Ethics Flashcards
What is the motto of the RICS?
“Modus est rebus
There is a measure in all things
“
What would I do if I accidentally sent sensitive information to a third party?
- Consider whether information is personal data protected by legislation or information deemed confidential by the Terms of Engagement
- Follow procedures to report breach, report to client and to regulators where necessary (data protection officer, manager)
- Identify what you could do differently to prevent it from happening next time
- Destroy confidential information that is sent to you
- Ask person who you sent it to to destroy it
What are the RICS Mandatory rules?
…
When was the RICS founded?
1868
When was the RICS’ Royal Charter granted?
1881
What sets out the governance of the RICS?
Regulations and bye-laws
What are the four levels of RICS memberships?
“1. FRICS
2. MRICS
3. AssocRICS
4. Trainee/Student”
How do you become a fellow of the RICS?
“Evidence of four Fellowship characteristics:
1. 5 or more years at MRICS
2. A leadership role
3. Professional/technical achievement
4. Academic achievement”
What is the Governance structure of the RICS?
“Internal councils/boards/and associations
- Governing council runs the RICS (21 seats plus 7 covering the presidential team)
- Regulatory Board/Management Board and committees report to Governing Council
- 17 specialist professional groups - each have an elected board “
Who is the Interim Chair of Governing Council?
Nick Maclean
Who is the interim Chief Executive Officer?
Richard Collins
Who is the current president?
Clement Lau (until 31st Dec 2022)
Who is the president elect?
Ann Gray (new president from 1st Jan 2023)
What is the RICS structure in the UK?
“4 National Associations
10 regional boards
Local Associations”
Why was the Levitt Review (2021) comissioned?
- Commissioned by the RICS in 2018 following a treasury management audit
- RICS had had to extend its overdraft facility by c£3 million due to inaccurate cashflow forecasting
- Treasury management audit offered a ‘no assurance verdict’ on RICS internal financial control procedures and following this the Levitt Report was commissioned as an independent review.
What is the three roles of the RICS?
“1. Maintain the highest standards of education and training
2. To protect consumers through strict regulation of professional standards
3. Leading source of information and independent advice on the built environment”
Who is the RICS accountable to?
Members and the public
What is the purpose of the Lord Bichard Review?
“1. Clarify purpose of RICS
2. Making recommendations on governing structure
3. Provide proposals for future culture and strategy of the RICS”
Following the Lord Bichard review who is the first Senior Independent Governor?
Lord Bichard
What on the 8th September did the RICS implement following the Lord Bichard review?
”- New composition of the governing council
- Election process for Governing Council Seats are to be reviewed
- The RICS president will chair the governing council for the duration of their term”
What are the five benefits of being an RICS member?
“1. Status
2. Recognition
3. Market Advantage
4. Knowledge
5. Network”
What are three benefits of regulation for firms? (CPS)
“1. Confidence for client’s
2. Professionalism
3. Security “
Does the RICS have have a guidance note for regulating firms
Yes - RICS ‘ Rules for the regulation of firms, 2019 (effective 1st April 2020)
What are the 6 areas of information required by RICS for registration?
“1. Type of business and staffing details
2. Statutory regulated activities
3. Nature of clients
4. Complaints handling procedures
5. Professional indemnity insurance details
6. Whether the firms holds client’s money”