RICS Rules of Conduct & Ethics Flashcards

What is the RICS 'professional indemnity insurance' (PII) requirement for regulated firms?

Answer: RICS-regulated firms must maintain adequate PII cover to protect clients from financial loss due to professional negligence

RICS requires all regulated firms to maintain qualifying professional indemnity insurance that meets RICS minimum requirements. This protects clients who suffer financial loss due to errors, omissions, or negligent advice. The minimum level of cover depends on the firm's fee income and the nature of its work.

How many hours of Continuing Professional Development (CPD) does RICS require qualified members to complete per year?

Answer: 20 hours per year, of which at least 10 must be formal/structured CPD

RICS requires members to complete a minimum of 20 hours CPD per year. At least 10 of these must be formal/structured CPD (e.g., seminars, courses, webinars with assessed learning). The remaining 10 can be informal (e.g., reading, peer discussions). CPD records must be maintained and are subject to audit.

What should an RICS member do if they are asked by a client to do something they believe is unethical?

Answer: Refuse to comply and advise the client that they cannot carry out the instruction, explaining why it conflicts with professional obligations

RICS members must not carry out instructions that conflict with professional ethics, regardless of client pressure. The obligation to act with integrity takes precedence over the obligation to follow client instructions. The member should explain their position clearly and, if necessary, decline the instruction and cease acting.

What is RICS's Regulatory Board responsible for?

Answer: Setting and enforcing the regulatory requirements for firms, monitoring compliance, and investigating and disciplining misconduct

The RICS Regulatory Board oversees the regulation of RICS-regulated firms and members. It sets regulatory requirements, monitors compliance through audits and reporting, investigates complaints, and has the authority to impose sanctions including reprimand, fines, and expulsion from RICS.

What is the significance of Rule 5 of the RICS Rules of Conduct — 'act in the public interest'?

Answer: It requires members to consider the wider impact of their professional advice on third parties and society, not only the interests of their immediate client

Rule 5 reflects the concept that professional status carries a broader responsibility. RICS members' advice on property, land, and construction affects communities, the environment, and the wider economy. Chartered surveyors must balance client obligations with their duty not to harm third parties or undermine public trust in the profession.

What is a 'whistleblowing' obligation in the context of RICS professional conduct?

Answer: Members are expected to report serious misconduct by colleagues or within their firm to RICS, particularly where public harm may result

RICS expects members to speak up about serious misconduct they witness in their professional environment, particularly where clients or the public could be harmed. This duty to report sits alongside RICS Rule 1 (integrity) and Rule 5 (public interest). RICS provides guidance and whistleblowing protections for members who raise concerns.