Ethics Flashcards
What are the rules of conduct?
Set core expectations for professional practice by members and firms.
Who do the rules of conduct apply to?
All members and firms regulated by the RICS (ByeLaw 5.1)
When are they effective from?
2nd February 2022
What are the five rules?
Rule 1 - Members and firms (M’s & F’s) must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS.
Rule 2 - M’s & F’s must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 3 - M’s & F’s must provide good quality and diligent service.
Rule 4 - M’s & F’s must treat others with respect and encourage diversity and inclusion.
Rule 5 - M’s & F’s must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence the profession.
Rule 1 Example? - Honest, act with integrity and comply with their professional obligations
I identify conflicts of interest prior to undertaking an instruction. For example I…
Rule 2 Example? - maintain their professional competence and ensure that services are provided by competent individuals
I was asked if we would be interested in tendering for project management work and advised them that we could not do this as outside knowledge, skills and resources.
I develop my knowledge and skills via CPD, keeping up with legislation and codes of practice such as the new RICS guidance note on Japanese Knotweed.
Rule 3 Example? Provide good quality and diligent service.
I contact applicants on a Level 2 Home Survey Standard to understand their needs and objectives and to explain scope of service we are offering. I’ll agree a time scale for the return of the report.
What is a royal charter?
Oldest form of sovereign incorporation (creation of legal entity). Today new charters are usually conferred on bodies such as professional institutions and charities working in the public interest, which are able to demonstrate financial stability and permanence, and pre-eminence in their field.
What is a bye law?
A by-law is a rule or law established by an organization or community to regulate itself, as allowed or provided for by some higher authority.
What is the role of the RICS?
Advancing the highest ethical and technical standards for professionals in land, property and the built environment. Protecting and providing benefits to consumers by enforcing standards and codes of best practice. Providing expert impartial advice to governments, business and the public.
Who is the current RICS president?
Richard Collins - Interim CEO
Clement Lau
Give one example of an RICS bye law?
Members must conduct themselves in a manner befitting membership of the RICS
What is self regulation?
RICS self-regulates, meaning that it operates within it’s own published regulatory framework, rather than being legislated by Government.
What do the new rules of conduct replace?
3 documents: Rules for firms, Rules for members, and Global ethical principles. In effect from Feb 2022.
What disciplinary actions can RICS take/impose?
For less serious offences a Regulatory Compliance Order to ensure future compliance. Can include fines, caution or conditions of membership. Serious offences may mean facing a disciplinary panel and can levy sanctions incl expulsion and costs.
