Ethics Rules of Conduct & Professionalism: RICS Requirements Flashcards
When was the RICS founded?
1868
When was the RICS Charter granted?
1881
What are the four levels of Membership?
- FRICS
- MRICS
- ASSOC RICS
- STUDENT
RICS Governance Structure
1.Governed under terms of Royal Charter
2. Governing Council
3. 17 Specialist Groups
4. CEO - Justin Young
5. President - Nicholas Maclean (acting)
The three MAIN rules of the RICS
- Maintain the highest standards of education and training.
- To protect consumers through strict regulation.
- To be a leading source of information and independent advice on land, property and construction and associated environmental issues.
What was the Bichard Review?
- Clarify the purpose of the RICS
- Responsibility of the RICS to act for public advantage
- Give recommendations on its governing structure
- Provide proposals for incoming leadership
- Governing body to provide proposals for the future strategy and culture of the institution
Following the internal governance failings of the RICS undertaken by Allison Levitt QC.
Outcomes of the Birchard Review?
- The RICS will adopt all recommendation made
- Deliver member led interest and the 5 key themes = Strategy, People, culture and values and Member Service.
- Better reflect the geographical location and disciplines of members
- Increased focus on Diversity, Equality, and Inclusion
- Drive member experience- CPD, Matrics events
Bichard Review (7 Key Areas)
- Renewed interest focus with a public panel advising the governing council
- Maintain self regulation through greater independence for regulatory functions
3 Increased focus on diversity and inclusion - Empowering members with a greater support for regional boards
- Review of governance against its charter every 5 years
- New simplified, accountable governance structure
- Showing greater leadership on matters that are important, such as D&I, sustainability and climate change
5 Benefits of being an RICS member
- Status
- Recognition
- Market Advantage
- Network
- Knowledge
The RICS Future Foundations objectives
- Vision
- Mission
- Strategic Goals
- Values
- A world class organization
Requirements for RICS regulation
1, If their are no RICS members a firm cannot register
2. Firms must give a return to the RICS
3. A practice can be a corporate body, partnership or LLP.
4. Each firm must have a ‘responsible principle’
Information required by the RICS for Regulation
- Type of Business and Staffing details
- Name of responsible principle
- Statutory regulated activities
- Nature of clients
- Complaints handling procedure
- PI cover
- Whether the firm holds clients money
Rules of Conduct 2021
- New rules published in 2021
- Effective from 2022
- Apply to both members and firms
- Supported by 12 Supporting case studies
Rule 1
Members and Firms must be honest and act with integrity and comply with their personal obligations, including obligations to the RICS.
Rule 2
Members and firms must maintain their professional competency and ensure that services are provided by competent individuals who have the nesscary expertise.
Rule 3
Members and firms must provide a good quality and diligent service.
Rule 4
Members and firms must treat others with respect and encourage diversity and inclusion.
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.
RICS Members Professional Obligations
- CPD must be kept up to date
- Cooperate with the RICS
- Provide information required to the Standards and Regulations board
RICS Firms Must
- Have a complaints handling procedure
- Ensure that all previous and current works is covered by an appropriate cover
- Cooperate with the RICS
- Provide information when requested
- Business Literature in-line with RICS
6 . Report any matter that they are required to report under the Rules for Registration of firms
Reasons for Developing the Rules of Conduct 2021
- A more simple structure for members and firms to understand
- Clear examples - We want to support members professional judgement so each Rule is Illustrated with examples of how members and firms can behave to comply with the rules.
- A focus on respect, D&I, tackling modern slavery, respect and courtesy underpin all our professional practices.
- Understanding global tech - The rules highlight the importance of understand evolving technology and their associated risks and benefits
- Tackling global challenges - RICS has a duty to act ethically and an important role when it comes to global challenges.
RICS Decision Tree
- Provides a framework of questions members should ask when faced by a an unethical situation/question.
- Encourages one to consider the legality of ones decisions
- Ultimate test (would you be content for actions to be made public).
What are the three levels of RICS disciplinary Action
- Action by Head of Regulation
- Disciplinary Panel
- Appeal Panel
Disciplinary actions by Head of Regulation
- Serve a Fixed Penalty notice
- Make a regulatory compliance order
- Refer mater to tribunal
- Refer matter to Disciplinary Panel
