RICS Rules of Conduct and Professional Ethics

Flashcards covering RICS Rules of Conduct, ethical standards, CPD requirements, conflicts of interest, and relevant UK legislation.

RICS Rules of Conduct

Requirements for members and firms to act with honesty and integrity, maintain professional competence, provide a good-quality service, treat others with respect and act in the public interest.

Acting with integrity

Being honest, transparent and consistent in professional dealings, even when it may not be commercially advantageous.

Professional competence

Having the knowledge, skills and experience necessary to undertake work and maintaining those skills through CPD.

RICS CPD Requirement

A minimum of $20$ hours per year, with at least $10$ hours being formal CPD.

Formal CPD

Structured learning such as seminars, training courses, workshops or APC preparation sessions.

Informal CPD

Self-directed learning such as technical reading, podcasts or research.

Conflict of Interest

A situation where professional judgement could be impaired by competing duties or personal interests.

Party conflict

Acting for two parties with competing interests in the same matter.

Own-interest conflict

Where personal interests may influence professional judgement.

Confidential information conflict

Where confidential information held for one client could disadvantage another client.

Informed consent

A client's written agreement to proceed after being fully informed of a potential conflict.

Professional Indemnity Insurance (PII)

Insurance to protect clients and surveyors against losses arising from negligent advice, errors or omissions.

Negligence

Failure to exercise the level of skill and care expected of a reasonably competent professional.

Tests for negligence

Duty of care, breach of duty, causation and loss.

Duty of care

A legal obligation to exercise reasonable skill and care when providing professional services.

Bribery

Offering, giving, receiving or requesting an advantage to influence behaviour improperly.

Bribery Act 2010

Legislation covering bribery offences, including offering a bribe, receiving a bribe, bribing a foreign public official and failure of a commercial organisation to prevent bribery.

Whistleblowing

Reporting wrongdoing or unethical behaviour in the workplace.

Public Interest Disclosure Act 1998

Legislation that protects whistleblowers.

Money laundering

The process of concealing the proceeds of criminal activity.

Three stages of money laundering

Placement, layering and integration.

Money Laundering Reporting Officer (MLRO)

The internal individual to whom concerns regarding suspected money laundering should be reported.

Acting in the public interest

Acting in a manner that protects public trust, safety and confidence in the profession.

RICS Global Professional and Ethical Standards

Act with integrity, provide a high standard of service, promote trust in the profession, treat others with respect and take responsibility.

Ethics vs. Compliance

Compliance means following rules; ethics means doing the right thing even where no specific rule exists.

Transparency

Being open and honest regarding decisions, assumptions and limitations.

Reliance

The extent to which another party may depend on professional advice.

Third-party reliance letter

A document allowing a third party to rely on professional advice under agreed conditions.