Ethics, Rules of conduct and professionalism - Level 3 Flashcards
(50 cards)
What is Rule 1 and can you provide any example behaviours?
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
Example behaviours include;
- Not to be influenced improperly by others.
- Open and transparent with clients about fees and services
- Keep client money safe
- Provide advice in a professional context, transparently and based on reliable evidence.
What is Rule 2 and can you provide any example behaviours?
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Example behaviours include:
- Only undertake work that they have knowledge, skills and resources to carry out competently.
- Maintain and develop their knowledge and skills throughout their careers.
- Stay up to date with relevant legislation, codes of practice and standards.
What is Rule 3 and can you provide some example behaviours?
Members and firms must provide good quality and diligent service.
Example behaviours:
- Understand clients needs and objectives
- Agree the scope of service, limitations and timescales
- All data used is accurate and up to date, kept securely and the firm have a legal right to use and store it.
What is Rule 4 and can you provide some example behaviours?
Members and firms must treat others with respect and encourage diversity and inclusion.
Example behaviours:
- Respect the rights of others and treat others with courtesy
- Firms check that supply chains do not involve modern slavery
- Develop an inclusive culture, support equal access, identify and address unconscious bias
What is Rule 5 and can you give some example behaviours?
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.
Example behaviours:
- Respond to complaints promptly, openly and professionally
- Questions practices and decisions that are not right
- Manage professional finances responsibly
- Co-operate with investigations
What are the professional obligations of members?
Comply with CPD requirements
Cooperate with RICS
Promptly supply all information to the Standards and Regulation Board
What are the professional obligations of firms?
Complaints handling procedure
Professional indemnity insurance
Sole practitioner must make arrangements for their incapacity
Cooperate with RICS
Provide information to Standards and Regulation Board
Designation to denote they are regulated by RICS
Report to RICS anything reported under Rules for the Registration of Firms
What is the mission statement of the RICS?
offer highest standards of professional service
promote and enforce standards
solutions to major challenges facing built environment
How is the RICS structured?
self-regulated and internally monitored
bye-laws determine regulation
Governing Council - manage and agree strategy
Audit Committee, Regulatory/Management Board - execute strategy
What are the RICS’ 5 principles of better regulation?
Proportionality
Accountability
Consistency
Targeting
Transparency
What is the difference between RICS ethics and rules?
Ethics are a set of moral values
Rules of conduct are a framework that we work to
In the case of a breach of a rule of conduct, what is the procedure?
Not every shortcoming will necessarily give rise to proceedings
First step - formal investigation by the Head of Regulation of the RICS
RICS can request information/ inspect
Members must cooperate with enquiries
How can a disciplinary proceeding be triggered?
Someone complaining to the RICS
An allegation by client or third party
Information received or established by RICS
What three actions can be imposed after the end of the investigation?
Fixed penalty - a fine by RICS
Consent order - written agreement between RICS and member/firm concerning disciplinary issue. Can require member to take corrective actions.
Disciplinary panel
When is a disciplinary panel applicable?
Used for more serious breaches of conduct
Panel usually held in public
Burden of proof is on the RICS
Balance of probabilities approach adopted
What sort of breaches would expulsion be suitable for?
Gross, persistent or wilful failure to comply with a code of conduct
Fraud, dishonesty, conviction of a serious criminal offence, gross incompetence, deliberate discrimination, misappropriation of client’s money.
What procedures must you follow if you are staring up a new practice?
Obtain start up pack
Inform RICS and register for regulation
Appoint a contact officer
Complaints handling procedure
Professional indemnity insurance
Abide by Rules of Conduct for Firms
Use designation on all practice material
What insurances would you need to start up your own practice?
PII
Employer’s liability
Public liability
Building’s insurance for office premises
What information do registered firms need to send to RICS annually?
Annual return - carried out online
- Type of business/staffing
- Nature of clients
- Training provision
- Complaints Handling Procedure
- PII details
- Whether the firm holds client’s money
What processes do regulated firms need to put into place when handling client’s money?
What is meant by the term negligence?
What do you know about the Merrit V Babb case?
What must a complaints handling procedure include?
What is an independent redress scheme?
