Ethics, Rules of Conduct and Professionalism Part 1: RICS Requirements Flashcards
Background: When was the RICS founded and where is it based ?
1868 in London. The head offices are 12 Great George Street, Parliament Square.
Background: When did the RICS obtain royal charter ?
Granted by Privy Council in 1881
What is the RICS Motto / What does it translate to ?
“est modus en rebus” - There is measure in all things
Background: What sets out the governance of the institution ?
RICS regulations and bye-laws
Background: How many members are there currently ? (Autumn 24)
140,000
Membership: What are the 4 levels of membership ?
FRICS
MRICS
AssocRICS
Trainee/Student
Role of RICS: What are the 3 main roles of the RICS ?
- To maintain the highest standards, of education and training
- To protect consumers through strict regulation of professional standards
- To be the leading source of information and independent advice on land, property, construction and associated environmental issues. (RICS 2015)
Governance Structure: How many members are in the Governing Council ?
Over 20, running the RICS providing management and strategic direction
Governance Structure: How is the RICS currently governed ?
Under the terms of its Royal Charter, by various internal councils and boards
Governance Structure: Who reports to the Governing Council ?
The Standards and Regulation Board and the Management Board
Governance Structure: How many specialist professional groups cover property, land and constructions ?
17
Each professional group has an elected board and is responsible for outlining standards of competence and practice.
Governance Structure: Who is the current chief executive officer ?
Justin Young
Governance Structure: Who is the RICS President Elect ?
Justin Sullivan FRICS
Governance Structure: (With effect from 1st January 2024) Who is the current president and chairs Governing Council ?
Tina Paillet FRICS
Membership: What are the Fellowship characteristics required to be met, to become a Fellow ? (4)
Five or more years at MRICS
A leadership role
Professional/technical achievement
Academic achievement or raising the profile of the RICS
Membership: To become a fellow what must you be able to provide ?
Evidence of the 4 fellowship characteristics
A portfolio of professional achievement supporting the application including CPD record
Role of RICS: (RICS, 2020)
“The Royal Institution of Chartered Surveyors promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure.”
Role of RICS: Is the RICS accountable to both members and the public ?
Yes
Role of RICS: What two things does the RICS involve itself with ?
Policy influence and Political engagement
What are the main benefits that RICS regulated firms could provide ?
Regulated firms:
- Confidence for clients
- Professionalism
- Security
What are the 5 benefits of being an RICS member ?
Status - Your professional credentials provide unrivaled client confidence
Recognition - Promotion of your professional excellence to governments and markets
Market Advantage - RICS status and standards gives you a competitive advantage
Knowledge - International practice standards, professional guidance, CPD & knowledge sharing
Network - Access to professionals worldwide
Vision is 1 of the 5 Future Foundations set out in November 2023 following the Bichard Review. What is the vision ?
A natural and built environment that is sustainable, resilient and inclusive for all.
Mission is 1 of the 5 Future Foundations set out in November 2023 following the Bichard Review. What are the 3 Mission points ?
Inspire Members
Advance Knowledge
Uphold standards
Strategic Goals is 1 of the 5 Future Foundations set out in November 2023 following the Bichard Review. What are the 4 goals ?
Lead and influence on sustainability
Attract a diverse next generation
Strengthen trust in the profession
Enhance member and value engagement
Values are 1 of the 5 Future Foundations set out in November 2023 following the Bichard Review. What are the 4 values ?
Professional
Collaborative
Inclusive
Ambitious
A World Class Organisation is 1 of the 5 Future Foundations set out in November 2023 following the Bichard Review. What is this ?
An efficient, effective and inspiring professional body that is easy to do business with
What are the 5 Future Foundations ? (RICS 2023)
Vision
Mission
Strategic Goals
Values
A world class organisation
Registration Requirements: Information required by the RICS for registration (7)
- Type of business and staffing details
- Name of the responsible principle
- Statutory regulated activities - such as financial services
- Nature of clients
- Complaints handling procedure
- Professional Indemnity insurance details
- Whether the firm holds clients’money
Registration Requirements: Why must firms providing surveying services to the public register for regulation ?
To ensure that there is a recognised quality bench mark for all firms. If there are no RICS members, a firm cannot register
Registration Requirements: What does registration provide for clients ?
A ‘gold standard’ of quality control
Registration Requirements: What can a practice be ?
A corporate body, a partnership, an LLP or a sole practitioner practice
Registration Requirements: According to RICS ‘Rules for the regulation of firms’ 2022 - What percentage of members within a practice requires mandatory RICS regulation ?
50%
Registration Requirements: According to RICS ‘Rules for the regulation of firms’ 2022 - What percentage of members within a practice can apply for RICS regulation ?
25%
Registration Requirements: According to RICS ‘Rules for the regulation of firms’ 2022 - Who are principles ?
Principles are sole practitioners, directors, partners or board members or someone who is able to at autonomously / without supervision of a firm
Registration Requirements: According to RICS ‘Rules for the regulation of firms’ 2022 - Who is the ‘responsible principle’ ?
A firm nominated staff member who is obliged to ensure all reasonable steps are taken and systems are in place to ensure compliance with regulatory and RICS requirements. Including to report to RICS as required.
Registration Requirements: According to RICS ‘Rules for the regulation of firms’ 2022 - Who responds to disputes concerning firm registration ?
The RICS Standards and Regulation Board
Registration Requirements: According to RICS ‘Rules for the regulation of firms’ 2022 - Where can Regulation details be found ?
The RICS website
Registration Requirements: According to RICS ‘Rules for the regulation of firms’ 2022 - Who can use the RICS logo ?
Only RICS members and registered firms can use the logo.
As of April 2020 there is a restriction to the use of the designation ‘Charted Surveyors’ by firms to the trading name only.
Rules of Conduct: After a period of consultation, when were the new rules published ?
October 2021
Rules of Conduct: When did the Rule of Conduct come into effect on a global basis ?
February 2022
Rules of Conduct: What documents did the new Rules of Conduct replace ?
Rules of Conduct for Members and Firms and the 5 Global Professional and Ethical Standards
Rules of Conduct: How many case studies support the Rules of Conduct ?
12
Rules of Conduct: In March 2024 what did the RICS update in the rules of conduct ?
New material providing guidance on Rule 4 in respect of Diversity, equity and inclusion
Rules of Conduct: Rule 1
Members and firms must be honest, act with integrity and comply with their personal obligations, including obligations to RICS
Rules of Conduct: Rule 2
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise