made by a local authority or corporation
What is a RICS Bye-Law
Bye-Laws of RICS, made from time to time pursuant to the Royal Charter and approved by the Members
What documents are RICS governed by?
The Royal Charter, Bye-Laws, Regulations and Standing Orders.
Can the Royal Charter or bye-laws be amended?
Only by a membership vote and approval by the Privy Council.
Who approves changes to Regulations and Standing Orders?
Governing Council
What are the 6 ethical principles that the Rules of Conduct are based on?
Ethical principles of honesty, integrity, competence, service, respect and responsibility.
Give an example of one of the RICS Bye-Laws.
Bye Law 5.1 - The rules of conduct apply to all members and firms regulated by RICS.
Explain to me the new RICS Rules of Conduct - what do they replace?
They replace the older versions which had been in place since 2007 for members and firms which were
Rules of conduct for members
Rules of conduct for firms
Global ethical principles
What date were the new rules of conduct effective from
2nd February 2022
What are the 5 Rules of Conduct
Rule 1 Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
Rule 2 Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 3 Members and firms must provide good-quality and diligent service.
Rule 4 Members and firms must treat others with respect and encourage diversity and inclusion.
Rule 5 Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
Plus the appendix setting out the main professional obligations to RICS.
Give an example behaviour for each Rule of Conduct
Rule 1 - Members and Firms not to allow themselves to be influenced by others for instance in receiving referrals, gifts, payments, hospitality or by their own self interest.
Rule 2 - Members and Firms only undertake work that they have the knowledge, skills and resources to carry out completely.
Rule 3 - Members and firms communicate to clients the material information on which their professional advice and opinion is based.
Rule 4 - Members and firms respect the rights of others and treat others with courtesy.
Rule 5 - Members and firms support directors, partners, employees, colleagues or clients who have
acted in good faith to report concerns.
What type of document is the Rules of Conduct
Code of Practice
Who do the rules of conduct relate to?
Members and Firms
What are the core professional obligations of firms and members to RICS?
Members:
Comply with CPD Requirements
Cooperate with RICS
Provide all information requested by standards and regulation board
Firms:
-Publish complaints handling procedure including dispute resolution provider.
Maintain complaints log.
Have appropriate Professional Indemnity cover for previous and current work.
Sole principal must have arrangements for work to continue
Cooperate with RICS.
provide all information requested by standards and regulation board.
That they are regulated by RICS on their literature.
Report any matter that is required under the Rules for the Registration of Firms.
