Ethics Flashcards
What are the RICS rules of conduct for Members & Firms?
“Effective Feb 2022
5 Rules (HC/ MS / QS / RD / Pi RAPc)
- M+F honest, act with integrity and comply with their professional obligations, including obligations to RICS.
- M+F maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
- M+F provide good-quality and diligent service.
- M+F treat others with respect and encourage diversity and inclusion.
- M+F act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
Provide some examples of Rule 1 for members + firms
- Members and firms do not mislead others by their actions or omissions, or by being complicit in the actions or omissions of others.
- M+F identify actual or potential conflicts of interest through professional assignment.
- Members and firms are open and transparent with clients about their fees and services.
Provide some examples of Rule 1 for Firms
”- Firms keep client money safe.
- Firms have a effective process to identify actual and potential conflicts of interest.”
Provide some examples of Rule 2 for members & firms
”- Members and firms only undertake work that they have the knowledge, skills and resources to carry out competently.
- Members identify development needs, plan and undertake continuing professional development (CPD) activities to address them and are able to demonstrate they have done so
- M+F stay up to date with relevant legislation, codes of practice and other professional relevant technical standards.”
Provide some examples of Rule 3 for members + firms
”- Members and firms understand clients’ needs and objectives before accepting any professional work.
- Members and firms communicate with clients and others clearly and in a way they can understand.
- M+F keep proper records of thier work and decisions to satisfy an audit.
- M+F encourage sustainable solutions that deliver balanced ESG benefits.”
Provide some examples of Rule 3 for firms
”- Firms inform clients they are regulated by RICS.
- Firms have effective quality assurance processes for their work.”
Provide some examples of Rule 4 for members + firms
”- Members and firms respect the rights of others and treat others with courtesy.
- Members and firms do not bully, victimise or harass anyone.
- Firms check supply chains do not involve modern slavery or abuse of workforce.”
Provide some examples of Rule 5 for members + firms
”- M+F question practices and decisions that they suspect are not right. Raise concerns with appropriate route.
- Members and firms respond to complaints made against them promptly, openly and professionally.
- M+F do not dissuade complainants from approaching ADR providers, RICs of other reg. body.
- Members and firms manage their professional finances responsibly.
- M+F take appropriate action when they consider rules have been breached.”
ROC: What professional obligations are mandatory to RICS Members?
“CCI
- Must comply with CPD requirements set out by RICS.
- Must cooperate with RICS.
- Must promptly provide all information reasonably requested by the Standards and Regulation Board.”
ROC: What professional obligations are mandatory to RICS-regulated firms?
“CPD CILR
- Firms must publish complaints-handling procedure, incl ADR provider approved by RICS and maintain a complaints log
- Must ensure all work is covered by PII and that cover meets standards approved by RICS.
- With a sole principal must make appropriate arrangements for the professional work to continue in the event of death.
- Must cooperate with RICS
- Must promptly provide all information reasonably requested by the Standards and Regulation Board.
- Must display their business literature in accordance with RICS published policy on designations.
- Must report to RICS any matter that they are required to report under the Rules for the Registration of Firms”
What are the Rules for the Registration of Firms?
“FRICE PROD DRLP
- Interpretation - definitions in the rules.
- Communication - how the RICS will communicate w/ firms.
- Firms are required to register for regulation by RICS.
- Identification of firm eligible to register for regulation.
- Registration of practice divisions
- Procedure for registration
- Responsible principal
- Obligations of registration.
- Deregistration.
- Review and appeal - durations for a review
- Limits for applications for registration and readmission.
- Publication of information on firms registration status.
- Fees - to the RICS & registration.”
What is meant by Ethics?
Ethics mean doing the right thing, even if it is not the easiest route to take
What are the principles of better regulation?
“PACTT
- Proportionality
- Accountability
- Consistency
- Targeting
- Transparency”
Why are the ethical standards important?
Create a clear and streamlined guide to members to ensure that clients and anyone else who deals with the RICS has confidence in the profession
What are the 5 RICS Professional and Ethical Standards:
“1. Act with Integrity
2. Act in a way that promotes trust within the profession
3. Always provide a high level of service
4. Take responsibility
5. Treat others with respect”
What is meant by ‘treat others with respect’?
Be courteous, polite and consider cultural sensitivities and business practices. Never discriminate, encourage the fair and respectful treatment of clients
What is meant by ‘act with integrity’?
“Being honest and trustworthy in all that I do
Transparent, respecting confidential information, not taking advantage of anyone, not allowing bias or pressures affect my judgement or obligations, not accepting gifts or hospitality that might suggest an improper obligation, acting in the interest of the public”
What is meant by ‘take responsibility’?
“Be accountable for my actions and don’t blame others if things go wrong.
Always act with skill, care and diligence, respond to complaints in the appropriate professional manner, prepare to question things that don’t seem right”
What is meant by ‘provide a high level of service’?
“Ensuring the best possible advice, support or performance is given to my clients
Be clear about the service being provided, act within my scope of competence, transparent about fees and any other costs or payments, communicate with clients in a way that allows them to make informed decisions”
What is meant by ‘promote trust within the profession’?
“Act in a manner, both in professional and private life, that promotes me and my firm in a positive way
Promote the highest standards globally, amending behaviour to suit others, fulfil obligations”
How would you define ethical behavior for a chartered surveyor?
Acting in accordance with the 5 RICS professional and ethical standards
What is the RICS Decision Tree?
Flowchart to help members decide how to act in difficult situations where their professional ethics may be at stake
What factors does the RICS Decision Tree consider?
SLIC IC
Sufficient facts
Legality
Impact if actions made public
Consultation of appropriate people
In line with rules of conduct
Clear reasoning
Give some examples of how you reflect the RICS ethical standards in your work.
“Goldman Sachs - visibility of competition and COI
Undertaking CPD
Taking the time to explain cost updates to stakeholder not familiar with construction.”