Rules of Conduct Flashcards
What is Rule 1?
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
What is Rule 2?
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
What is Rule 3?
Members and firms must provide good-quality and diligent service.
What is Rule 4?
Members and firms must treat others with respect and encourage diversity and inclusion.
What is 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.
What are the obligations mandatory for RICS-members?
- Members must comply with the CPD requirements set by RICS.
- Members must cooperate with RICS.
- Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
What are the obligations mandatory for RICS-regulated firms?
- Complaints Handling
Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log. - Professional Indemnity Cover
Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS. - Locum (for Firms with Sole Principals)
Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work. - Cooperation
Firms must cooperate with RICS. - Information Disclosure
Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf. - Use of designations
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. - Reporting
Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
What are the ethical principles which the rules of conduct are based upon? (HICSRR)
Honesty
Integrity
Competence
Service
Respect
Responsibility
What are three example behaviors of Rule 1?
- No misleading actions or omissions.
- No improper influence allowed.
- Avoid conflicts of interest.
- Effective conflict of interest processes.
- Provide honest and objective advice.
- Transparent about fees and services.
- Prevent professional opinion from misleading.
- No unfair advantage taken.
- Protect and use confidential info lawfully.
- Secure client money and accounting controls.
- Comply with client money controls.
- Prevent financial crimes.
What are three example behaviors of Rule 2?
- Undertake competent work.
- Supervise and ensure competence of employees.
- Check competence of subcontractors.
- Reflect on and learn from work.
- Continuously develop knowledge and skills.
- Comply and keep up to date with standards and legislation.
What are three example behaviors of Rule 3?
- Understand clients’ needs and objectives.
- Agree on scope, limitations, and timescales.
- Inform clients of RICS regulation and disclosure.
- Promptly inform and seek agreement on changes.
- Perform work with timeliness, care, and diligence.
- Communicate clearly and understandably.
- Have quality assurance processesin place.
What are three example behaviors of Rule 4?
- Respect and treat others courteously.
- Treat everyone fairly and do not discriminate against anyone on any
improper grounds - No bullying, victimization, or harassment.
- Check supply chains for modern slavery.
- Report labor abuses to authorities.
- Work cooperatively with others.
- Develop inclusive workplace culture, support equal access/opportunity for all & address unconscious bias.
What are three example behaviors of Rule 5?
- Encourage reporting of concerns
- Support whistleblowers reporting concerns.
- Ensure public statements do not undermine profession’s reputation.
- Respond professionally to complaints promptly and professionally.
- No discouragement from seeking ADR, RICS or other regulatory body.
- Cooperate with investigations into complaints or concerns.
- Members consider health conditions and inform management/clients of required adjustments.
- Manage their professional finances responsibly.
- Action on rule breaches, report suspected significant breaches of RICS Rules.
