M - Conduct Rules, Ethics & Professional Practice (3) Flashcards
What are the RICS Professional and Ethical Standards?
- Act with Integrity
- Treat Others with Respect
- Take Responsibility
- Provide a High Standard of Service
- Act in a Way tht Promotes Trust in the Profession
What year did RICS recieve it’s royal charter?
1881
What year was the RICS formed?
1868
What is the goal of the RICS?
To uphold professional standards by laying out ethical, conduct and competence guidance which deliver confidence and transparency to consumers and businesses.
What is the motto of the RICS?
Est Modus in Rebus - There is measure in all things
Who is the President of the RICS?
Tim Neal - works for Arcadis’s architecture and design practics - chair of the IFSS (international fire safety standards) coalition
Who is the President elect?
Kath Fontana - director at Mitie
How many members are there
134,000 - RICS website
How is the RICS governed?
The Privy Council’s charter informs the Governing Council. The Governing Council sits above the Standards & Regulation Board, Management Board, Audit Committee, Nominations Committee and Presidential Nominations Committee. The Management Board sits above the Finance Committee, the Regional Boards, Advisory Panels and Remuneration Committee.
What does the Privy Council do?
Advises the monarch and grants and awards the Royal Charter.
What does the Governing Council do?
Sets the strategy for the RICS and ensures the Royal Charter obligations are fulfilled. Chair = Chris Brooke.
What does the Management Board do?
Oversees RICS affairs under delegated authority from the Governing Council - chair Paul Marcuse
Who is the CEO?
Sean Tompkins - responsible for performance of the RICS against the business plan
What does the Standards & Regulation Board do?
Oversight of the standards, admission to the RICS and regulatory functions of the RICS.
What does the Audit Committee do?
Monitors the company to ensure compliance
What does the RICS presidential team do?
Ambassadors for the RICS and shape the strategy
What does the RICS executive team do?
Responsible for delivery of the business plan.
What is a Fixed Penalty and why might it be used?
An administrative fine issued when a member fails to provide requested information.
What is the sanction for failing CPD requirements?
1st offence is a fixed penalty; 2nd offence is a fixed penalty and details published on RICS website; 3rd offence is referral to disciplinary panel
What is a regulatory compliance order?
It is an agreement between the RICS and the member that they are liable for a disciplinary action. It will include one or more of: caution; reprimarn; requirement for actions; conditions on the membership; fines
How do you become FRICS?
MRICS with at least 5 years experience, managerial responsibilty and have made a significant contribution to the profession
What are the requirements for a firm to be RICS registered?
50% of partners must be RICS; submit and application form and have required protocols in place.
What is professional indemnity insurance?
It covers a firm against the cost of defending professional negligence claims
What are the RICS PII requirements?
Turnover less than £100k then minimum cover of £250k. Turnover £100-£200k then minimum cover of £500k. Turnover of more than £200k then minimum cover of £1m.
Insurance must be on ‘each and every claim’ basis, not ‘in the aggregate’. Must be fully retroactive (covers past work) and on a ‘claims made’ basis (insurer in place now is responsible for retroactive work).
