Ethics, Rules of Conduct and Professionalism Flashcards
When was the RICS founded?
1868
How many RICS members are there?
Currently over 134,000 qualified members
What are the 4 levels of RICS membership?
FRICS
MRICS
AssocRICS
Trainee/Student
ADD Current Governance structure
Who is the RICS accountable to?
It is accountable to both its members and the public
What are the 3 main roles of the RICS
1) To maintain the highest standards of education and training
2) To protect consumers through strict regulation of professional standards
3) To be the leading source of information and independent advice on land, property, construction and associated environmental issues
What were the 7 key recommendation from the Bichard Review (June 2022)
1) Renewed and increased focus on the public interest remit of RICS
2) Maintaining self-regulation
3) Increased focus on Diversity & Inclusion
4) Empowering and enabling members
5) Undertaking an independent review of RICS’ governance and effectiveness at delivering against its charter
6) A new simplified, clear, accountable governance structure
7) Showing greater leadership on issues that matter most to society (e.g. sustainability & climate).
What are the 5 benefits of being a member of the RICS?
Status - gives client confidence
Recognition - promotion of professional excellence to govs and markets
Market Advantage - access to RICS standards and status gives competitive adv.
Knowledge - gained through CPD, standards and guidance
Network - access to over 134,000 profs worldwide.
How do RICS standards ensure consumer proctection?
What are the RICS’ three benefits of regulation for firms? (CPS)
Confidence - for clients knowing frims are regulated
Professionalism - firms have to provide clear, impartial and expert advice
Security - Firms have to have recognised complaints procedure, access to free independent redress and PII cover
REQUIREMENTS FOR REGISTRTION
When were the new Rules of Conduct published and when did they come into effect?
Published - October 2021
Effective - 2nd February 2022
RICS Rules of Conduct - Rule 1
Members and Firms must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS.
RICS Rules of Conduct - Rule 2
Members and Firms must maintain their professional competency and ensure that services are provided by comptent individuals who have necessary expertise
RICS Rules of Conduct - Rule 3
Members and firms must provide good quality and diligent service
RICS Rules of Conduct - Rule 4
Members and firms must treat others with respect and encourage diversity and inclusion
RICS Rules of Conduct - Rule 5
Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in their profession
Examples behaviours of each rule - THESE ARE PUBLISHED WITH THE RULES
What are the 3 professional obligations that members must abide by?
1) Comply with CPD requirements set by the RICS
2) Cooperate with the RICS
3) Promptly provide all information reasonably requested by the Standards and Regulation Board
What does the RICS stand for?
The Royal INSTITUTION of Chartered Surveyors
What are the obligations of an RICS-regulated firm?
7 obligations ADDDD
Why did the RICS develop the new Rules of Conduct?
- A simpler structure. To make it easier for members and firms to understand.
- OTHERS ADDDDDD
DISCIPLINARY PROCEDURES
SOCIAL MEDIA
Can you give an example of a Professional Statement?
- Conflicts of Interest, Global, 2017
- Service Charges in Commercial Property, 2018
- ADD OTHERS
Can you give an example of a Guidance Note
- Japanese Knotweed and residential property, 2022
- Valuation of development property, 2019
- Surveying Safely, 2018
-ADD OTHERS
Where does the RICS stand on Fee Negotiations?
Firms should avoid price fixing, aggressive fee cutting or collusion with competitors
Why might you decline an Instruction?
- There is a conflict of interest
- Professional Indemnity Insurance Liability Cap cannot be agreed
- You are not competent to undertake the work
- Client is included in a UK Government sanctioned list
Can you give an example of when a conflict of interest has been managed within your firm?
Battersea??
Confidentiality
where would you find RICS information on Complaints Handling Procedure
RICS Guidance Note on Complaints Handling, 2018
LOTS MORE ON COMPLAINTS
What are the 4 requirements of Continuing Professional Development?
1) Member shall undertake a minimum of 20 hours CPD per annum
2) of the 20 hours, at least 10 must be formal CPD
3) All members must maintain a relevant and current understanding of the RICS Rules of Conduct, during a rolling 3 year period
4) All members must record their CPD activity using the RICS CPD Management System available online.
What is Formal CPD?
All forms of structured learning, that has clear objectives and outcomes
E.g. structured online training, Courses, Seminars, and self- managed learning that can be assessed by an expert third party
What is Informal CPD?
Any self-managed learning that is relevant or related to your professional role.
EG….. ADD
What is the minimum level of Professional Indemnity Insurance required for a firm with a turnover of £100,000 or less (in the preceding year)?
£250,000
What is the minimum level of Professional Indemnity Insurance required for a firm with a turnover of £100,001 to £200,000 (in the preceding year)?
£500,000
What is the minimum level of Professional Indemnity Insurance required for a firm with a turnover of £200,001 or more (in the preceding year)?
£1,000,000
Maximum Level of uninsured excess???? ADD
ADD
Further details and QUESTIONS OF PII TO ADD
NEGLIGENCE
HANDLING OF CLIENTS MONEY
STARTING A NEW PRACTICE
