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Ethics - Level 1 > Rules And Regulation > Flashcards

Rules And Regulation Flashcards

1
Q

Why do you want to become a Member of RICS?

A
  • Status - professional credentials provide unrivalled client confidence
  • Recognition - promoting professional excellence
  • Market advantage - competitive advantage
  • Knowledge - standards, guidance, CPD, knowledge sharing
  • Network - professional members worldwide
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2
Q

What is the role of RICS?

A
  • Maintain highest standards of education and training
  • Protect consumers through regulation and standards
  • Leading source of information for land, property, construction and environmental issues
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3
Q

What is a Royal Charter?

A

A Royal Charter is an instrument of incorporation granted by The King, which confers independent legal personality on an organisation and defines its objectives, constitution and powers to govern own its own affairs.

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4
Q

Who is the current RICS president?

A

Ann Gray FRICS

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5
Q

What do you understand by the term self-regulation?

A

The RICS self-regulates which means it operates within its own published framework, rather than being legislated by Government. RICS regulation is led by an independently chaired Regulatory Board and regional sub-boards.

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6
Q

Can you tell me what you understand by the principles of better regulation?

A
  • Proportionality - making penalty proportionate to breach
  • Accountability - to all members and the public
  • Consistency - treating all members the same
  • Targeting - serious breaches
  • Transparency - all members, clients, public
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7
Q

What is a Bye-Law?

A
  • Bye-Law is a local law contained in the local act requiring something to be done and with punishment if not
  • Bye-Laws of RICS are persuant to Articles 16 and 17 of the Charter and approved by members
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8
Q

Give an example of one of the RICS Bye-Laws?

A

Bye Law B5.2.1 Liability of Members - Every Member Shall:
* Conduct him/herself in a manner benefitting membership of RICS
* Comply with regulations / Rules laid down to govern the manner in which his profession or business is conducted
* Disclose promptly to RICS name if any other Member, Regulated Non-Member or Firm reasonable who may be in breach of regulations
* Disclose promptly in writing to RICS either he / firm / regulated member / non-member who has been charged with criminal offence carrying on first conviction of custodial sentence

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9
Q

Explain the new RICS Rules of Conduct - what do they replace?

A
  • They replace the Rules of Conduct for Members and the Rules of Conduct for Firms which have been in place since 2007.
  • A simpler structure - easier to understand, providing more confidence to clients and the public
  • Clear examples with each Rule, as well as 12 real-life case studies
  • Focusing on respect, diversity and inclusion
  • Understanding evolving technology, associated benefits and risks
  • Tackling global challenges - including creating sustainable development and tackling climate change
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10
Q

When do the new Rules of Conduct take effect?

A

2nd February 2022

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11
Q

What do the new Rules of Conduct relate to?

A

Members and Firms

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12
Q

What are the 6 ethical principles that the Rules of Conduct are based on?

A
  • Honesty
  • Integrity
  • Competence
  • Service
  • Respect
  • Responsibility
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13
Q

What is Rule 1? Give an example of behaviour .

A

M&F must be honest, act with integrity and comply with their professional obligations, including obligations to RICS - I protect confidential information and only disclose it when I have received a signed NDA and it is necessary to do so

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14
Q

What is Rule 2? Give an example behaviour.

A

M&F must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise - I continue to develop my knowledge and skills by undertaking CPD and stay up to sate with new legislation

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15
Q

What is Rule 3? Give an example behaviour.

A

M&F must provide good-quality and diligent service - I undertake work in a timely manner, with due care, skill and due diligence, and in accordance with RICS technical standards

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16
Q

What is Rule 4? Give an example behaviour.

A

M&F must treat others with respect and encourage diversity and inclusion - I treat everyone fairly and do not discriminate against age, disability, gender reassignment, pregnancy, race, religion or belief, sex or sexual orientation

17
Q

What is Rule 5? Give an example behaviour.

A

M&F must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession - I would respond to complaints promptly, openly and professionally. I report any suspected significant breaches of Rules of Conduct to RICS.

18
Q

What are the 3 core professional obligations of members to RICS?

A

1 Members must comply with the CPD requirements set by RICS
2 Members must cooperate with RICS
3 Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.

19
Q

What are the 7 core professional obligations of firms to RICS?

A

1 Firms must publish a CHP, which includes an ADR provider approved by RICS, and maintain a complaints log
2 Firms must ensure that all previous and current professional work is covered by adequate and appropriate PII that meets the standards approved by RICS
3 Firms with a sole principle must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work
4 Firms must cooperate with RICS
5 Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf
6 Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS
7 Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms

20
Q

What disciplinary procedures can RICS impose?

A
  • The RICS Bye-Laws authorise the Standards and Regulatory Board to make Rules about the exercise of disciplinary powers - called the Regulatory Tribunal Rules.
  • Three levels of discipline are:
    1) Action by Head of Regulation
    2) Disciplinary Panel
    3) Appeal Panel
21
Q

In what circumstances can the disciplinary procedures be imposed?

A
  • Someone complaining
  • An allegation by client or third party
  • Information received or established by RICS
22
Q

When did RICS last update their disciplinary panel rules?

A

Regulatory Tribunal Rules version 2 with effect 2 February 2022

23
Q

What are the levels of action within the disciplinary procedures?

A
  1. Initial investigation stage - formal investigation by the Head of Regulation
  2. Head of Regulation can initiate one of the following four actions upon completion if disciplinary action is required:
    * Serves a fixed penalty notice - used for breaches of rules relating to supply of information by firms or members
    * Regulatory Consent Order - low level breaches of the rules. A written document stating terms of which a member / firm must desist from taking certain actions in specified time period
    * CPD sanctions - place obligations on members to follow CPD requirement
    * Refer the matter to the Tribunal Disciplinary Panel - for more serious breaches a hearing may be required. Can be independent Regulatory Tribunal consisting of three (at least 2 must be non-members) or can sit alone to make a Single Member of Regulatory Tribunal decisions.
24
Q

What do you understand by the term professional practice?

A
  • Refers to conduct and work of someone from a particular profession
  • Professional bodies may set standards of ethics, performance, competence, insurance, training
25
Q

What do the RICS set out as best practice for the use of social media in their regulation document 2021?

A
  • Use of Social Media: Guidance for RICS members 2021
  • Reminds members of the high professional behaviour expected of them
  • RICS is likely to investigate concerns about social media posts where they involve discrimination, dishonesty, abusive or threatening behaviour, bullying or harassment, a pattern of frequent concerning communications, or ignoring previous warnings about concerns

Ethics - Level 1 (5 decks)

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