RICS Rules of Conduct Quiz

RICS Rules of Conduct

• All members and firms regulated by RICS must abide by the Rules of Conduct.
• The Rules of Conduct primarily focus on professional conduct, but personal conduct is relevant when it could damage public confidence in the profession.
• The rules apply universally, regardless of the location of members or firms.
• The five rules provide a framework for making ethical decisions in professional practice.
• The rules are based on a foundation of honesty, integrity, and compliance with professional obligations.
• Members and firms are expected to identify and manage conflicts of interest.
• Members and firms must provide services competently, and firms must have quality assurance processes.
• Members and firms must treat others with respect and promote diversity and inclusion.
• Members and firms must act in the public interest and take responsibility for their actions.
• Members and firms must report concerns and cooperate with investigations.
• Members and firms must manage their finances responsibly and report breaches of the Rules of Conduct to RICS.
• Members must comply with the RICS's Continuing Professional Development (CPD) requirements.
• Firms must publish a complaints-handling procedure and maintain a complaints log.
• Firms must have adequate professional indemnity cover.
• Firms must have arrangements for their work to continue in case of incapacity, death, or absence of the sole principal.
• Firms must display a designation on their business literature to denote regulation by RICS.
• Firms must report required matters to RICS under the Rules for the Registration of Firms.

Rule 1: Honesty, Integrity, and Compliance

• Members and firms must not mislead others through actions or omissions.
• Members and firms should not be influenced improperly by others or self-interest.
• Members and firms must identify and address conflicts of interest, using the RICS professional statement on Conflicts of Interest.
• Firms must have processes to handle conflicts of interest.
• Members and firms must provide advice and opinions based on honest and objective evidence.
• Members and firms must be transparent with clients about fees and services.
• Members and firms must prevent others from being misled about their professional opinions.
• Members and firms must not take unfair advantage of others.
• Members and firms must protect confidential information.
• Firms must keep client money safe and have appropriate accounting controls.
• Members must not misuse client money.
• Members and firms must not facilitate financial crimes.

Rule 2: Professional Competence

• Members and firms must only undertake work they are competent to carry out.
• Members and firms must ensure individuals providing services have the necessary expertise.
• Members and firms must have processes for quality assurance.

Rule 3: Client Care

• Members and firms must act in the best interests of their clients.
• Members and firms must provide clear and timely information to clients.
• Members and firms must be open about their fees and any potential conflicts of interest.
• Members and firms must keep clients informed about any foreseeable risks.
• Members and firms should inform clients about any benefits they receive from referrals.
• Members and firms must keep proper records of their work.
• Members and firms should encourage sustainable solutions.
• Members and firms must understand the risks and benefits of technology.
• Members and firms must use accurate and up-to-date data legally.

Rule 4: Respect, Diversity, and Inclusion

• Members and firms must respect the rights of others and treat them with courtesy.
• Members and firms must treat everyone fairly and avoid discrimination.
• Members and firms must not bully, victimise or harass anyone.
• Firms must ensure their supply chains are free from modern slavery and labor abuses.
• Members and firms must report abusive labor practices to authorities.
• Members and firms should work cooperatively with others.
• Members and firms should promote an inclusive workplace culture.

Rule 5: Public Interest, Responsibility, and Prevention of Harm

• Members and firms must question practices and decisions they suspect are not right.
• Members and firms should raise concerns with relevant parties, including RICS.
• Firms must provide processes for staff to raise concerns.
• Members and firms must support those who have acted in good faith to report concerns.
• Public statements made by firms or members must not undermine public confidence in the profession.
• Members and firms must respond to complaints promptly and professionally.
• Members and firms should not discourage clients from seeking alternative dispute resolution.
• Members and firms must cooperate with investigations.
• Members must consider the impact of any health conditions on their ability to work.
• Members and firms must manage their finances responsibly.
• Members and firms must report breaches of the Rules of Conduct.