Ethics, rules of conduct and professionalism Flashcards
What are the Rules of Conduct for Firms and Members?
Rule 1 – Firms and member s must be honest and act with integrity and comply with their professional obligations, including those to RICS.
Rule 2 – Firms and members must act with professional competence and ensure services are provided by individual with the relevant expertise.
Rule 3 – Firms and members must provide good quality and diligent service.
Rule 4 – Firms and members must treat other with respect and encourage diversity and inclusion.
Rule 5 – Firms and members must act in the public interest, take responsibility for their actions and maintain public confidence in the profession.
What are the 3 Professional obligations for members?
- Comply with CPD requirements set by RICS
- Cooperate with RICS
- Provide all information reasonably requested by the standards and regulations board, or those exercising delegated authority.
What are the 7 Professional obligations for firms?
- Publish a complaint handling procedure, which includes details of an alternative dispute resolution provider approved by RICS and maintain a complaints log.
- Ensure all current and past work is covered by appropriate professional indemnity insurance, and meets the standards approved by RICS.
- Sole practitioners must ensure that there are appropriate arrangements for their professional work to continue in the event of their incapacity, death or absence from or inability to work.
- Firms must cooperate with RICS.
- Firms must promptly provide all information reasonably requested by the Standards and Regulation Board or those exercising delegated authority on their behalf.
- Firms must display on their business literature a designation to denote they are regulated by RICS.
- Firms must report to RICS on any matters that are required to report under the Rules for Regulation for Firms.
What is the Role of RICS?
- To maintain the highest standards of education and training
- To protect consumers through strict regulation of professional standards
- To be leading source of informational and independent advice on land, property, construction and associated environmental factors.
What are the benefits of being a member?
Status – professional credentials provide unrivalled client confidence.
Recognition – promotion of professional excellence to governments and markets.
Knowledge – International practice standards, professional guidance, CPD, knowledge.
Network – Access to a network of 130,000 professionals worldwide.
Market advantage – RICS status and standards gives you a competitive advantage.
What are the Principles of RICS Regulation for members and firms? (PACTT)
- Proportionality – penalty is proportional to the breach.
- Accountability – to all members and the public
- Consistency – treating all members the same
- Transparency – to all members, clients and the public
- Targeting – serious breaches
What are the benefits of registration for firms
- Client confidence
- Professionalism – firms must provide clear, impartial and expert advice.
- Security – firms have to have complaints handling, independent redress and PII.
Which firms should register?
Firms who provide surveying services to the public are required to register. If no RICS members, firms cannot register.
- If 50% of principles of a UK firm which provides surveying services are RICS members then it must be registered.
- If 25%, then can apply for registration.
What types of practice are there?
- A corporate body
- A partnership
- LLP
- Sole practioner
Define a ‘principle’ and a ‘Responsible Person’.
Principle – are directors, sole practioner, partners or board members (or equivalent) who act autonomously or without supervision of the firm.
Firms must appoint a ‘Responsible Principle’ who is obligated to ensure the firm complies with RICS Regulation & Requirements, including reporting to RICS
What six areas of information is required to be included in annual return to RICS?
- Nature of business and staffing details.
- Statutory regulated activities – such as financial regulation.
- Info on complaints handling and records.
- Nature of clients.
- PII certificates.
- If firm holds client money.
What are three levels of disciplinary action?
- Action by Head of Regulation
- Regularity Tribunal
- Appeal panel
What four actions can head of regulation initiate following their initial investigation?
- Serve fixed term penalty notice.
- Make a regulatory compliance order.
- CPD sanction.
- Refer the matter to the Disciplinary Panel for consideration under the disciplinary rules.
What penalties are available to the Disciplinary Panel?
- Issue compliance order
- Unlimited amount of fine per breach, must be proportionate.
- Impose condition upon future continued RICS registration.
- Expulsion from membership or removal of firm
- Require publication of results of hearing in Modus, RICS website and local newspaper.
