Ethics Flashcards
What are the 5 Rules of Conduct?
- Members and firms must be honest and act with integrity and comply with personal obligations including obligations to the RICS
- Members and firms must maintain their professional competence and jobs must be undertaken by competent individuals with the necessary expertise
- Members and firms must provide a high quality and diligent service
- Members and firms must treat others with respect and encourage Diversity and Inclusion
- Members and firms must act in the public interest, take responsibility for the actions, act to do no harm and maintain public confidence in their profession
Why have the Rules of Conduct been updated?
To create a simpler, easier to understand structure.
To provide clear examples
To place more focus on diversity and inclusion
What are the key areas of the Bichard Review 2022?
- Renewed focus on acting in the public interest through amending the Royal Charter
- A more clear and accountable governance structure
- Self-regulation through more independence to regulatory functions
- Renewed focus on member engagement including more support to regional boards
- More focus on diversity and inclusion
- Independent review every 5 years to ensure the RICS is complying with the Royal Charter
- Take more leadership on global issues such as sustainability and climate change
What report preceded the Bichard Review?
The Levitt Review 2021
Examples of how you would use the Ethics Decision Tree to aid your decision on taking a job?
Do I have all the necessary information?
Is it legal?
Does it comply with the RICS Code of Conduct?
Would I be happy for this job to become public knowledge?
Tell me about the RICS Professional Statement on Money Laundering and bribery?
The RICS Professional Statement on Countering Bribery and Corruption, Money Laundering and Terrorist Financing (2019) sets out the mandatory requirements for RICS members and firms in relation to bribery, money laundering and terrorist financing
Tell me about the Governance Structure of the RICS
President of the RICS is Anne Gray
CEO is Justin Young
The RICS is bound by its Royal Charter
There are over 20 people on the Governing Council which runs the RICS, providing strategic and management direction
There are 17 specialist groups covering land, property and construction
What are the 3 main roles of the RICS?
- To maintain the highest standards of education and training
- To protect consumers through strict regulation of professional standards
- To be the leading source of information and independent advice on land, property, construction and associated environmental issues.
5 benefits of being an RICS Member?
1.Knowledge
2.Recognition
3.Status
4.Market Advantage
5. Network
Current number of RICS Members?
137,500
What do you have to do when starting a company and what information do you need to provide?
Let the RICS know by filling out a Firm Details form
Information needed:
1. Business type and staffing details
2. Name of Responsible Principal
3. Statutory Regulated Activities
4. Nature of Clients
5. Complaints handling procedures
6. Professional Indemnity Insurance
6. Handling client’s money
Who undertakes disciplinary procedures?
The Standards and Regulatory Board
What guidance is there for social media use? and what does it state
Use of social media: Guidance for RICS members 2021
RICS likely to investigate concerns about social media posts if they involve:
-Dishonesty
-Racism
-Discrimination
- Abusive or threatening behaviour
-Bullying or harassment
RICS is not likely to investigate:
- Posts that are critical of another organisation rather than individuals
What are the rules for calculating fees?
You must be competitive, cannot undercut
Must be transparent
Fees should be market-based
Avoid price fixing or collusion
What are the 3 types of conflict?
Personal Conflict -relating to a personal interest
Party Conflict - relating to work on the same or related instructions for 2 different parties
Confidential Information Conflict - relating to work between two parties that is confidential
What is the difference between conflict avoidance and conflict management
Conflict avoidance is when you do not accept the instruction
Conflict management - the instruction is accepted and steps are put in place to manage with, with written informed consent from both parties.