Ethics Flashcards
Name some rules that are different between members and firms?
Members: Info to RICS, Co-operation with RICS, Ethical Behaviour, Solvency.
Firms: CHP, Client money, Professional behaviour, PI,
What are the five principles for better regulation?
PACTT – Proportionality, Accountability, Consistency, Targeting & Transparency
What are the five ethical standards of the RICS?
STIRR – Standards, Trust, Integrity, Responsibility, Respect.
How would you go about creating your own Building Surveying firm?
Professional Indemnity, CHP, register with RICS, Competent principle, 25% RICS professionals.
How do firms appropriately handle Client money?
Different bank accounts, clearly labelled, three-way reconciliation
What is the RICS assigned risk pool?
For Firms that cannot achieve Professional Indemnity to minimum wording.
What is included within a company’s Annual Return to the RICS?
CHP log, CHP, details of work, general info, staff chartered,
How does the RICS discipline members?
Regulatory Tribunal rules -> Regulatory compliance order -> Referred to Regulatory Tribunal -> Disciplinary Panel Strip status, fixed fines
What is the structure of the RICS?
Privy Council -> Governing Council -> Audit, management, regulations
What is a Royal Charter?
Declaration signed by his or her majesty which grants legal personality to govern its own affairs.
What is the RICS motto?
Est Modus en Rebus – There is a measure in all things.
Who are the key people at RICS?
Kathleen Fontana
Clement Lau
Ann Grays
Sean Tompkins
How does the RICS maintain a high standard?
CPD
Disciplinary boards
RICS guidance notes
What is the Privy Council
The Privy Council acts as an independent decision-making body to the Queen that reports on the activity and performance of the RICS and other. The RICS’s bye-laws have to be ratified by the UK Government, through the Privy Council even if it approved by the majority of the Governing Council.
