Ethics, rules of conduct and professionalism (Level 3) Flashcards
What is the Royal Charter?
- Awarded by Queen Victoria 1881 and requires the RICS to act in the public interest and promote the profession
What is the RICS motto?
Est Modus in Rebus - There is measure in all things.
What is the role of the RICS?
To regulate and promote the profession.
What is LionHeart?
An RICS charity to provide advice and support to members in need.
How does the RICS ensure improved quality standards?
Through the Rules of Conduct.
What are the RICS Rules of Conduct?
- Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to 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 firm 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 professional obligations to RICS for members?
- Members must comply with the CPD requirements set by RICS.
- Members must cooperate with RICS.
- Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
What are the professional obligations to RICS for firms?
- Firms must publish a complaints-handling procedure, which includes and alternative dispute resolution provider approved by RICS, and maintain a complaints log.
- Firms must ensure that all previous and current professional work is covered by adequate and appropriate PI cover that meets the standards approved by RICS.
- Firms with a sole principle must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, 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 its behalf.
- Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote they are regulated by RICS.
- Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
When is a Firm required to register for regulation by RICS?
A Firm is required to register for regulation by RICS if:
a - the Firm provides surveying services to the public
b - the Firm is operating in Regulated Area A
c - at least 50% of the Firm’s Principals are RICS Members
RICS Members who a Principals of a Firm required to register must take all reasonable steps in their power to ensure an appropriate application to register is made.
When is a Firm eligible to register for regulation by RICS?
A Firm is eligible to register for regulation by RICS if:
a - the Firm provides services to the public and
b - at least 25% of the Firm’s Principals are RICS Members
What would you do if you were offered a gift?
- I would act in accordance with RICS and T&T guidance
- consider who is giving the gift
- nature of the gift
- timing of the gift
- make a record of the gift and what action was taken
What is the Bribery Act and its main principles.
Bribery Act 2010 cover criminal law relating to bribery
6 principles are:
- Proportionality
- Top level commitment
- Risk assessment
- Due diligence
- Communication
- Monitoring and review
What are the four offences of bribery?
- Bribing another person
- Bribing a public official
- Allowing yourself to be bribed
- Failure as a business to prevent bribery
What is the minimum level of cover required under PI insurance for a firm?
Based on the firms turnover from the previous year:
up to £100k = £250k cover
£100k-£200k = £500k cover
above £200k = £1m cover
Must be fully retroactive.
What is run off cover?
Run-off cover covers a firm following the period where they cease to trade in the event a company is closed down and a claim is made against them. RICS requires firms to have a minimum of 6 years of run-off cover.
