RICS Ethics & Rules of Conduct Flashcards
(40 cards)
What is the RICS Motto & its translation?
Est modus in rebus which means “there is measure in all things”
When was the RICS founded?
15th June 1868
What is the Harris Debate?
The Harris Debate is organised annually by the RICS and provides a platform to address ethical concerns in the field of surveying and valuation. The debate honours Jonathan Harris, a former RICS president known for his contributions to professional development and education.
What topics did the 2024 Harris Debate cover?
Ethics in the Age of Artificial Intelligence and its impact on Valuation Practices. It explored the ethical implications of incorporating artificial intelligence into valuation and surveying as AI is becoming more integrated in these fields.
What is the “decision tree” and what is it used for?
It is a framework used to navigate ethical dilemmas
Which ethical principles are the RICS Rules of Conduct based on?
Honesty
Integrity
Competence
Service
Respect
Responsibility
Explain the RICS Rules of Conduct
The Rules of Conduct are standards of behaviour and competence that RICS members and regulated frims must comply with and are based on the ethical principles. They are split into two sections for individual members and firms. They apply to all RICS Members and all firms regulated by the RICS either voluntarily or as a condition of membership.
What are the 5 Rules of Conduct?
Rule 1: Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
Rule 2: Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 3: Members and firms must provide good-quality and diligent service.
Rule 4: Members and firms must treat others with respect and encourage diversity and inclusion.
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 Professional Obligations to RICS for individual members?
To act with integrity and avoid conflicts of interest.
To provide a high standard of service and act in a way that promotes trust in the profession.
To keep their knowledge and skill up to date and comply with the RICS CPD Policy. CPD Requirements: 20 hours per year (at least 10 of which must be formal CPD) which must be recorded online by January 31st.
To carry out their professional work with due skill, care and diligence, and with proper regard for the technical standards expected by RICS.
To treat others with respect and take responsibility for their actions.
To only undertake professional work for which they have the necessary competence, and to refer work to others if they are not competent to do it. (e.g. Promptly provide all information reasonably requested by the Standards and Regulations Board, or those exercising delegated authority on their behalf. )
To co-operate with RICS and provide information as required by RICS
To notify RICS of any changes in their firm details, structure or status.
To comply with the laws and regulations that apply to their professional work
To avoid any actions or situations that are inconsistent with their professional obligations or that may damage the reputation of RICS or the profession.
What are the Professional Obligations to RICS for regulated firms?
To maintain the security and integrity of client money and to comply with the RICS Client Money Handling Rules.
To ensure that all principles and staff are competent to carry out their work and to provide them with adequate training and supervision.
To ensure that all principles and staff comply with the RICS Rules of Conduct for Individuals and the RICS ethical principles.
To have in place adequate and appropriate professional indemnity insurance cover for their work and to comply with the RICS Professional Indemnity Insurance Rules
To have in place adequate and appropriate arrangements for dealing with complaints and disputes, and to comply with the RICS Dispute Resolution Service Rules.
To cooperate with RICS and provide information as required by RICS.
To notify RICS of any changes in their firm details, structure or status.
To comply with the laws and regulations that apply to their professional work.
To avoid any actions or situations that are inconsistent with their professional obligations or that may damage the reputation of RICS or the profession.
Explain the term “Conduct Befitting a Chartered Surveyor”
It is the expected behaviour of a RICS member who upholds the highest standards of professionalism, integrity and competence in their work. They should demonstrate the values and principles of RICS in every situation.
What is Conduct Befitting a Chartered Surveyor?
Acting in the best interests of clients and providing independent and impartial advice.
Acting in the public interest and contributing to the sustainable development of society and the environment.
Acting with honesty, fairness and respect towards others, avoiding any discrimination, harassment or bullying.
Acting with courage and integrity and challenging any unethical or unprofessional behaviour.
Acting with accountability and transparency and admitting and learning from mistakes.
Acting with excellence and innovation and striving to improve the quality and value of their work.
Acting with collaboration and cooperation and sharing knowledge and best practices with others.
Which sections of the RICS Rules of Conduct are relevant to how members and firms should use social media?
Rules 1, 4 & 5
What is the RICS Guidance for Social Media Use
“Use of Social Media Guidance for Members” Version 2 - Effective 1st September 2024.
Which factors are relevant to whether social media use is in breach of the Rules of Conduct?
Whether the content is dishonest or misleading
Whether to content is discriminatory
How closely connected the content is to professional life
The way in which content is expressed - it should be expressed in a professional and respectful way.
Whether the content is confidential or private.
What is the registration of firms?
It is the process by which firms that provide surveying services becomes regulated by RICS. This is voluntary for most firms but mandatory for some types of firms such as those which handle client money those that provide valuation services or those that operate in certain jurisdictions.
What are the benefits of registration of firms for firms and clients?
It demonstrates the firms commitment to the highest standards of professionalism, ethics and quality.
It enhances the firms reputation and credibility in the market and among clients
It provides the firms with access to RICS resources, guidance and support
It enables the firm to use the RICS logo and the designation “Regulated by RICS”
It protects the firm and its clients from the risk of fraud, negligence and misconduct
It ensures that the firm has adequate and appropriate professional indemnity insurance cover and client money protection
It ensures that the firm has a robust and effective complaints and disputes resolution mechanism
It ensures that the firm is subject to the RICS regulation and monitoring, and that it complies with the RICS Rules of Conduct for firms
What is a complaints procedure?
The process by which RICS deals with complaints against its members and regulated firms.
Aims:
To protect the public, clients and other stakeholders from the harm caused by the breach of the RICS Rules of Conduct or RICS ethical principles.
To maintain and enhance the reputation and standards of RICS and the profession.
What are the steps of the complaints procedure?
- Receiving and acknowledging the complaint
- Assessing and investigating the complaint
- Resolving the complaint
- Referring the complaint
- Closing the complaint
What is a Conflict of Interest?
Situations where a RICS member or regulated firm has a personal or professional interest that may compromise or appear to compromise their objectivity, impartiality or independence in their professional work including:
Having a direct or indirect financial interest in the outcome of the work;
Having a personal or professional relationship with the client, the employer or any other party involved in the work;
Having a previous or current involvement in the work or the subject matter of the work;
Having actual or potential advantage or benefit from the work
Why avoid Conflicts of Interest?
It may affect the quality, reliability and credibility of the work, and may damage the trust and confidence of the public, clients and other stakeholders in the RICS member or regulated firm.
It also exposes the RICS member or regulated firm to the risks of complaints disputes or disciplinary actions. Therefore, RICS members and regulated firms must avoid or manage conflicts or interest in accordance with the RICS Rules of Conduct and the RICS guidance notes.
What are the main steps to avoid or manage Conflicts of Interest?
► Identifying and assessing the conflicts of Interest: RICS members and regulated firms must identify and assess any actual or potential conflicts of interest that may arise in their professional work and consider the nature, extent and impact of the conflict of interest on their objectivity, impartiality and independence.
► Disclosing and obtaining consent for the conflicts of interest: RICS members and regulated firms must disclose any actual or potential conflicts of interest to their clients, employers, or any other relevant parties, and obtain their informed consent to proceed with the work, subject to any conditions or limitations agreed upon.
► Managing and reviewing the conflicts of interest: RICS members and regulated firms must manage the conflicts of interest by implementing appropriate measures such as separating the teams, roles or functions involved in the work, using independent third parties to verify or audit the work or withdrawing from the work if the conflicts of interest cannot be resolved or mitigated.
► Recording and reporting the conflicts of interest: RICS members and regulated firms must record and report any actual or potential conflicts of interest and the measures taken to avoid or manage them, and keep the records and reports updated and accessible for review or audit.
Party Conflict
A situation in which the duty of an RICS Member (working independently or within a non-regulated firm or a regulated firm) or a Regulated Firm to act in the interests of a client or other party in a professional assignment conflicts with a duty owed to another client or party in relation to the same or a related professional assignment.
Own Interest Conflict
A situation in which the duty of an RICS Member (working independently or within a non-regulated firm or a regulated firm) or a Regulated Firm to act in the interests of a client in a professional assignment conflicts with the interests of that same RICS Member or Firm (in the case of a Regulated Firm, the interests of the individuals within that Regulated Firm who are involved directly or indirectly in that or any related professional assignment).
