Ethics - Level 1 Flashcards
You talk about the Royal Charter - What is it?
Incorporated into Royal Charter -1881. An institution incorporated by Charter is, subject to the general law, generally self-regulating and not answerable to the Privy Council or the Privy Council Office in relation to the conduct of its internal affairs. The role of the Privy Council Office only extends to dealing with applications for new Charters and amendments to existing ones.
Can you tell me what the 5 rules of conduct are?
Rule 1 - Members and firms (M’s & F’s) must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS.
Rule 2 - M’s & F’s must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 3 - M’s & F’s must provide good quality and diligent service.
Rule 4 - M’s & F’s must treat others with respect and encourage diversity and inclusion.
Rule 5 - M’s & F’s must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence the profession.
How CPD should you undertake?
20 hours - 10 formal, 10 informal.
What are the mandatory obligations for members?
3 mandatory obligations - Members
- CPD
- Must cooperate with RICS
- Promptly provide all information reasonably requested by standards and regional boards.
What are the mandatory obligations for firms?
6 mandatory obligations - Firms
- Publish a Complaints Handling Proceedure with an ADR and maintain a complaints log
- Previous and current work covered by adequate P.I.
- Firms with a sole principal must make appropriate arrangements for their wok to be covered in their absence.
- Must cooperate
- As per standards and regulations.
- Must display on business literature that they are regulated by the RICS.
- Report to RICS any matters required to under Rules for Registration of Firms
Can you tell me what a conflict of interest is?
Within the new guidance, the RICS defines a conflict of interest as ‘where an agent acts for clients who have competing interests, or where an agent’s personal interest conflicts with that/those of their client’.
Conflicts Of Interest - Professional statement so Mandatory.
What is a Party Conflict?
Party Conflict - Acting in the interest of a client conflicts with a duty owed to act for another client on the same job.
What is an Own Interest Conflict?
Own Interest Conflict - Acting in the interest of a client conflicts with your own interests on the same job
What is a Confidential Information Conflict?
Confidential Information Conflict - A job requires you to provide information to a client, when you have a duty to another client to keep that information confidential.
What is an information barrier and how do you create one?
Information Barrier - physical and/or electronic separation of people with same firm to prevent confidential information passing between them.
What is informed consent?
Informed Consent - consent willing given by client where conflict exists and they show they understand the conflict could affect act fully in their interest.
