Ethics, rules of conduct and professionalism Flashcards
When was the RICS founded?
1868
What is the role of the RICS?
To maintain highest standards of education and training
To protect consumers through regulation of professional standards
To be the leading source of information and independent advice on land, property, construction and environment.
When was the Bichard Review produced?
June 22
Why was the Bichard Review produced?
Following the initial failings found by the Levitt Review 2021
What were the 7 key areas in the Birchard Review?
- Renewed / increased focus on public interest
- Independant review of governance
- New, clear goverance structure
- Maintain self-regualtion
- Increase diversity and inclusion
- Greater support for regions
- Greater leadership in societal issues e.g. sustainability
What are the future foundations from the Bichard Review?
- Vision
- Mission
- Strategic Goals
- Values
- World Class Organisation
What are the five Rules of Conduct?
- Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS.
- 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 provide good quality and diligent service.
- Members and firms must treat others with respect and encourage diversity and inclusion.
- 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.
What are the five benefits of being a RICS member?
- Status - Professional credentials provide client confidence
- Recognition
- Market Advantage- RICS status and standards
- Knowledge- Internal practice standards, CPD & knowledge sharing
- Network - Access to professionals worldwide
What are the Values of the RICS?
Professional
Collaborative
Inclusive
Ambitious
What information is required by the RICS for registration?
- Type of business and staffing details
- Name of responsible Principle
- Statutory regulated activities
- Nature of clients
- Complaints handling procedure
- Professional indemnity insurance details
- Whether the firm holds clients money
When were the most recent rules of conduct produced?
October 2021, effective February 2022
What professional obligations do RICS members have to follow?
- Comply with CPD requirements
- Cooperate with the RICS
- Promptly provide all information reasonably requested by the Standards and Regulation Board
What is the RICS decision tree?
Provides a framework of questions which members should ask themselves when facing a situation in which they are asked to act in a potentially unethical manner
What offers assistance to members with any unethical issue?
RICS Regulation Confidential Hotline
What are the levels of disciplinary action?
- Action by the head of regulation
- Disciplinary panel
- Appeal panel
What are the purposes of ‘fixed penalties’?
Used for breaching of the rules relating only to the supply of information to the RICS by members or firms, may consist of a fine/ and or a caution
What outlines the regulatory approach for the RICS?
RICS Regulatory Decision Making, 2022 and the disciplinary process itself is set out in the RICS Regulatory Tribunal Rules 2022
What provides members with guidance on the use of social media?
Use of social media: Guidance for RICS members, 2021
What are the four levels of RICS membership?
- FRICS
- MRICS
- AssocRICS
- Trainee/Student
Who is the current President?
Tina Paillet FRICS, effective from Jan 2024, also chairs the governing council)
Who is the current CEO?
Justin Young (ex-KF)
What is the governing council?
Provides management and strategic direction, 20 members
Give an example of an RICS Practice Alert
Issued in July 2024 - Reminder to all members conducting valuation activities must join the Valour Registration Scheme (VRS) if it is mandatory in their country.
What is the difference between RICS Professional Standards and Practice Information?
Professional Standards are ‘set requirements or expectations for RICS members. They may include mandatory requirements, using language such as ‘must’.
Practice Information provides advice to support practice, knowledge and performance of RICS members, they can include good practice, information insights and processes.
