Ethics, Professionalism and Rules of Conduct Flashcards
What are the RICS’s Principles of better regulations
Proportionality
Accountability
Consistency
Targeting
Transparency
What is rule One
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS
Members and firms must be h???, act with i??? and comply with their
professional obligations, including obligations to RICS
Members and firms must be honest, act with integrity and comply with their
professional obligations, including obligations to RICS
What is rule 2
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Members and firms must maintain their professional c….. and ensure
that services are provided by competent i……. who have the necessary
e………
Members and firms must maintain their professional competence and ensure
that services are provided by competent individuals who have the necessary
expertise.
What is rule 3
Members and firms must provide good-quality and diligent service.
Members and firms must provide g…….. and d……… service.
Members and firms must provide good-quality and diligent service.
What is rule 4
Members and firms must treat other with respect and encourage diversity and inclusion.
Members and firms must treat others with r……. and encourage d…….. and
i……..
Members and firms must treat others with respect and encourage diversity and
inclusion.
What is rule 5
Members and firms mist act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
Members and firms must act in the public interest, take responsibility for their
actions and act to prevent harm and maintain public confidence in the profession.
Members and firms must act in the p………… , take responsibility for their a……. and act to prevent h…… and maintain public c……… in the profession.
Why did the rules of conduct change?
Previous rules had been in place since 2007.
One single document to enable greater clarity
What should chartered members need to do on a annual basis
20 Hours CPD (10 of which are formal)
Members must cooperate with RICS
Must provide all information requested by the Standards and Regulation Board.
Why does the RICS have Rules of Conduct
To provide a framework
Important for the Institution and members.
Your brother in law is a chartered surveyor, you find out he is working outside of the rules of conduct. What do you do?
Verity the facts and remind him of his duties.
Inform the RICS specifying my relationship to the person and any corrective action my brother has put in place.
In the case of a breach of a rule of conduct, what is the procedure?
Not every shortcoming will rise to proceedings.
A formal investigation by the Head of Regulation of the RICS
RICS and request information or visit and inspect to investigate
Members must cooperate.
How can disciplinary proceedings be triggered
Complaint to the RICS
An Allegation by a client or third Party
Information received or established by the RICS.
What actions can be imposed after the end of the investigation stage
Fixed penalty
Consent order
Disciplinary panel.
What are fixed penalties
A fine by the RICS
What is a consent order
Written agreement by the RICS and a member or firm
Can require corrective actions or restrain them from taking certain actions for a period of time.
When is a disciplinary panel applicable?
More serious breaches of conduct
panel will usually be held in public
Burden of proof is on the RICS
Balance of probabilities approach.
What sort of breaches require a disciplinary panel?
Fraud, dishonesty, convection of a serious criminal offence, gross incompetence, misappropriation of a client money.
What procedures must you follow when starting up a new practice?
Obtain RICS starter pack
Inform RICS
Appoint contact officer
Prepare a complaints handling procedure
Obtain PI cover
Set up specific bank account for clients money
Abide by the Rules of Conduct.
What insurances would you need if you were starting up your own firm.
Professional Indemnity Insurance
Employers Liability
Public Liability
Buildings Insurance for an office or place of work.
What do registered firms have to send to the RICS annually?
Perform an annual return.
It states: type of business, staffing, nature of clients, training provisions, complaints handling and records, PI insurance and whether the firm holds clients money.
What processes do regulated firms need to put in place when handling clients money?
“Preserve the security of clients’ money which does not belong wholly to the company”
Set procedures must be in place to handle clients money.
What are the different types of clients money accounts
General accounts hold money for more than one client
Discrete accounts reference a single named client.
What is run off cover?
Insurance in place for when a surveyor or firm no longer exists.
No run off cover is a form of negligence.
What limitation periods are associated with underhand and deed forms of contract.
Executed as underhand = 6 years
Executed as deed = 12 years
What was the complaint handling procedure include? 
Processes must include a readiness mechanism
It must be clear, transparent and impartial
A record must be taken at the point of complaint
A complaint must be investigated within 28 days
PI must be informed
Must be two stage 
What do you do if you receive a letter of complaint? 
Except receipt of the letter and inform the complaint handling officer
Provide any additional information and ensure professional indemnity insurers is notified 
What is the clients money protection scheme
Money protection scheme operated by the RICS
What can I use to categories CPD
Use the RICS decision tree
What is the purpose of professional indemnity insurance
Provides financial cover in the event of a breach in professional duty (neglect, error or omission)
What benefit does it provide for professionals and clients
Professional is protected from financial loss
Client is able to recover financial loss
What are the main elements of a fee proposals
Terms and conditions
Scope of services
Exclusions
Assumptions
