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Ethics, Rules of Conduct and Professionalism > RICS Background & Rules of Conduct > Flashcards

RICS Background & Rules of Conduct Flashcards

1
Q

What does RICS stand for?

A

Royal Institution of Chartered Surveyors

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2
Q

What is the RICS motto?

A

Est modus in rebes - there is measure in all things.

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3
Q

What is the RICS London HQ address?

A

12 Great George Street (Parliament Square)
Westminster
London
SW1P 3AD

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4
Q

When was RICS founded?

A

Founded in 1868

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5
Q

When did RICS obtain Royal Charter?

A

RICS were granted Royal Charter in 1881 by the Privy Council.

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6
Q

What is Royal Charter?

A

Royal Charter is a document that is signed by the Monarch which gives an organisation or body independent legal personality, defining its objectives, constitution and powers to govern its own affairs.

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7
Q

Who governs the RICS?

A
  • RICS Bye-laws set out the governance of the institution

- Self-regulatory

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8
Q

What is a bye-law?

A

For the RICS, ‘Bye-Laws’ are set by the Privy Council. These define objectives, constitution and powers to govern affairs as a self-regulated body.

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9
Q

What are the RICS bye-laws?

A
  1. Application and Definitions - Stating who the Bye-Laws and Regulation apply to i.e. members & firms.
  2. Membership and Registration - Membership classes, eligibility, procedure and obligations upon membership.
  3. Designations - Designations such as FRICS and MRICS.
  4. Contributions to Funds - Fees, subscriptions and other payments.
  5. Conduct - Liability and powers of both members and firms.
  6. Governing Council, Officers and Staff.
  7. Subordinate Boards, Committees and Groups.
  8. Procedure for General Meetings.
  9. Accounts and Audit.
  10. General - Property and funds of RICS and trustees.
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10
Q

Give an example of one of the RICS bye-laws?

A

Bye-law 2: Membership and Registration: Classes, Eligibility, Procedure and Obligations for members and firms.

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11
Q

What is the structure of RICS?

A

1 - Privy Council - Grant and awards the Royal Charter.

2 - Governing Council - Discuss strategy and exercise oversight. Includes the Regulatory Tribunal (Independent Chair).

3 - Management Board - Implement day to day performance and delivery of the business. Includes the Finance Committee, World Regional Boards and Market Advisory Panels and Remuneration Committee.

4 - Standards & Regulation Board (Independent Chair).

5 - Audit Committee (Independent Chair).
The regulatory Board, the Audit Committee and the Management Board report to Governing Council.

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12
Q

How many RICS professional groups are there?

A

Professional groups are the way that RICS segments the various technical specialisms of the profession. In total there are 18 groups covering the broad spectrum of surveying services.

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13
Q

Who is the current RICS President, President Elect and Senior Vice President?

A
  • President, Clement Lau
  • President Elect, Ann Gray
  • Senior Vice President, Tina Paillet
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14
Q

Who is the CEO RICS?

A

Richard Collins (Oct 2021) - Interim - replaces Sean Tompkins

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15
Q

Who is the Governing Council Chair?

A

Nicholas Maclean

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16
Q

Who is the Head of Regulation?

A

Dame Janet Paraskeva

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17
Q

How many members of the RICS are there?

A

140,000 across 146 countries.

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18
Q

What are the four levels of membership?

A
  • FRICS
  • MRICS
  • AssocRICS
  • Trainee/Student
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19
Q

How do you become FRICS?

A

Need to provide evidence of achieved FOUR fellowship characteristics:

  • Five or more years as MRICS
  • A leadership role
  • Professional/technical achievement
  • Academic achievement
  • Raising the profile of the RICS
  • A portfolio of professional achievement in addition to CPD record
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20
Q

Name some RICS faculties.

A
  • Quantity Surveying
  • Building Surveying
  • Project Management
  • Valuation
  • Facilities Management
  • Dispute Resolution
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21
Q

How does the RICS give back?

A

LionHeart is an independent charity set up specifically to support past and present RICS professionals and their families.

22
Q

Who is the RICS accountable too?

A
  • RICS is accountable to its members as it is a self-regulating body.
  • RICS is accountable to the public, has a duty of care to the public as it has a Royal Charter.
23
Q

What is a RICS Guidance Note?

A

A document that provides users with recommendations or an approach for accepted good practice as followed by competent and conscientious practitioners.

24
Q

Are guidance notes compulsory to follow?

A

No. However, if there was a case of professional negligence, the court would take into consideration whether or not guidance notes were followed.

25
Q

Are practice notes compulsory?

A

Yes. RICS members must comply with the conditions set out in a practice note.

26
Q

What are the main roles of the RICS?

A

1 - Advance the highest ethical and technical standards.

2 - Protect and provide benefits to consumers by enforcing standards and codes of best practice.

3 - Provide expert impartial advice to governments, businesses and the public.

4 - Equipped RICS members with leading edge advice, market insight and professional training.

5 - Promote RICS status and standards in global markets as the mark of property professionalism.

27
Q

Why do you want to become a member of RICS?

A

1 - Status - “Gold Standard” professional credentials provide unrivalled client confidence.

2 - Recognition - Promotion of professional excellence to governments and markets.

3 - Market Advantage - RICS Standards gives you a competitive advantage.

4 - Knowledge - Standards & Guidance, CPD and knowledge sharing.

5 - Network - Access to professionals worldwide circa 130,000 members.

28
Q

Tell me the RICS Rules of Conduct.

A

Rule 1 - Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

Rule 2 - Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

Rule 3 - Members and firms must provide 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.

29
Q

When did the Rules of Conduct come into effect?

A

Rules of Conduct were published October 2021 Effective from 2nd February 2022.

30
Q

Why were the RICS Rules of Conduct updated?

A
  • A simpler structure.
  • Clear examples - Supporting members professional judgement.
  • Focus on respect, diversity and inclusion - Underpinning professional ethics.
  • Understand evolving technology - Evolving use of data and technology.
  • Tackling global challenges - Global challenges, sustainable development and tackling climate change.
31
Q

Can you give an example of how you have complied with RICS Rules of Conduct?

A

Give example.

32
Q

How have you had regard to the Rules of Conduct in your case study?

A

Give example.

33
Q

What are the three benefits of regulation for firms?

A

CPS:

  • Confidence - for client as regulated firms are monitored by RICS regulation
  • Professionalism - firms have to provide clear, impartial and expert advice
  • Security - firms have to have recognised CHP, access to ADR and PII cover
34
Q

What are the three types of due diligence?

A
  1. Simplified Due Diligence – Where you determine the business relationship is low risk of money laundering/terrorism.
  2. Enhanced Due Diligence – for high risk customers and transactions with greater threat to financial sector.
  3. New Customer Due Diligence – doing the checks to ensure your client is who they say they are.
35
Q

What are ethics?

A

Moral principles that govern an individuals behaviour.

36
Q

Why are ethics important?

A
  • Prevents any issues with consistent behaviour
  • Sets a standard of expertise and professionalism
  • Promotes trust in the company and industry
37
Q

What does it mean to act ethically as a Chartered Surveyor?

A

Acting ethically means complying with standards.

38
Q

How do ethics link with conduct rules?

A

Rules of conduct are a detailed description of how we are expected to carry ourselves and how to set the highest possible level of standard.

39
Q

If faced with a situation that you felt was unethical, how would you proceed?

A

Using the decision tree:

  • Do I have sufficient facts?
  • Is the matter legal?
  • Is it in line with RICS Professional and Ethical Standards?
  • Have I consulted with appropriate people?
  • Do I have clear reasoning in reaching my decision?
  • Would I be content for my actions to be made public?

If answered no to any of the above, I would not proceed with the situation alone and would consult senior staff with direction on how to proceed.

40
Q

How do you know you are competent?

A

Having the knowledge and skills to undertake an instruction. If you have dealt with that type of instruction, property and location before, you are deemed as competent. This can be defined as:

  • Skills
  • Knowledge
  • Attitude
  • Training
  • Experience
41
Q

What do you understand by the term professional practice?

A
  • This term refers to the conduct and work of someone from a particular profession.
  • Overseen by a professional body who accredit the code of conduct and qualified professionals.
  • RICS set standards of ethics, performance, competence and CPD of which all members must adhere to.
42
Q

Can you advise somebody as an individual?

A
  • Unless you have the correct insurances in place, you should not be giving any professional advice to anybody, friend or family or strangers.
  • I would advise them to contact me during normal working hours as long as it does not become a conflict of interest and TofE can be defined.
43
Q

Why does your firm have Terms of Engagement?

A

Creates a contract with the client and clear definition of what is expected and on what terms etc.

44
Q

What is the difference between formal and informal training?

A

Formal has a learning objective and a defined learning outcome.

An example of informal is the development of personal and practical skills through activities such as shadowing and receiving coaching.

45
Q

What is your CPD strategy?

A

My CPD plan is dictated by my skills and or knowledge gap considering future requirements and sectors.

46
Q

What is the Responsible Business Framework?

A

The RICS published the Responsible Business Framework in December 2021, leading on from their Responsible Business Report in 2019.

The Framework is split into three key sections;

  1. Governance considerations
  2. Social considerations
  3. Environmental stewardship
47
Q

Tell me about the RICS Alison Levitt QC Independent Review.

A
  • The Independent Review was commissioned by RICS in January 2021.
  • RICS ‘tried to supress a critical internal report into its finances in 2018/2019 and then unfairly dealt with those who sought to explore the issue’ (Levitt, 2021).
  • Four non-Executive Board members of RICS then raised concerns that the audit had been suppressed and were subsequently dismissed from the Management Board.
48
Q

What were the objectives of the Alison Levitt QC Independent Review?

A
  • To consider how internal reports were commissioned and dealt with.
  • To consider whether any shortcomings represented a failure of governance.
  • To make recommendations for the future.
49
Q

What were the conclusions of the Alison Levitt QC Independent Review?

A
  • Sound governance principles were not followed.
  • Non-Executive Board members’ concerns were legitimate and that they were wrongly dismissed.
  • Recommendation of the Lord Bichard Review.
50
Q

What is the Bichard Review?

A
  • The RICS appointed Lord Michael Bichard to lead an independent review into the RICS’ purpose, governance and strategy, following the publication of the Levitt Review in September 2021.
  • Create clarity about RICS’ purpose given its current position and the context within which the profession and Institution operate.
  • The Review’s initial call for evidence will run from 7th December to the 21st January 2022.
51
Q

What are the current challenges for the RICS?

A
  • Increased technological changes
52
Q

What do you understand by the term self-regulation?

A

RICS self-regulates, meaning that it operates within it’s own published regulatory framework, rather than being legislated by Government.

This allows them to;

  • Set regulatory strategy and policy.
  • Oversee operational deliverability of RICS regulation.
  • Serve public interest and protect reputation of the profession.

Ethics, Rules of Conduct and Professionalism (10 decks)

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