Professional Statements Flashcards
What is the significance of a professional statement?
It becomes mandatory for members to follow.
What is the RICS Professional Statement on Conflicts of Interest?
Professional statement with mandatory requirements for members and firms to follow in relation to conflicts of interest, so that they can comply with the RICS Rules of Conduct.
What are the topics covered in RICS Conflicts of Interest?
- Mandatory rules on conflicts of interest and confidentiality
- Principles on how members and firms can follow the professional statement
- Guidance how members and firms can meet their mandatory requirements
What are the mandatory rules on conflicts of interest and confidentiality?
- Avoid conflicts of interest unless informed consent has been provided by all the parties concerned.
- Manage conflicts of interest
- Keep records of devisions made where informed consent has been obtained and measures taken to avoid conflicts of interest
- Must maintain confidentiality of confidential information unless required by law.
What is the definition of a conflict of interest?
A situation where the best interests of one client conflicts with another client or your personal interests
What is a Party Conflict of Interest?
Where the best interests of one client, conflicts with another client
What is an Own Conflict of Interest?
Where the best interests of a client conflicts with your own interests
What is an Information Conflict of Interest?
Where the member / firm has a duty to provide information to one client, but who also owes a duty to another client to keep that same information confidential.
When may a member seek informed consent to proceed with an instruction despite a conflict of interest?
Where the member or firm is satisfied that
- It is in the best interests of the parties
- It is not prohibited by law
- The conflict does not prevent them providing competence and diligent advice
