Level 3 - Ethics, Structure of RICS Flashcards
Who are RICS?
Global leading professional body promoting the highest standards in the property industry
Gold standard of professional regulation
What happened in 1868?
John Clutton was elected the first president of the Institution of Surveyors and RICS founded
When was RICS founded and by Who?
1868 founded by John Clutton
When was RICS incorporated by Royal Charter?
Privy Council granted this to RICS in 1881
Granted by the Queen, a prestigious way of acquiring legal personality and reflects the high status of that body (i.e. RICS)
What did the Royal Charter enable RICS to do?
A patent granting right of power to an individual / corporate body (in this case RICS)
It defines its objectives, constitution and powers to govern its own affairs
What regulations and laws govern the RICS?
What are the 5 principles of better regulation?
RICS = self-regulated
Not regulated by Government - RICS only complies with government legislation.
Set of RICS Regulations and Bye-Laws
5 principles of better regulation (TPACT) - transparent, proportional, accountable, consistent and targeted
What are the functions of RICS?
Consumer protection
Influence policy
Set standards
Accredit professionals
Quality assurance
What are the benefits of being regulated by RICS?
Ultimately all items leads to the protecting the consumer, as members are expected:
To be committed to the highest standards;
To have an ethical approach;
To have adequate PII;
To have proper procedures when it comes to dealing with CH and CM;
To be committed to professional training
Who is the CEO (Executive Team)?
Richard Collins (interim CEO)
Who is the RICS President (Presidential Team)?
Clement Lau
Who is the President Elect (Presidential Team)?
Ann Gray FRICS
Who is the Senior Vice President (Presidential Team)?
Tina Pailliet FRICS
What is the RICS London HQ address?
Parliament Square, 12 Great George St, Westminster, London SW1P 3AD
How many countries does RICS operate in?
146 countries
How many members are a part of RICS?
140,000 members
What are the 3 market sectors covered by RICS?
Land
Property
Construction
What are the main RICS membership types?
RICS Student / Trainee
Chartered Member (MRICS)
Associate Member (AssocRICS)
Fellowship Member (FRICS)
What is the role of the RICS?
Regulate the profession
Maintain highest educational and professional standards
Promote the profession
Protect clients and consumers through a strict code of ethics
Provide impartial advice, analysis and guidance
What does the RICS do?
Promotes the highest professional standards in the development and management of land, real estate, construction and infrastructure sectors.
Main a high standard of education and training.
Protect consumers through regulation of Professional Standards.
What is the RICS mantra?
“There is measure in all things”
Who is RICS accountable to?
RICS Members
The Public
Why do you want to become a RICS chartered surveyor?
Become part of one of the most respected organisations for professionals involved in land, real estate, construction and infrastructure sectors.
Chartership is recognised globally, enabling me to work internationally via a transferable skill set.
What are the benefits of being a RICS member?
- Develop your expertise and earning potential
- Build a global professional network
- Enhance your skills and employability
- Demonstrate higher professional and ethical standards
What are the current challenges facing RICS?
The impact of big data and artificial intelligence (transparency and reliability of data)
Climate change (sustainability)
COVID-19
Loss of institutional trust
Where did the RICS 7 Pillars come from?
Part of RICS Futures: Planning for the Future, which is based around 7 pillars
What are the RICS 7 Pillars?
o Pillar 1: Thinking ahead o Pillar 2: Leadership and Inspiration o Pillar 3: Sustainability o Pillar 4: Multidisciplinarity and Lifelong learning o Pillar 5: Networks and Collaboration o Pillar 6: Technology o Pillar 7: Ethics, Values and Standards
What are some recent RICS initiatives?
COVID Response Hub
Oct 2021 - new standards of conduct Feb 2022
What is the structure of RICS?
- Privy Council (top)
- Governing Council
3. Standards and Regulation Board* Management Board* Audit Committee* Regulatory Tribunal* Nominations Committee Presidential Nominations Committee
What is the function of the Privy Council?
Forms the Bye-laws.
Changes to the RICS constitution have to be sanctioned by the UK Government and monitored by the Privacy Council.
What is the function of the Governing Council?
The main governing body and is chaired by the President
Sets out an overall strategy for RICS in line with the Byelaws.
Council meets 3 times / year and new president elected each year
What is the function of the Standards and Regulation Board?
Responsibility for strategy, policy and oversight of RICS standards
Oversees entry and admission to the profession and regulatory functions of RICS
Board is comprised of non-members (independent) and members of RICS
Reports to Governing Council.
What is the function of the Audit Committee?
Appoints professional auditors (non-members and RICS members)
Monitors:
- integrity and effectiveness of financial reporting
- internal control and risk management systems
- fraud and Raising Concerns policies
Operates independently of Governing Council, Management Board and Standards and Regulation Board.
What is the function of the Management Board?
Manage day-to-day operational accountability of RICS
Main purpose = direct RICS affairs under delegated authority from Governing Council
Board is comprised of non-members (independent), members of RICS and RICS Executives.
