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Ethics, Rules of Conduct & Professionalism > DRAFT Ethics, Rules of Conduct and Professionalism > Flashcards

DRAFT Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

What are the hot topics RICs have recently looked at that impact you as a BS?

A
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2
Q

What is your RICS membership number?

A

0924013

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3
Q

Who is the president of the RICS?

A

Justin Sullivan (2025)

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4
Q

Who is the president elect of the RICS?

A

Nicholas Maclean (2025)

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5
Q

Who is the senior vice president of the RICS?

A

Maureen Ehrenberg

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6
Q

Who is the head of regulation in the RICS?

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7
Q

Who is the head of the privy council?

A
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8
Q

Who is the CEO RICS?

A

Justin Young (2025)

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9
Q

How many members of the RICS are there?

A

130,000 members across 140 countries

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10
Q

What is the RICS London HQ address?

A

12 Great George Street, London, SW1P 3AD

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11
Q

What does RICS stand for?

A

Royal Institution of Chartered Surveyors

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12
Q

What is the role of the RICS?

A
  • Regulate and promote the profession
  • Maintain the highest educational and professional standards
  • Protect clients and consumers through a strict code of ethics
  • Provide Impartial Advice, analysis and guidance
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13
Q

What are the RICS ethical standards?

A

STIRR:
Always Provide a High Level of Service
Act with Integrity
Act in a way that promotes Trust in the profession
Treat Others with Respect
Take Responsibility

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14
Q

What is the Carsberg report?

A

A third party review of how the RICS regulates itself.
Recommended greater separation of regulatory and representational functions.
Recommended chartered surveyors should still be regulated by the RICS but that this should involve separate regulatory and conduct boards.

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15
Q

What are the various RICS statuses?

A

Trainee
Student
Graduate
Assoc RICS
Member RICS
Fellowship RICS

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16
Q

How many RICS professional groups are there?

A

18

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17
Q

Name some RICS faculties.

A

Quantity Surveying
Building Surveying
Project Management
Valuation
Facilities Management
Dispute Resolution

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18
Q

What is the ISO Standard for anti-bribery?

A

37001

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19
Q

What is the ISO Standard for Corporate Social Responsibility?

A

26000

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20
Q

What are the rules of conduct for members?

A

There are 9 - ICE CSCSIC

Interpretation - member means a chartered surveyor, non charted member of honorary member
Communication - RICS will communicate via post, email, telephone, fax, or in person
——————–
Ethical Behaviour - at all times act with integrity, avoid conflicts of interest, and avoid situations inconsistent with professional obligations
Competence - members shall carry out their professional work with due skill, care and diligence and with proper regard to the technical standards expected of them
Service - members shall carry out their work in a timely manner and with propoer regard for standards of service and customer care expected of them
Continuing Professional Development (CPD) - members shall comply with RICS requireiments in relation to CPD
Solvency - members shall enure that their personal and profesional finances and managed appropriately
Information to RICS - Members shall submit in a timely manner such information and in such form that the regulatory board may reasonably require
Co-operation - Members shall fully cooperate with RICS staff and any person appointed by the regulatory board.

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21
Q

What are the rules of conduct for firms?

A

There are 15 AS above plus - CCPAAD
Interpretation - “Providing a surveying service to the public,” any services that are considered within the responsibility of the RICS. “Contact Officer” is individual designated by the firm to be the main liaison point between the RICS and the firm and the person authorised by the firm to submit the annual return. “firm” is a partnership, LLP, whole or part of a body corporate or unincorporated practice or sole practitioner concerned with the business of surveying which is regulated by the RICS or equivalent in any other part of the world.
Communication - See rules for members
———————
Professional Behaviour - See rules for members
Competence - See rules for members
Service - See rules for members
Training and CPD - A firm shall have in place all necessary procedures so that all its staff are properly trained and competent to do their work
Complaints Handling Procedure - A firm shall operate a complaints handling procedure and maintain a complaints log. The complaints handling procedure must include an alternative dispute resolution mechanism that is approved by the regulatory board
Client’s Money - A firm shall preserve the security of Client’s money entrusted to its care in the course of its practice or business
Professional Indemnity Insurance - A firm shall ensure that all previous and current professional work is covered by adequate and appropriate indemnity cover which meets standards approved by the Regulatory Board.
—————————————–
Advertising - A firm shall promote its professional services only in a truthful and responsible manner
Solvency - See rules for members
Arrangement to cover incapacity or death of a sole practitioner - a firm that has a sole principal shall have in place appropriate arrangements in the event of that sole principal’s death or incapacity or other extended absence
Use of Designations - A firm registered for regulation must display on its business literature in accordance with the Regulatory Boards published policy on designations, a designation to denote that it is regulated by RIC
Information to the RICS - See rules for members,
Co-operations - See rules for members

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22
Q

What do you know about the new rules of conduct

A

Released in October 2021, come into effect in Feb 2022
Replace rules for individuals & firms and rules of conduct
Based on behaviours & sustainability

New Rules:

Members & firms must be honest, act with integrity and comply with their professional obligations including obligations to the RICS.
Members & firms must maintain their professional competence and ensure services are provided by competent individuals who have necessary expertise.
Members & firms must provide good quality & diligent service.
Members & firms must treat others with respect and encourage diversity and inclusion.
Members & firms must act in public interest, take responsibility for their actions and act to prevent harm and maintain trust within the profession.

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23
Q

What is the RICS black book?

A

A suite of guidance notes that define good technical standards for Qs & construction professionals

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24
Q

What are there RICS black books on?

A

Acceleration - Capital Allowances - Commercial Management of Construction
Conflict Avoidance and Dispute Resolution - Cost Reporting - E Tendering
Construction Security and Performance Documents - Extensions of Time - Final Account Procedures
Defining Completion of the Works - Employers Agent D&B - Extentions of Time
Interim Valuations and Payment - Life Cycle Costing - Management of Risk
Lenders Independent Monitoring Surveyor - Retention - Tendering Strategies
Termination of Contract, Corporate Recovery and Insolvency
Value Management and Value Engineering - Valuing Change - Cashflow Forecasting
Cost Analysis and Benchmarking

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25
Are guidance notes compulsory to follow?
No. However if there was a case of professional negligence, the court would take into consideration whether or not guidance notes were followed.
26
Are practice notes compulsory?
Yes.
27
What is an RICS Code of Practice (CoP)?
A document developed in collaboration with other professional bodies and stakeholders that will have the status of a professional statement or guidance note.
28
What is an RICS professional Statement (PS)
Mandatory requirements for RICS members and regulated firms.
29
What is an RICS Guidance Note
A document that provides users with recommendations or an approach for accepted good practice as followed by competent and conscientious practitioners.
30
What is an International Standard
High-level standard developed in collaboration with other relevant bodies - MANDATORY.
31
What is an RICS Jurisdiction Guide
This provides relevant local market information associated with an RICS international standard or RICS professional statement. This will include local legislation, associations and professional bodies as well as any other useful information that will help a user understand the local requirements connected with the standard or statement. This is not guidance or best practice material, but rather information to support adoption and implementation of the standard or statement locally.
32
When was the Bribery Act introduced?
2010, came into force in 2011
33
What are the principles of the Bribery Act? (6)
PCR - CDM Proportionate procedures Communication Risk assessment Top-level commitment Due diligence Monitoring and review
34
What do you know about the Bribery Act?
It is legislation that makes bribery illegal for companies working in UK. Also holds UK companies accountable for failing to prevent such acts by those working for or on its behalf, no matter where the act takes place.
35
What happens if you commit an act of bribery?
Up to 10 years in prison Excluded from RICS Unlimited fine Banned from being a director of any company
36
How do you deal with a conflict of interest?
Openness and transparency.
37
What is PII?
Professional Indemnity Insurance Covers a firm for a claim for financial loss. Minimum level of cover based on turnover in the previous year.
38
What are the levels of cover advised by the RICS?
£100k or less turnover - £250k £100k - £200k turnover - £500k £200k or over - £1,000,000 RICS advise it should also be on an ‘each and every claim’ basis.
39
What is the Assigned Risk Pool?
The ARP panel is a facility for trading member / firms who find themselves unable to obtain insurance in the open market. It comprises a panel of a RICS chairman, members of the professional indemnity insurers and RICS members. The initial period of cover is 12 months, to allow the firm time to return to the open PII market.
40
What does the RICS advise as the maximum level of uninsured excess on a PII policy?
Up to £500k - 2.5% of the sum insured or £10k, whichever is greater Over £500k - 2.5% of the sum insured
41
What is run-off cover?
Ensures firms, members and their customers are not exposed to detriment in the period following a firm ceasing to trade. Minimum run-off cover is 6 years.
42
Do you know any case law regarding run-off cover?
Babb v Merrett - The defendant, a chartered surveyor, was employed by a firm of valuers (owned by an individual) as manager of one of the firm’s branch offices. In the course of his work the defendant carried out a mortgage valuation for a building society, signing the valuation report in his own name and stating his professional qualifications. By the time the house purchaser sought to bring an action for negligence on the basis of this report the owner of the firm had become bankrupt and the firm’s professional indemnity insurance policy had been cancelled. The firm was therefore not worth suing. The Court of Appeal held by a majority that the purchaser was entitled to recover damages from the defendant personally, despite the fact that the purchaser had not actually seen the valuer’s report and was unaware, at the time of purchase, of his identity. Can come after the individual if business ceases trading therefore need to keep PI run off.
43
What is the name of the RICS journals?
MODUS
44
What punishments can the RICS issue?
Expulsions of Regulated members In less serious cases where admitted, Regulatory compliance orders to ensure compliance with standards Where not admitted, referred to single member of conduct and appeal committee Most serious cases referred to a disciplinary panel
45
46
What complaints can the RICS investigate?
Any breach of their conduct They will not investigate whether a high level of service is provided
47
What is the RICS ethics tree?
Sufficient facts? Legal? RICS Professional Standards? Consulted with appropriate people? Clear Reasoning? Would you be ok if your actions were made Public
48
What was last month’s MODUS report?
49
What are your company’s standards?
50
What should you send accompanying a fee proposal?
A set of T&Cs & scope of services
51
What is your company’s business plan?
52
What are your company’s KPIs?
53
What is the client’s money protection scheme?
54
What is the IES?
International Ethical Standards
55
What are the principles of better regulation? How the regulator is going to regulate us - i.e. RICS. I will follow rules for members & firms
Proportionality Accountability Consistency Targeting Transparency
56
What is the RICS mantra?
Est Modus Rebus’ = There is measure in all things
57
What is a conflict of interest?
Anything that may impede, or be could be seen to impede, and firm or individual’s ability to act impartially and in the best interest of the client.
58
What are the types of Conflict of interest
Party - i.e company Confidential information Personal - i.e. friends and family
59
What is the annual return?
It is for RICS regulated firms to complete online and collects information on; Whether firm hold client's money - if they do, an auditor from RICS regulation will periodically visit the firm Principals Training General Activities PII Complaints General insurance mediation work Client's money
60
When was RICS founded?
1868
61
What groups run RICS?
Privvy Council - Grants and awards royal charter Governing Council - Sets direction and strategy Regulatory Board - Administers regulation - indep chair Management Board - Day to day performance and business plan Audit commity - indep chair
62
What are the RICS requirements for a complaints handling procedure?
It should be a 2 stage policy Complaints considered by a senior member of staff and response within 28 days If not happy, complaint referred to independent 3rd party - property ombusman o CEDR - Centre of effective DR or RICS ADR
63
How should client’s money be looked after?
Client’s money accounts can be ‘discreet’ or ‘general’ Accounts should be separate and clearly identifiable The word ‘client’ should be used in the account name Money should be available on demand You should have written agreement with client regarding the payment of interest
64
What are the offencecs under the Bribery Act 2010?
Giving / receiving of a bribe Offer or request of a bribe Bribing a foreign official / politically exposed person (PEP) Failing to prevent bribery
65
What can you do to mitigate PI claims?
Keep full and detailed records of meetings Record recommendations and advice given Use proper letters of engagement, scope of services and terms of engagement Don’t advise on a specialism outside your field of experience Use RICS guidelines
66
What are the RICS requirements regarding professional indemnity insurance?
It provides minimum wording It sets out minimum levels of indemnity It sets out the maximum levels of uninsured excess Run off cover must be in place for at least 6 years It should include for past and present employees, directors and partners
67
What happens if the loss suffered exceeds the level of cover provided by the PI insurance?
The professional / firm is liable for the difference
68
Are you familiar with the term limit of liability? If so where would it be used?
It is the maximum value an insurance policy will pay out in the event of a claim.
69
What is a net contribution clause?
It seeks to ensure that the consultant’s liability is only for the loss they caused If another party is also responsible, the client will have to sue them separately
70
What does the royal charter mean to you?
It is a decree that states the RICS must promote the usefulness of the profession It shows RICS has a gold standard of excellence and integrity
71
If you are a sole trader, what shoud you have in place should you be unable to perform your duties?
You should have employed the services of a locum practitioner
72
What are the crimes under the Bribery act 2010?
Offering a bribe Accepting a bribe Promising a bribe Requesting a bribe Receiving a bribe Giving a bribe
73
If you have declared a conflict of interest to your client and they state that they are happy for you to continue working on the project, what else do you need from them?
‘Informed Consent’ RICS provide a template
74
What is the ethical standards coalition?
They create international ethics standards
75
Who is RICS preferred PI provider?
I would refer to RICS published list of approved suppliers
76
What is Pledge 150?
In light of the 150th anniversary of RICS, they have pledged to try and eliminate youth homelessness
77
When did the Money Laundering Regulations come into affect?
2017 The update to this was the sanctions and anti-money laundering Act 2019, into force Jan 2020. They make individuals and firms responsible for preventing money laundering by using similar principles to the Bribery Act. They also cover the funding of terrorism
78
What are facilitation payments?
They are a payment made to a government official to expediate an admin process such as getting a visa overseas, common in Africa - Usually illegal unless it is totally above board. Can be seen as Bribery.
79
What are the dispute resolution procedures listed in your company’s terms of appointment?
Adjudication via the Scheme for Construction Contracts
80
How is the RICS governed?
It is self governed by the governing council This is chaired by the president and includes members from all world regions
81
What are the CPD requirements?
48 hours/yr while in structured training, at least 50% formal 20 hours/year for members, at least 50% formal, recorded online Ethics training every 3 years
82
What is the RICS Code of Conduct?
Rules for Members and Rules for Firms
83
What are the RICS 5 Core Ethical Standards?
Service Trust Integrity Respect Responsibility
84
What is your firm’s complaints handling procedure?
85
What should you do if you receive a serious complaint?
Notify your professional indemnity insurance provider.
86
What is the Bribery Act?
Legislation introduced in 2010 that made bribery illegal in the UK. It also holds UK companies accountable for it’s employees working abroad. If you commit an act of bribery you will be excluded from RICS and could face up to 10 years in prison. The principles of the Bribery Act are; Proportionate procedures Top level commitment Risk assessment Due diligence Communication Monitor and review
87
What is NDA?
Non-Disclosure Agreement Legal contract between at least two parties that outlines confidential material They are used by our clients to make sure commercially sensitive information is not shared
88
How does the RICS define best practice?
The RICS sets out best practice in it’s ‘Black Book’ suite of guidance notes These are not compulsory but if there is a claim of professional negligence the courts will look at whether best practice was followed
89
What are Quality Assurance system standards?
ISO 9001
90
What would you do if your firm was holding client’s money that you couldn’t account for?
Try and locate owner Hold for 6 years in a suspended account If no-one comes forward you give it to a charity and obtain a receipt RICS’s Lionheart do receipts If the client comes forward they can reclaim their money from Lionheart
91
What is Lionheart?
LionHeart is the charity for RICS professionals, past and present, and their families. The services range from financial support, health and wellbeing packages, free professional counselling, work-related support and legal advice, and help if you or one of your loved ones become seriously ill.
92
What does ISO stand for?
International Organisation for Standardisation
93
Example of conflict of interest
94
Why are gifts considered bribery?
Depends what is it and if it is proportionate & reasonable Could sway judgement What would others think May suggest improper obligation Have a duty to fulfil obligation (not for expectation on a gift) Could this lead to preferential treatment in the future
95
Example of importance of acting ethically
Employee at Savills recently dismissed after racist tweets posted post Euro finals (Sept 2021) Plagarism within an APC submission resulted in an RICS displinary for individual & employer. Expelled from RICs as acted without integrity. Can impact on employment and other proffessional bodies also.
96
Responsibility of a principle
Ensure that all the RICS requirement are met - annual return, training, that all professional, technical & ethical standards are met
97
Responsibility of Company Director
As a director, you’re legally responsible for running the company and making sure information is sent to companies house on time. This includes: the confirmation statement the annual accounts, even if they’re dormant any change in your company’s officers or their personal details a change to your company’s registered office allotment of shares registration of charges (mortgage) any change in your company’s people with significant control (PSC) details
98
One of the 5 ethical standards
Integrity - Doing what you say you will when you say you will. Providing a high level of Service - Undertaking CPD, working with my competencies, providing clear T&Cs in fee proposals. Responsibility - Hold PI, CHP, report to RICS, Question behaviors Respect - Kind & Considerate, Promote diversity & inclusion, recognize discrimination Trust - Promote professionalism of business, do what say you will, uphold good moral standards
99
What do you include in fee proposals
Scope, fee breakdown, clarifications & exclusions, details of insurances & PII
100
Where do you go to for PII
RICS approved suppliers
101
Where can you go if cant seek PII
Assigned Risk Pool - The ARP panel is a facility for trading member / firms who find themselves unable to obtain insurance in the open market. It comprises a panel of a RICS chairman, members of the professional indemnity insurers and RICS members. The initial period of cover is 12 months, to allow the firm time to return to the open PII market.
102
What else do you need if setting up a business
1. Notify Companies House 2. Obtain PII & employers liability 3. Inform the RICS of your intentions 4. Prepare a complaints handling procedure 5. Set up financial accounts 6. Set up client’s money account 7. Abide by rules for member and firms 8. Use appropriate RICS designations
103
104
When can you divulge confidential information?
1. If a Court orders 2. If you receive informed consent
105
What is confidential
Information that is not in the public domain
106
How do you manage a Conflict of interest
Transparency with all parties involved. Information barrier - both physical & electronic.
107
Who does PII protect
The client. In the event I make a mistake from financial loss. And my business from bankruptcy
108
When is a firm required to be regulated (mandatory)
1. If undertaking surveying services to public 2. In UK 3. If 50% or more of directors are RICS members
109
When is a firm eligible to register
1. If undertaking surveying services to public 2. If 25% or more of principles are RICS members
110
Documents:
Bribery Act 2020 RICS Conflict of Interest proff standards 2017 RICS Countering birbery, corruption & money laundering Proff Statement 2019 RICS PII Requirements 2021 RICS Rules of conduct for members 2020 RICS Rules of conduct for firms 2020 RICS Client money handling 2019
111
What are the differences between rules for members and rules for firms
9 for members, 15 for firms. Firms include requirements for: PII CHP Clients Money Advertising Locum practitioner Designations
112
What would your approach be if client wanted to pay you in advance for works
Advise clients who pay fees in advance that this money is not covered by the Client Money Protection scheme. Provide a receipt RICS advises against cash payments & request made by transfer & held in a client account.
113
Impact of Covid & Brexit on Ethics
Brexit saw changes to GDPR Uk rules that members need to be aware of. Covid forced everyone online brought new requirements for security of personal and confidential information. Covid put more pressure on businesses to act responsibly around staffs safety & respect individals opinions around working remotely and vaccinations. Claims - I acted with integrity, responsibly & provided a high level of service Importance of remaining solvent & provide required level of PII Increase PII premiums
114
What are the RICS guidance for gifts & hospitality? Give me an example.
Must be reasonable & proportionate. i.e. not a invite to a sporting event / expensive hamper during a tender process where it could be seen to sway my judgement, however if this sporting event was at the end of a project for the whole team as a thank you, I would not consider this inappropriate. Gift value internally set at £40.00, must declare all gifts to director. Declined / accepted and shared amongst team. Depends on value of gift, circumstances if it is appropriate & proportionate.
115
Example of dealing with a complaint
In first instance, speak to individal to hear issue. Listen & proposed formal response within 48 hours Proposed solution in writing Follow up week later to ensure client happy
116
What are Bye-Laws?
A law or rule governing the internal affairs of an organization. A secondary law. e.g. 1. Definitions set out by RICS 2. Membership & registration 3. Designations 4. Contributions to Funds 5. Conduct 6. Governing council, officers & staff 7. Subordinate boards, officers & staff 8. Procedure for general meetings 9. Accounts & Audit 10. General
117
What needs to be in place if a business is to cease trading?
PII run off cover Return any client money Hold client files for min 6 years Hand over work to another company to ensure continuity of work
118
What is test for bribery?
Would a reasonable person in UK deem actions reasonable and proportionate
119
What would you do if you suspected money laundering?
1. Report to line manager /money laundering officer 2. National crime agency and complete a suspicious activity report (SAR)
120
What must a regulated firm have in place to comply with the RICS bribery PS?
1. Not to offer or accept (directly or indirectly) a bribe 2. Have plans in place to comply with bribery & corruption laws & ensure followed 3. Report any activities of breach 4. Act with due dilligence & evaluate risks that face company 5. Retain information noting how company met requirements of this PS.
121
In relation to bribery & corruption what must a RICS member do ?
1. Not offer /accept a bribe 2. Knowledge of bribery & corruption to comply with PS 3. Report any breaches
122
What sort of things must a regulated firm do in relation to money laundering & terrorism financing?
1. Not facilitate or be complicit 2. Have training in place 3. Report suspicions 4. Understand client and purpose of transactions 5. Verify client & basic identity checks 6. Record & retain how firm met the req of RICS PS
123
What must a member do in relation to money laundering & financing terrorism?
1. Not facilitate to be complicit in money laundering / financing terrorism 2. Report suspicions
124
In relation to bribery, corruption, money laundering & financing terrorism - what guidance does RICS provide & what sort of practical things can a company put in place?
Witten policy Encourage transparency for gifts & hospitality, charitable donations, COI Provide training & guidance to staff Code of behaviour for staff Ensure any third party suppliers also compliant Whistle blowing policy
125
What are the minimum requirements for PII ( As per RICS guidance April 2021)
Minimum wording (written on a full civil liability basis) Run off cover Have fire cover (cannot exclude buildings 4 storeys & under) Fully retroactive Cover past and present employees
126
What is the difference between Professional integrity & Professional ethics?
a. Prof integrity – what we do – open honesty & transparency b. Prof ethics – how we behave & framework of how we act
127
How does the RICS promote sustainability?
a. RICS SKA rating for internal fitouts b. Sustainability reports c. ICMS d. New rules for firms/ members1.
128
What would you do if you suspect money mishandling within your business?
a. Report to senior manager / compliance officer b. Notify PII or police

Ethics, Rules of Conduct & Professionalism (6 decks)

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