Ethics - RICS Flashcards
What is the role of the RICS?
- Regulate and promote the profession
- Maintain the highest professional and educational standards
- Protect Clients through strict code of ethics and professional standard
- Provide impartial advice, analysis and guidance
What is the RICS motto?
Est Modus in Robus
There is measure in all things
When was the RICS founded?
1792 - Surveyors Club
1868 - First president elected
1881 - Royal Charter received by Queen Victoria
What is the Royal Charter?
Requires RICS to promote the usefulness of the profession for the advantage of the UK and globally
How many countries does the RICS operate in?
146 countries
How many members does the RICS have?
Over 130,000 members
Where is the RICS headquarters?
12 Great George Street, Parliament Square, London
What is the RICS governing structure?
Governing Council, then the RICS Board and Standards and Regulations Board.
Under the each Board there are 4 committees:
- RICS Board - Global members committee & 3 others
- Standards & Regulations Board - Qualifications and Assessments Committee & 3 others
What is the role of the Standards and Regulation Board?
Independently led and comprises of non-members and members. Reports to the Governing Council.
- Exclusive responsibility for exercising RICS’ regulatory functions, givernance ans structure
- Oversees the RICS’ professional standards, entry and admission to the profession, education and qualification standards
Who is the president of the RICS?
Nicholas Maclean (stepping in for Justin Sullivan who is participating as an expert witness in High Court proceedings)
Who is the president elect of the RICS?
Maureen Ehrenberg who is standing in for Nicholas Maclean
What are the four levels of membership?
Candidate - student undertaking APC studies
Associate (AssocRICS) - non-chartered member for technical staff
Memeber (MRICS) - Member
Fellow (FRICS) - Fellow. Chartership for 5 years and proof of significant contribution to the profession
What is RICS Matrics?
Division dedicated to next generation and students of the RICS to support learning and progress into the career
What is Lionheart?
Independent charity supporting RICS professionals and families.
Offers financial support, health and well-being support, legal advice
When is a firm required to register with the RICS?
- firm provides surveying services to the public
- firm is operating in Regulated Area A (United Kingdom)
- at least 50% of the firm’s principles are RICS members
What do firms need to be eligible to register?
- provides surveying services to the public
- at least 25% of the firm’s principles are RICS member
What are the requirements for a new firm registering with the RICS?
- Suitable level of insurance
- Pay registration and membership fees
- Have a locum in place
- Systems for handling Client money
- Provide staff training
- Have a complaints handling procedure
- Comply with professional obligations for firms
What is Modus?
Digital publication by RICS providing insight into the industry and built environment
What are the RICS Bye-Laws?
Constitutional documents which govern the RICS operations.
10 bye-laws in total, split into sub-sections.
Examples:
2. Membership and Registration (eligibility for the RICS)
3. Designations (the use of MRICs ands FRICS)
4. Contribution to Funds (membership fees)
5. Conduct
What is the Levitt Review?
An independent review to investigate treasury management and unfair treatment to those who raised concerns
What were the key objectives of the Levitt Review?
- To consider the way in which the internal report was commissioned, dealt with and any shortcomings
- Consider if shortcomings were a result failure of governance
- Make recommendations for the future
What were the conclusions of the Levitt Review?
- Sound governance principles were not followed
- Non-exec board members raised concers which were wrongly dismissed
- Lack of clarity around responsibilities of different RICS boards
What is the Bichard review and why was it commissioned?
Following the Levitt Review, commissioned to examine purpose, governance and strategy.
What was Lord Bichards remit?
- Aimed to clarift the purpose of RICS
- Make proposals on its governance structure and senior leadership
- Strategy of the institution
What are the key recommendations from the Bichard Review?
- Increased focus on diversity and inclusion
- Simplified governance structure
- Increased focus on the public remit
- Empowering members, incl younger generation
- Leadership on issues such as sustainability and climate change
What is the RICS regulation on social media accounts?
Use of Social Media - 2024 (Guidance)
Standards are expected to remain when communicating through social media
How do you act with integrity?
- Be trustworthy
- Be open and transparent
- Respect confidential information
- Not allowing bias
- Not taking advantage
How do you take responsbility?
- Be accountable for my actions
- Always act with skill, care and diligence
- Ensure complaint handling procedure is in place
How do you promote trust in the profession?
- Understanding how my actions affect others
- Fufill my professional obligations
- Act in a trustworthy manner
How do you maintain a high ethical standard?
- Follow advise by professional bodies
- Maintain CPD appropriate in their area of work
- Self-reflect on your own options
What is the ‘Black Book’?
Technical practice documents which covers all processes of a construction project life cycle
What are the new definitions for professional guidance?
Professional Standards and Practice Information
What do professional standards provide?
Mandatory requirements
What do practice information documents provide?
Supplementary guidance
