Ethics, Rules Of Conduct & Professionalism Flashcards
What is the meaning of the RICS Motto?
‘Est Modus in Rebus’
‘There is measure in all things’.
What is the Mission Statement of the RICS?
- To qualify and equip their members to offer the highest standards of professional service.
- To promote and enforce standards
- To lead solutions to the major challenges facing the built environment through professional expertise.
This mission highlights the RICS’s commitment to professional excellence in the built environment.
When was the RICS founded?
1868
The founding of RICS marks its long-standing presence in the field of professional standards.
How is the RICS Structured?
- Self-regulated and internally monitored, meaning it is not regulated by the Government or external parties.
- Bye Laws determine regulation
- Governing council manages strategy
- Regulatory board, audit committee, and management board execute strategy.
This structure ensures that RICS maintains its independence and adheres to its internal standards.
What are the RICS’ 5 Principles?
*Proportionality
*Accountability
*Consistency
*Targeting
*Transparency
What is the difference between RICS ethics and rules?
- Ethics are a set of moral values
- Rules of Conduct are a framework that we work to.
How many Global Professional and Ethical standards are there?
- Up until 1st February 2022 - 5
- From 2nd February 2022 - consolidated within the New Rules of Conduct 2022
What are the New Rules of Conduct?
Rule 1 - Be honest and act with integrity and comply with their professional obligations, including obligations to RICS.
Rule 2 - Maintain their professional competence and ensure that services are provided by competent individuals
Rule 3 - Provide good-quality and diligent service
Rule 4 - Must treat others with respect and encourage diversity and inclusion
Rule 5 - Act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession
Why did the previous Rules of Conduct Change?
- Previous rules in place since 2007
- A simpler structure
- Clearer examples
- Focus on respect, diversity and inclusion
- Understanding evolving technology
- Tackling global challenges
Talk us through your understanding of the Rules of Conduct changes?
- Replace several documents
- Developed to support members
- Reflect existing good practice
- Support members and firm understanding
- Apply to members and firms globally
What are the professional obligations of members?
- Must comply with CPD requirements (20 hours per calendar year, 10 of which formal)
- Cooperate with RICS
- Promptly provide all information requested by the Standards and Regulation Board
What are the professional obligations of firms?
- Must publish a complaints-handling procedure
- Ensure all previous and current professional work is covered by Professional Indemnity Insurance
- Make appropriate arrangements for their professional work to to continue in the event of incapacity, death, absence from or inability to work
- Cooperate with RICS
- Promptly provide all information requested by the Standards and Regulation Board
- Firms must display on their business literature a designation to denote that they are regulated by RICS
- Must report to RICS any matter required under the Rules for the Registration of Firms
Why does the RICS have Rules of Conduct?
- Provide a framework we can all work to and client knows they are getting a set level of service
- Useful guide for institutions and individual institution members.
You find out a member is working outside the RICS Rules of Conduct. What do you do?
- Verify facts and confront them, reminding of their duties as a member of RICS
- Inform RICS and specify my relationship to the person and any corrective action I believe is committed to put in place
In the case of a breach of a rule of conduct what is the procedure?
*Not every shortcoming gives rise to proceedings
* Formal investigation by Head of Regulation
* RICS can request information and/ or visit and inspect to investigate compliance
*Must cooperate fully with all enquiries
How can disciplinary proceeding be triggered?
- Someone complaining to RICS
- Allegation by a client or third party
- Information received or established by RICS
What three actions can be imposed after the end of the investigation stage?
- Fixed penalty
- Consent order
- Disciplinary panel
What are fixed penalties?
A fine by RICS
What are consent orders?
*Written agreement between RICS and a member/ firm concerning disciplinary issue
*Require the member/ firm to take certain corrective actions, or restrain them from taking certain actions for a specified period of time and potentially pay a fine.
When is a disciplinary panel applicable?
- More serious breaches of conduct
- Usually be held in public
- Burden of proof is on RICS
- Balance or probabilities will be adopted
What sort of breaches would expulsion be suitable for?
- Gross, persistent or willful failure t comply with RICS Rules of Conduct
- Fraud, dishonesty, conviction of a serious criminal offence, gross incompetence, deliberate discrimination, misappropriation of a client’s money.
What procedure must you follow if you are starting up a new practice?
- Contact RICS for guidance and obtain a company start up pack
- Inform RICS and register for regulation
- Appoint a contact officer for all RICS communication
- Prepare a Complaints Handling Procedure
- Obtain Professional Indemnity Insurance
- Abide by the RICS Rules of Conduct
- Use the designation ‘Regulated by RICS’ on all practice material.
Would you advertise your new company in the press?
Yes - as long as it is in a trustful and responsible manner in line with the Rules of Conduct
What insurance would you need if you were starting up your own firm?
- Professional Indemnity Insurance
- Employers Liability
- Public Liability
- Building’s Insurance of an office premises
