Ethics Flashcards by sushmita sen

What are the 7 rules RICS regulated firms must follow?

Complaints handling procedure - have an ADR provider which is regulated by RICS and a complaints log.
PII - all previous and current work is covered.
if there is a sole principle arrangements need to be in place so work can carry on if they are ill/ dead/ absent.
cooperate with RICS
Provide all information to the standards and regulation board. or those carrying out the work.
State that they are regulated by the RICS on all business literature.
report all matters that they are required to report under the ‘ Rules for registered Firms’

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Give 2 reasons why the RICS developed the new Rules of conduct 2021

focusing on respect, diversity and inclusion - underpins all professional ethics.
understanding evolving technology. - highlights the benefits and risks of the evolving use of data and tech.
tackling global challenges - rules show that ethical practise is important for global challenges - eg sustainable development, climate change.
simpler structure - making it easier for members and public to understand the rules providing confidence for clients and the public.
clear examples - support members professional judgement so each rule has an example of how members and firms can behave to comply with the rule. (12 case studies showing real life examples)

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Give 2 reasons why the RICS developed the new Rules of conduct 2021?

focusing on respect, diversity and inclusion - underpins all professional ethics.
understanding evolving technology. - highlights the benefits and risks of the evolving use of data and tech.
tackling global challenges - rules show that ethical practise is important for global challenges - eg sustainable development, climate change.
simpler structure - making it easier for members and public to understand the rules providing confidence for clients and the public.
clear examples - support members professional judgement so each rule has an example of how members and firms can behave to comply with the rule. (12 case studies showing real life examples)

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What is the RICS Ethics Decision Tree?

provides a framework of questions which members should ask themselves when they are asked to act in a potentially unethical way.

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what is the RICS regulation confidential hotline?

offers assistance to members with any ethical issue.

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What are the 3 main roles of RICS?

Maintain highest standards of education and training.
To protect consumers through strict regulation of professional standards.
be the leading source of information and independent advice on land, property, construction, environmental issues (RICS 2015)

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How did the Bichard Review come to exist?

RICS internal governance failings

Alison Levitt QC carried out an independent review

then the RICS commissioned Lord Bichard to undertake a further review

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what are the 5 key themes is the Bichard Review delivering on?

Governance
people
culture
values
member service

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Examples of initiatives in the “package of support” announced in April 2023?

Some free CPD events
working with MATRICS

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What year was the Bichard Review?
And how many recommendations were in it?

2022
36 recommendations.

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what are the 7 key areas the recommendations from the Bichard Review focused on?

self regulation through increased regulation
increased focus on public interest. created a public interest panel to advise governing council.
increased focus on diversity and inclusion
greater support through regional boards and increased member engagement and younger member engagement.
once every 5 years the RICS undertakes a independent review of governance and effectiveness.
simplified, clearer governance structure
greater leadership on social issues eg sustainability, climate change

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5 benefits of being an RICS member?

Status - provide client confidence

Recognition - professional excellence to governments and markets.

Market advantage - RICS standards and status give you competitive advantage.

Knowledge - international practise standards, professional guidance, CPD and knowledge sharing.

Network - 125,000 professionals worldwide.

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RICS ‘Rules for the regulation of firms’ 2022
What are the requirements for regulation?

If 50% of principles in a UK surveying firm are RICS members - the firm needs to be regulated. and if it has 25% the firm can apply to be regulated.

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What is a ‘Responsible Principle’?
What is the role of ‘Responsible Principle’?

Responsible Principle - each regulated firm must nominate one

They need to ensure that all reasonable steps are taken and systems are in place to ensure compliance with regulatory and RICS requirements.

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7 Pieces of information required by the RICS for registration?

Type of business and staffing details.
name of responsible principle
Statutory regulated activities - such as for financial services.
Nature of clients.
Complaints handling procedure details and records.
PPI
whether the firm holds Client Money

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When were the RICS Rules of Conduct published?

and when did they come into effect?

October 2021 - published

Feb 2022 - Effective

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3 mandatory professional obligations for
members?

comply with CPD requirements sets out by RICS

Cooperate with RICS

Provide information requested by the standards and regulation board. (or those doing it on their behalf)

What are the 5 Rules of Conduct?

Honest, act with integrity, comply with personal and RICS obligations.

maintain professional competency, ensures services are provided by people who have those expertise.

provide a good quality and diligent service.

treat others with respect and encourage diversity and inclusion.

act in public interest - take responsibility for actions, prevent harm and maintain public confidence in the profession.

what does the Standards and regulatory board do?

responsible for regulating the surveying profession in order to protect the public and confidence in the profession.

3 ways a disciplinary procedure could be triggered?

Someone complains to the RICS

an allegation by a client or third party

information received or established by the RICS

Name the 3 levels of disciplinary action

Action by Head of Regulation
Disciplinary panel (drawn from the independence regulatory tribunal)
Appeal Panel

Disciplinary action - what does the initial investigation stage entail?

formal investigation by the head of regulation of the RICS
Head of regulation can initiate 1 of 4 actions upon completion of the investigation if they consider that disciplinary action is needed.

what are the 4 options the head of regulation can initiate?

(they can only do 1 out of the 4)

Disciplinary action

serve a fixed penalty notice.
make a regulatory compliance order.
refer the matter to a single member of the regulatory tribunal for consideration.
refer the matter directly to a disciplinary panel.

Disciplinary action

What is a fixed penalty?

procedure for breaches in the rules relating to only the supply of information to the RICS by firms and members.

These can be a fine or caution.

Disciplinary procedures what does the "Regulatory decision making" - Version 4 Feb 2022. outline?

provides an outline of the regulatory approach by RICS of regulated members, non members and firms

Disciplinary procedures What does the RICS Regulatory Tribunal rules 2022 outline?

outlines the disciplinary process.

what types of questions are asked in the ethics decision tree?

legality, is it in line with the RICS rules of conduct? ULTIMATLY would you be content if this decision was made public?

what are regulatory compliance orders?

written document which states the terms upon which the member/ firm must take or stop taking certain action within a certain time period and an.... ......agreement to pay a fine

What circumstances are regulatory compliance orders given?

given for low level breaches - eg. minor breaches which can be easily corrected.

Give an example of issues covered within a regulatory compliance order?

non compliance with RICS Rules, including failing to undertake appropriate CPD, - this could lead to a fixed penalty and a Disciplinary Panel action resulting in expulsion.

When is a Disciplinary Panel used?

For more serious breaches of conduct.

when is a Disciplinary Panel required?

The Head of Regulation can consider that a hearing is required under the discipline rules

who makes up the membership of the Disciplinary Panel?

membership of a Disciplinary Panel includes lay members (non RICS members)

what penalties are available to a Regulatory Tribunal Disciplinary Panel? (7)

1. Issue a Regulatory compliance order 2. Reprimand 3. Fine 4. impose an unlimited amount of fine per breach but it must be proportionate to the offence. 5. impose conditions upon future continued RICS registration 6. Expulsion from membership / firm 7. require publication of the results of the hearing in the RICS Modus magazine, the RICS website, local newspaper where the firm/member is based.

What is an Appeal Panel?

appeal panels consider a members/firm appeal against its review of a decision relating to the disciplinary panel. they review the decision based on based past evidence presented and new evidence. the appeal panel can allow the appeal and change the out come of the penalty imposed by the disciplinary panel.

what members make up the appeal panel?

Lay members (non RICS members)

what does the 'Use of Social Media: Guidance for RICS members, 2021' set out?

importance of social media networks to firms/members reminds firms/members to have high standards of professional behaviour which is expected from RICS members. Rules of conduct protect the public and promote trust in the profession.

what would make the RICS likely to investigate concerns about social media posts?

bulling harassment dishonesty discrimination abusive / threating behaviour

what would make the RICS unlikely to investigate concerns about social media posts?

they remove the post when asked. professional and respectful language is used. posts which are critical of an organisation and its policies/performance rather than an individual.

can the RICS take disciplinary action if they deem a social media post may damage public confidence / trust in the proffesion?

yes