Ethics, Rules of Conduct and Professionalism: RICS REQUIREMENTS

Question 1

When was the RICS founded?

Answer 1

1868

Question 2

RICS has a Royal Charter, who granted this and when?

Answer 2

It was initially granted by Privy Council in 1881

Question 3

Who set out the RICS Regulations and Bye-laws?

Answer 3

They were set out by the governance of the Institution

Question 4

Who is the RICS governed by?

Answer 4

Under the terms of its Royal Charter, by various internal councils, boards and associations. The Governing Council has 25 members and runs the RICS, providing management and strategic direction.

Question 5

Major challenge set out by RICS and recent initiatives?

Answer 5

RICS’ current governancy arrangements are under review following the Levitt Review’s (2021) very public exposure of the lack of clarity, structure and purpose of RICS governance arrangements. Levitt called for a full independent review of the ‘purpose, governancy and strategy’ of RICS. RICS Governing Council approved this call and a review by Lord Michael Bichard has been completed.

Question 6

What is the role of the RICS?

Answer 6

‘The Royal Institution of Chartered Surveyors promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure’ (RICS, 2020)

Question 7

Who is the RICS accountable to?

Answer 7

Members of the RICS and the public

Question 8

What are the THREE main roles?

Answer 8

1. To maintain the highest standards of education and training
2. To protect consumers through strict regulation of professional standards
3. To be the leading source of information and independent advice on land, property, construction and associated environmental issues (RICS 2015)

Question 9

RICS regulated firms must annually make a return to the RICS confirming their compliance with their obligations, what are the six areas of information required?

Answer 9

1. Type of business and staffing details
2. Statutory regulated activities - such as for financial services
3. Nature of clients
4. Complaints handling procedure details and records
5. Professional indemnity insurance details
6. Whether the firm holds clients’ money