Ethics Flashcards
Name the 5 Rules for Members & Firms
1- Honest and with Integrity. Members and Firms must comply with Professional Obligations
2- Maintain Professional Competence and ensure tasks are carried out by competent individuals.
3- Good Quality & Diligent Service
4- Treat others with respect and encourage diversity and inclusion
5- Act in public interest and take responsibility for actions
Who is the President of the RICS and when were they elected?
Clement Lau - September 2021
President elect and Vice president of RICS
Ann Gray & Tina Paillet
What is the RICS decision tree
A decision tree to assist in making the correct decisions when challenged by ethical dilemmas
What are the RICS standards of Conduct?
1- Rules of Conduct
2- Bribery, Corruption, Money Laundering and Terrorist financing
3- Conflicts of Interest
4- Client Money
5- Risk, Liability and Insurance
6- Client Relationships and Handling data
What are the PI requirements for firms
£100k or less - £250k
£101k - £200k - £500k
£201k+ - £1m
What is Run off cover and what are the requirements?
Designed to protect against claims if the business is no longer operating
Requirements are;
Consumer claims - £1m
Non-Consumer claims - Adequate
What does RICS stand for
Royal Institution of Chartered Surveyors
When was the RICS founded?
1868, in London
Name the RICS publications
- International standards
- Professional statements
- Code of practice
- Guidance notes
- Information papers
- Insights
- Consumer guides
- Research
What is the RICS structure
- Privy council
- Governing council
- Regulatory Tribunal
- Standards and Regulation Board
- Management Board
- Audit, Risk assurance and Finance committee
- Nominations and Remuneration Committee
- World Regional Boards and Market Advisory Panels
Why RICS?
RICS promotes and enforces the highest professional standard in my field as a QS. I believe my professional and ethical standard aligns with the RICS and joining the RICS would bring confidence to my clients and drive my career.
Other RICS basic facts
- Founded 1868
- Awarded Royal Charter in 1881
- c140k members
- Operates in c146 countries
Requirements for setting up a business
- Register with RICS - assess whether regulation by RICS required (over 50% MRICS (CHARTERED)
- PI
- Fee for registering schemes i.e client money
- Complaints handling procedure
- CPD for staff
- LOCOM?
How would you approach accepting gifts?
Would need to consider the following;
- Value
- Given to whom
- reasonable and proportionate (can reciprocate?)
- Proximity
- Firms gift policy
- Decline
What is a conflict of interest?
- An event which may impede your decision making and not act in the best interest for your client
- Party conflict, own conflict and confidential information conflict
What is the Royal Charter?
- Awarded in 1881 by Queen Victoria, to maintain and promote the usefulness of the profession for the public advantage.
Where is the RICS headquarters?
- Parliament Square, London.
What would you say the RICS is?
Through the respected global standards, leading professional progression and the trusted data and insight, RICS promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure. RICS’ work with others provides a foundation for confident markets, pioneers better places to live and work and is a force for positive social impact.
What current themes does Clement Lau FRICS RICS President promote?
- Sustainability
- Connecting with more members
What is the Role of the RICS?
- To Regulate and promote the profession.
- To Maintain the highest standards.
- Protect Clients and consumers through the strict code of ethics.
- Provide impartial advice and guidance.
What are the three market sectors of the RICS?
- Land.
- Property.
- Construction.