Rules Of Conduct

Question 1

Name the 7 rules for Conduct for firms

Answer 1

1. Professional behaviour - Firms shall always act with integrity & avoid CofI’s and avoid any actions or situations that are inconsistent with its professional obligations.
2. Competence - A firm shall carry out its professional work with due skill, care & diligence and with proper regard for technical standards expected.
3. Service - A firm shall carry out its professional work with expedition and with proper regard for standards of service and customer care expected of it.
4. Training & CPD - A firm shall have in place the necessary procedures to ensure that all its staff are properly trained and competent to do their work.
5. Complaints Handling - A firm shall operate a complaints handling procedure & maintain a complaints log. CHP must contain ADR mechanism that is approved by the regulatory board.
6. Clients money - A firm shall preserve the security of clients money entrusted to its care in the course of its business or practice.
7. Indemnity - A firm shall ensure that all previous and current professional work is covered by adequate & appropriate indemnity cover which meets standards approved by the Standards and Regulation Board.

Question 2

Name the six Rules of Conduct for firm administration

Answer 2

1. Advertising - A firm shall promote its professional services only in a truthful & responsible manner.
2. Solvency - A firm shall ensure that’s its finances are managed appropriately.
3. Arrangements to cover the incapacity or death of a sole practitioner - A sole practitioner shall have in place appropriate arrangements in the event of the death, incapacity or extended absence of the sole principal.
4. Use of designations - A firm registered for regulations must display on its business literature a designation to denote that it is regulated by the RICS in accordance with the Regulatory Board’s published policy on designations.
5. Information to RICS - A firm shall submit in a timely such information about its activities and in such form as the Regulatory Board may reasonably require.
6. A firm shall co-operate fully with the RICS staff and any person appointed by the Standards & Regulation Board (RICS, 2020)

Question 3

What are the three levels of disciplinary actions?

Answer 3

1. Action by Head of Regulation
2. Regulatory Tribunal
3. Appeal Panel

Question 4

What are the four actions can the Head of Regulations undertake after their initial formal investigation?

Answer 4

1. Serve a fixed penalty notice
2. Make a regulatory compliance order
3. CPD sanctions
4. Refer the matter to the Disciplinary Panel for consideration under the discipline rules