Ethics, Rules of Conduct and Professionalism Flashcards
When was the RICS founded?
1868
What are the 4 levels of Membership to the RICS?
- RICS Fellow (FRICS)
- Chartered Member (MRICS)
- Associate Member (AssocRICS)
- RICS Student
What is the principal role of the RICS?
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 (RICS, 2020)
It is accountable to both members and the public
It is involved in policy influence and political engagement
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)
What are the 5 benefits of being an RICS member?
SMARKN
- Status
- Market Advantage
- Recognition
- Knowledge
- Network
What are the 5 Future Foundations of the RICS following the 2021 Bichard Review?
- Vision - A natural and built environment that is sustainable, resilient and inclusive for all
- Mission - Inspire members, advance knowledge and uphold standards
- Strategic goals - lead and influence on sustainability
- Values - CIAP - Collaborative, Inclusive, Ambitious and Professional
- World Class Organisation
What are the 7 requirements for Registration at the RICS?
- Type of business and staffing details
- Name of the Responsible Principal
- Statutory regulated activities - such as for financial services
- Nature of clients
- Complaints handling procedure details and records
- Professional indemnity insurance details
- Whether the firm hold clients’ money
Registration Requirements: What is a ‘Responsible Principal’?
A nominated individual who is obliged to ensure all reasonable steps are taken and systems are in place to ensure compliance with the regulatory RICS requirements, including to report to the RICS
Registration Requirements: What does registration provide for clients?
A ‘gold standard’ of quality control
Registration Requirements: What structures 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 responds to disputes concerning firm registration?
The RICS Standards and Regulation Board
Rules of Conduct: Rule 1
Members and firms must be honest, act with integrity and comply with their professional obligations including obligations to the 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
Rules of Conduct: Rule 3
Members and firms must provide good-quality and diligent service
Rules of Conduct: Rule 4
Members and firms must treat others with respect and encourage diversity and inclusion
Rules of Conduct: Rule 5
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
Appendix A to the Rules of Conduct: RICS members must
1 - Comply with the CPD requirements
2 - Cooperate with the RICS
3 - Promptly provide all information reasonably requested by the Standards and Regulation board, or those exercising delegated authority on its behalf
Appendix A to the Rules of Conduct: RICS Regulated firms must
Number 1
Publish a complaint handling procedure which includes alternative dispute resolution providers (approved by the RICS)
Appendix A to the Rules of Conduct: RICS Regulated firms must
Number 3
If having a sole principal, make appropriate arrangements for their professional work to continue in the event of their incapacity
Appendix A to the Rules of Conduct: RICS Regulated firms must
Number 2
Ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity insurance approved by the RICS
Appendix A to the Rules of Conduct: RICS Regulated firms must
Number 4
Cooperate with the RICS
Appendix A to the Rules of Conduct: RICS Regulated firms must
Number 5
Promptly provide all information reasonably requested by the Standards and Regulation Board or those exercising delegated authority on its behalf
Appendix A to the Rules of Conduct: RICS Regulated firms must
Number 6
Display on their business literature in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS
Appendix A to the Rules of Conduct: RICS Regulated firms must
Number 7
