Ethics, Rules of Conduct and Professionalism

Question 1

When did the new Rules of Conduct come in to force?

Answer 1

02 February 2022

Question 2

What did the new Rules of Conduct replace?

Answer 2

1. The old Rules of Conduct for Members
2. The old Rules of Conduct for Firms
3. The Global Ethical and Professional Principles

Question 3

Who needs to comply with the new Rules of Conduct?

Answer 3

Members and Firms, although some behaviours only apply to members OR firms.

Question 4

How many rules of Conduct are there?

Answer 4

5

Question 5

What is the difference between Rules and behaviours?

Answer 5

There are 5 rules, and behaviours are examples within those rules (they are not extra rules!)

Question 6

What is Rule 1?

Answer 6

(Honesty, integrity and professional obligations)

Members and firms must be honest, act with integrity and comply with their professional obligations to the RICS

Question 7

What is Rule 2?

Answer 7

(Maintaining competence and providing competent services)

Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise

Question 8

What is Rule 3?

Answer 8

(Good quality service and diligence)

Members and firms must provide good quality and diligent service

Question 9

What is Rule 4?

Answer 9

(Treat people with respect)

Members and firms must treat others with respect and encourage diversity and inclusion

Question 10

What is Rule 5?

Answer 10

(Public interest, responsibility preventing harm and maintaining confidence)

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

Question 11

What does Appendix A detail?

Answer 11

Professional Obligations to the RICS that members and firms agree to when they join

Question 12

What are some examples of professional obligations detailed within Appendix A?

Answer 12

1. Members and firms must cooperate with the RICS
2. Firms must have a complaint handling procedure
3. Firms must have adequate professional indemnity insurance

Question 13

What is a Conflict of Interest?

Answer 13

It is a situation where my duty to someone is potentially compromised by the fact you have a material interest at stake in the matter

Question 14

What are the three types of Conflict of Interest as defined by the RICS?

Answer 14

1. Party conflict
2. Own interest conflict
3. Confidential information conflict

Question 15

What is party conflict?

Answer 15

A situation where the duty of an RICS member or an RICS regulated firm appointed to act in the interests of a client or other party has a conflict with a duty owed to another client or party in relation to the same or related assignment.

Question 16

What is own interest conflict?

Answer 16

A situation in which the duty of an RICS member or RICS regulated firm appointed to act for a client, conflicts with the interests of that same RICS Member/Regulated firm.

Question 17

What is confidential information conflict?

Answer 17

A conflict between the duty of an RICS member to provide material information to one client, and the duty of that same RICS member to another client to keep that same information confidential.

Question 18

Can you act for a client despite a Conflict of Interest?

Answer 18

Yes but ONLY if certain specific conditions are satisfied:

1. All clients will gain if you act
2. Clients have given informed consent
3. Acting will not look bad
4. You will act objectively and diligently for each client
5. Acting is lawful
6. If proceeding, the decision must be kept under review and good records must be kept