Ethics Flashcards
What is the RICS motto & what does it mean?
‘Est Modus in rebus’ which means ‘There is measure in all things
What is the mission statement of the RICS?
-To equip their members to offer the highest standard of proffessional service
-To promote and enforce standards
-To lead solutions to major challenges faced by the industry
When was the RICS founded?
1868
How is the RICS structured?
- Privy council -awards grants & royal charter
- Governing council - manage the strategy for the rics
3-Regulatory board, management board & audit commitee- execute strategy
What are the RICS 5 principles of better regulation?
-proportionality
-Accountability
- Consistency
-Targeting
Transparency
What are ethics?
Moral values
What is rule 1 of the New rules of conduct?
Members and firms are to be honest and act with integrity, and comply with their professional obligations, including obligations to the RICS.
What is rule 2 of the New rules of conduct?
Members and firms are to maintain thei professional competence and ensure that services are provided by competent individuals who have the knowledge and experience.
What is rule 3 of the New rules of conduct?
Members and firms must provide a good quality and diligent service
What is rule 4 of the New rules of conduct?
Members and firms must treat others with respect and encourage diversity and inclusion
What is rule 5 of the New rules of conduct?
Members and firms must act in the public interest and take responsibility for their actions. They must act to prevent harm and maintain public confidence in the profession.
When did the rules of conduct change?
2nd February 2022
Why did the rules change?
They had been in place since 2007, Members voted to create one single document, now a greater focus on evolving technology and tackling climate change.
What are the professional obligations of members?
Comply with CPD requirements (20 hours, 10 to be formal) Must cooperate with RICS, Must provide all information reasonably requested by the standards and regulation board.
What are the professional obligations of firms?
-Must publish a complaints handling procedure, which includes and alternative dispute resolution provider approved by RICS and maintain a complaints log.
-All previous and current professional work is covered by professional indemnity policy
-Firms witha sole principal must make arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
-Must cooperate with RICS
-Must provide any inforamtion reasonably requested by the standard adn regulations board
-Must display they are regulated by the RICS
-Must report any matter as required by the rules for the registration of firms
What are the steps of the ethics decision tree?
- Do you have sufficient facts
-Is it legal
-Does it comply with the rules of conduct?
Have you condulted the appropriate people?
Do you have clear reasoning?
Would you be content for your actions to be made public?
Why does the RICS have rules of conduct?
To provide a frameworkthat we can all work toand so the client knows he is getting a set level of service
-As well as being an important tool for the institution, the rules of conduct are also a useful professional guide for individual institution members.
In the case of a breach of a rule of conduct what is the procedure?
-Not every shortcoming will neccesarily give rise to proceedings
-A formal investigation by the Head of regulation
-RICS can request information and nvestigate compliance
-members must cooperate fully with any enquireies
How can a disciplinary proceeding be triggered?
Someone complaining to the RICS
An allegation by a client or third party
Information recieved or established by the RICS
What are the three actions that can be imposed after the investigation stage?
-fixed penalty
-consent order
-Disciplinary panel
What are fixed penalties?
A fine set by the RICS
What are consent orders?
A written agreement between the RICS and a memeber containing corrective actions and restrictions from taking certain actions.
When is a disciplinary panel applicable?
More serious breaches of conduct, usually held in public, a balance of probabilities is used.
What breaches would explusion be suitbale for?
persistent failure to comply with RICS rules of conduct, Fraud, Dishonesty, conviction of a serious criminal offence, gross incompetence, deliberate discrimination, missappropriation of a clients money.