Example Behaviours Rule 1 Flashcards
What must members and firms demonstrate according to Rule 1?
Honesty, integrity, and compliance with professional obligations
This includes obligations to RICS.
What is one example of behaviour that members and firms should avoid?
Misleading others through actions or omissions
Members should not be complicit in others’ actions or omissions.
How should members and firms respond to gifts or hospitality?
They should not be influenced by others through gifts, work referrals, hospitality, or payment.
What must members and firms identify regarding conflicts of interest?
Actual or potential conflicts of interest
They should not provide advice where a conflict exists unless done according to RICS’ statement.
What processes must firms have in place regarding conflicts of interest?
Processes to identify conflicts of interest and keep records of decisions made about them.
How should members and firms provide advice in a professional context?
Honestly and objectively
Firms must check that this standard is being upheld.
What is required of members and firms regarding fees and services?
They must be open and transparent with their clients.
What must members and firms do to prevent others from being misled?
Act to prevent others from being misled about their professional opinion.
What is prohibited in terms of taking advantage of others?
Members and firms must not take unfair advantage of others.
What must members and firms do with confidential information?
Protect it and only use or disclose it with necessary consent or as permitted by law.
What must firms do to ensure clients’ money is handled properly?
Keep clients’ money safe and have appropriate accounting controls.
What regulations must members follow regarding client money?
Do not misuse client money and comply with controls to keep it safe.
What financial crimes must members and firms avoid facilitating?
Money laundering, tax evasion, bribery, and corruption.
What must firms implement to prevent financial crimes?
Effective processes to prevent directors, partners, or employees from engaging in financial crimes.
