RICS Rules of Conduct , Ethics and Professionalism

Mandatory Competency - Level 3 - Feb 2022

“RICS Rules of Conduct are one of the most

important ways that we provide confidence
to clients and the public that RICS members
and firms act competently and ethically.”

- Ramesh Palikila BTech , FIS, FAIQS, FRICS

Founder I CEO I Chief Mentor , AIMS , UAE

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List of competencies to be covered in AIMS APC Guidance Program

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Ethics, Rules of Conduct and professionalism
This competency covers your professionalism. It requires you to understand the role of the RICS and how it works. As your regulating body you must
have a thorough knowledge of its regulations, rules of conduct and ethical code. You should be aware of your role as a professional and of
society’s expectations of professional practice. You should also understand the general principles of law and the legal system, as applicable in your
country of practice.
Examples of likely knowledge, skills and experience at each level
Level 1 Level 2 Level 3
Demonstrate knowledge and understanding of the role and Provide evidence of practical application in your area of Provide evidence of application of the above in your area
significance of RICS and its functions. Also an appreciation of practice, being able to justify actions at all times and of practice in the context of advising clients.
your personal professional role and society’s expectations of demonstrate personal commitment to the rules of conduct,
professional practice and RICS code of conduct and conduct ethics and RICS standards.
regulations, including the general principles of law and the
legal system, as applicable in your country of practice.

Examples of knowledge comprised within this level are: Examples of activities and knowledge comprised within this level are: Examples of activities and knowledge comprised
•The structure of RICS •Your involvement with RICS within this level are:
•RICS’ global and professional ethical standards •Identifying a conflict of interest
•Mandatory Professional Statements e.g. Conflicts of Interest •Transparency in professional fees •Dealing with a conflict of interest
•Guidance notes and their status •Checking a terms of an appointment document for compliance with •Dealing with a complaint
•RICS’ CPD policy RICS rules
•Handling client’s money
•The role of Professional Groups •Handling gifts and hospitality
•Bodies within the RICS e.g. Matrics, LionHeart •Complying with RICS’ CPD policy for members •Setting up professional indemnity insurance
•Rules of conduct for members •Checking your employer’s compliance with RICS rules for firms. •Registration of a firm with RICS.
•Rules of conduct for firms
•Policy documents
•Help sheets 3
•RICS Bye-laws
•Government, legislation and regulation
•Common law
•Construction and Technology Court. [Link] info@[Link]
Agenda-Conduct rules, ethics and professional practice –Level 3

RICS Rules of
Complaints
Conduct for a
Motto of RICS Handling
Members & Firms
Procedures ( CHP)
NEW

Professional
Lifelong learning -
Indemnity Clients’ money
CPD
Insurance

Professional groups
, Designations and Bribery Act Black Book
Regions

Current RICS issues

,Structure and
Construction
faculty latest
Journals
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 RICS MOTTO :

‘EST MODUS IN REBUS‘ RICS SLOGAN :

THERE IS A MEASURE IN ALL THINGS

Arms : Azure, within a surveyor's chain in orle and

issuant from the chief the capital of an Ionic column
argent; on a chief of the last a lion passant
guardant of the field.

Crest: On a wreath of the colours, In front of a

Terrestrial Globe proper a pair of dividers Or.

Supporters: On either side a lion Or supporting a

surveyor's ranging rod and resting the interior hind
paw upon a log of wood proper.

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ETHICS AND PROFESSIONAL PRACTICE

Behaving ethically is at the heart of what it means to be a professional; it distinguishes

professionals from others in the marketplace. RICS professionals demonstrate their
commitment to ethical behaviour by adhering to five global professional and ethical
standards.
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Recap on Ethics, Rules and
Principles as per pre-Feb 2022
Ethics
Behaving ethically is at the heart of what it means to be a professional; it distinguishes professionals
from others in the marketplace. RICS has five ethical standards. You must understand them and how you
apply them in your everyday role.

Take responsibility

Treat each other with respect

Always provide a high standard of service

Act with integrity

Act in a way that promotes trust in the profession

RICS - 5 PRINCIPLES :

Proportionality Accountability Consistency Targeting Transparency

The Rules of Conduct for firms set out

The Rules of Conduct for members
the requirements for the conduct of
set professional parameters for
business by professional practices.
individual members and govern
They govern matters such as
matters such as ethics, personal
professional indemnity insurance,
solvency and CPD. The Rules of
holding clients’ money and
Conduct for members apply to all
complaints handling. The Rules of
members worldwide. You must
Conduct for firms apply only to firms
abide by them at all times.
regulated by RICS.

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 Introduction

The Rules of Conduct for Members apply to all members worldwide. They cover those
matters for which individual members are responsible and accountable in their professional
lives. The rules focus on our regulatory goals and adopt the five principles of better
regulation:
Proportionality
Accountability
Consistency
Targeting
Transparency.

These Rules provide a strong foundation for RICS and its members, helping to protect the
public and uphold the reputation of the profession. These Rules of Conduct for Members of
RICS are made by the Standards and Regulation Board of the Royal Institution of
Chartered Surveyors (RICS) under Article 18 of the Supplemental Charter 1973 and Bye-
Law 5 of RICS Bye-Laws. Version 7 of these Rules shall apply from 02 March 2020.
Scope
These Rules set out the standards of professional conduct and practice expected of
Members of RICS. These Rules do not repeat obligations placed on Members by the
general law, for example in the areas of discrimination and employment.

Not every shortcoming on the part of a Member, nor failure to comply with these Rules, will
necessarily give rise to disciplinary proceedings. However, a failure to follow any guidance
associated with the Rules is a factor that will be considered should it be necessary to
examine the behaviour of a Member. In such circumstances a Member may be asked to
justify the steps they took and this may be taken into account.

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 Part II Personal and Professional Standards
3Ethical behaviour
Members shall at all times act with integrity and avoid conflicts of interest and
avoid any actions or situations that are inconsistent with their professional
obligations.

Part I General 4Competence

Members shall carry out their professional work with due skill, care and
1Interpretation diligence and with proper regard for the technical standards expected of
them.
5Service
In these Rules, unless the context Members shall carry out their professional work in a timely manner and with
otherwise requires, ‘Member’ means a proper regard for standards of service and customer care expected of them.
Chartered Member, non-Chartered
Member, Honorary Member or a 6Continuing Professional Development (CPD)
member of the attached classes.
Members shall comply with RICS’ requirements in respect of continuing
professional development.
2Communication 7Solvency
Members shall ensure that their personal and professional finances are
managed appropriately.
RICS will communicate with Members
by any of the following: 8Information to RICS
Members shall submit in a timely manner such information, and in such form,
a. post as the Standards and Regulation Board may reasonably require.
b. fax
9Cooperation
c. email
Members shall cooperate fully with RICS staff and any person appointed by
d. telephone the Standards and Regulation Board.
e. in person.
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 Introduction

The Rules of Conduct for firms apply to all firms worldwide. They cover those
matters for which individual members are responsible and accountable in their
professional lives. The rules focus on our regulatory goals and adopt the five
principles of better regulation:

Proportionality
Accountability
Consistency
Targeting
Transparency.

Scope

These Rules set out the standards of professional conduct and practice expected of
Firms registered for regulation by RICS. These Rules do not repeat obligations placed
on Firms by the general law, for example in the areas of discrimination and
employment. Not every shortcoming on the part of a Firm, nor failure to comply with
these Rules, will necessarily give rise to disciplinary proceedings.

However, a failure to follow any guidance associated with the Rules is a factor that will
be considered should it be necessary to examine the activities of a Firm. In such
circumstances the Firm may be asked to justify the steps it took and this may be taken
into account. A Firm should be guided as These Rules provide a strong foundation for
RICS and its Firms, helping to protect the public and uphold the reputation of the
profession.

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 Part I General
1 Interpretation : In these Rules, unless the context otherwise requires:

‘Providing a surveying service to the public’ means acting to provide a service(s) considered by
to be within those which are the responsibility of RICS’ Professional Groups to professional,
corporate, institutional and all other clients.

‘Contact Officer’ means the individual designated by the Firm to be the main liaison point between
the Firm and RICS and the person authorised by the Firm to submit the Firm’s Annual Return.

Firm’ means:
a the whole or part of any body corporate or
b a partnership or
c a limited liability partnership or
d an unincorporated practice of a sole practitioner concerned with the business of surveying or
providing other related services, which is regulated by RICS or
e an equivalent in any of the world regions to any of the above in a–d.

2 Communication : RICS will communicate with Members by any of the following:

a post
b fax
c email
d telephone or
e in person.

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Part II Conduct of Business
3 Professional behaviour
A Firm shall at all times act with integrity and avoid conflicts of
interest and avoid any actions or situations that are inconsistent Part III Firm Administration
with its professional obligations. 10 Advertising
4 Competence A Firm shall promote its professional services only in a
A Firm shall carry out its professional work with due skill, care truthful and responsible manner.
and diligence and with proper regard for the technical standards 11 Solvency
expected of it. A Firm shall ensure that its finances are managed
5 Service appropriately.
A Firm shall carry out its professional work with expedition and 12 Arrangements to cover the incapacity or death of a
with proper regard for standards of service and customer care sole practitioner
expected of it. A Firm which has a sole principal (i.e. a sole practitioner
6 Training and Continuing Professional Development (CPD) or a sole director in a corporate practice) shall have in
A Firm shall have in place the necessary procedures to ensure place appropriate arrangements in the event of that
that all its staff are properly trained and competent to do their sole principal’s death or incapacity or other extended
work. absences.
7 Complaints handling 13 Use of designations
A Firm shall operate a complaints-handling procedure and A Firm registered for regulation must display on its
maintain a complaints log. The complaints-handling procedure business literature, in accordance with the Standards
must include an Alternative Dispute Resolution (ADR) and Regulation Board’s published policy on
mechanism that is approved by the Standards and Regulation designations, a designation to denote that it is regulated
Board. by RICS.
8 Clients’ money 14 Information to RICS
A Firm shall preserve the security of clients’ money entrusted to A Firm shall submit in a timely manner such information
its care in the course of its practice or business. about its activities, and in such form, as the Standards
9 Indemnity and Regulation Board may reasonably require.
A firm shall ensure that all previous and current professional work 15 Cooperation
is covered by adequate and appropriate indemnity cover which A Firm shall cooperate fully with RICS staff and any
[Link]
meets standards approved by the Standards and Regulation
info@[Link] person appointed by the Standards and Regulation
Board. Board.
[Link] info@[Link]
 AGAENDA

Replacement of Old
New Rules of
RICS New-Rules-of- Rules for members Replacement of Old
Conduct for
Conduct-FAQs and firms and Principles
members and firms
Ethical standards

Relevance in your
Relevance in your
upcoming
upcoming APC Conclusion
submissions – SOE –
interviews
Preliminary /Final

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[Link] info@[Link]
RICS New Rules of Conduct for members and firms
Effective from Feb 2022

RICS members and firms operate

around the world, and the Rules of
Conduct apply to members and
firms wherever they work or
practice.

We recognise that laws differ

between jurisdictions and that
firms and members must consider
the legal obligations that apply to
them.

This document provides examples of

behaviours that would indicate a
member or firm had complied with the
rule. These examples are not exhaustive.
For all behaviours, RICS expects a member or
firm to do what is reasonably possible to
achieve the outcome described.

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RICS New Rules of Conduct (effective 2 February 2022) – FAQs
related to entry and assessment
The new Rules launched on 11 October 2021 with an effective date of 2 February 2022, and replace the following:

• Rules of Conduct for Members

• Rules of Conduct for Firms
• Global Professional and Ethical Standards.

The Rules of Conduct are mandatory standards of professional conduct and practice expected of all RICS
members, candidates, students, and regulated firms.

There are five new Rules which have been updated to address challenges relating to sustainability, the use of
data, and diversity and inclusion.

The new Rules are based on the ethical principles of

honesty, integrity, competence, service, respect, and responsibility.
The changes are intended to help the global profession respond to new risks and opportunities.

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Ethical Principles (06 nr)

The new Rules are based on the ethical principles of

honesty, integrity, competence, service, respect, and responsibility.

honesty

responsibility integrity

respect competence

service

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RICS New Rules of Conduct (effective 2 February 2022) – FAQs
related to entry and assessment

The following changes will bring our ethical standards into one clear framework.

A simpler structure. We are making it easier for RICS members and firms to understand our rules, providing
more confidence for clients and the public.

Clear examples. We want to support members’ professional judgement, so each Rule is illustrated with
examples of how members and firms can behave to comply with the Rule. There are also 12 case studies
showing real-life application of the Rules.

Focusing on respect, diversity and inclusion. Whether it’s encouraging diversity and inclusion, or tackling
modern slavery, respect and courtesy underpin all our professional ethics.

Understanding evolving technology. The Rules highlight the importance of understanding the evolving use
of data and technology, and the associated benefits and risks.

Tackling global challenges. The Rules show that ethical practice by RICS members and firms has an
important role when it comes to global challenges, including creating sustainable development and tackling
climate change.
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RICS New Rules of Conduct for members and firms – 5 Nr
Effective from Feb 2022

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.

Appendix A: Professional obligations to RICS members (3) and firms (7).

Old 5 Ethical Standards Some old Nine Rules for members and 15 New added items
for firms are added in obligations
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Rule 1 : Members and firms must be honest, act with integrity and
comply with their professional obligations, including obligations to RICS .
Example behaviours

1.1 Members and firms do not mislead others by their actions or omissions, or by being complicit in the actions or omissions
of others.

1.2 Members and firms do not allow themselves to be influenced improperly by others (as a result of, for example, giving or
receiving work referrals, gifts, hospitality or payments) or by their own self- interest.

1.3 Members and firms identify actual and potential conflicts of interest throughout a professional assignment and do not
provide advice or services where a conflict of interest or a significant risk of one arises, unless they do so in accordance with
the current edition of Conflicts of interest, RICS professional statement.

1.4 Firms have effective processes to identify actual and potential conflicts of interest, to enable appropriate decisions to
be made on whether to accept work, and to keep records of decisions made about actual and potential conflicts of interest.

1.5 Members and firms providing advice and opinion in a professional context do so honestly and objectively based on
relevant and reliable evidence, and firms have processes to ensure that directors, partners and employees do so.

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Rule 1 ( Contd.,)
Example behaviours ( Contd.,)

1.6 Members and firms are open and transparent with clients about their fees and services.

1.7 Members and firms act to prevent others being misled about their professional opinion.

1.8 Members and firms do not take unfair advantage of others.

1.9 Members and firms protect confidential information and only use or disclose it for the purposes for which
it was provided, where they have the necessary consent to do so or where required or permitted by law.

1.10 Firms keep client money safe and have appropriate accounting controls.

1.11 Members do not misuse client money and comply with controls intended to keep it safe.

1.12 Members and firms do not facilitate any financial crime including money laundering, tax evasion,
bribery or corruption. Firms have effective processes to prevent directors, partners or employees from doing so.

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Rule 2
Members and firms must maintain their professional competence and
ensure that services are provided by competent individuals who have
the necessary expertise.

2.1 Members and firms only undertake work that they have the knowledge, skills and resources to carry out competently.

2.2 Members and firms supervise any employees undertaking work for them and ensure that these employees have the necessary
knowledge, skills and resources to do their tasks competently.

2.3 Members and firms check that subcontractors have the necessary knowledge, skills and resources to do their tasks
competently.

2.4 Members and firms reflect on the work they have undertaken and its impacts and consider how they might apply what they
have learned to their future work.
2.5 Members maintain and develop their knowledge and skills throughout their careers. They identify development needs, plan
and undertake continuing professional development (CPD) activities to address them and are able to demonstrate they have done
so. Firms encourage and support directors, partners and employees to maintain and develop their knowledge and skills, and check
that they are complying with CPD requirements set by RICS.
2.6 Members and firms stay up to date and comply with relevant legislation, codes of practice and other professional and
relevant technical standards. Firms ensure that their directors, partners and employees do so.

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Rule 3 Members and firms must provide good-quality and diligent service.

Example behaviours

3.1 Members and firms understand clients’ needs and objectives before accepting any professional work.

3.2 Members and firms agree with clients the scope of the service to be provided and its limitations, and timescales
for the work.

3.3 Firms inform clients that they are regulated by RICS and that they may need to disclose records to RICS where
required for regulatory purposes.

3.4 Members and firms inform clients promptly and seek their agreement if it is proposed that any of the terms of
engagement or estimated fees or costs be changed.

3.5 Members and firms undertake their work in a timely manner; with due care, skill and diligence, and in
accordance with RICS technical standards.

3.6 Members and firms communicate to clients the material information on which their professional advice and
opinion is based.

3.7 Members and firms communicate with clients and others clearly and in a way they can understand.

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Rule 3 ( Contd.,) Example behaviours ( Contd.,)

3.8 Members and firms ensure that any referral or introduction they make for a client is in the best interests of the
client and inform clients about any financial or other benefits to the member or their firm from a referral or introduction.

3.9 Members and firms keep proper records of their work and decisions in enough detail to allow them to answer
questions from clients and to allow their work to be audited for quality assurance or regulatory purposes.

3.10 Members and firms, when advising clients about projects, encourage solutions that are sustainable in that they
minimise harm and deliver balanced economic, social and environmental benefits.

3.11 Members and firms understand the risks and benefits of using relevant technology.

3.12 Members and firms check that all data used is accurate and up to date, is kept securely, and that they have
proper legal rights to use it and, where required, share it.

3.13 Firms have effective quality assurance processes for their work.

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 IP

Rule 4 Members and firms must treat others with respect and encourage diversity and
inclusion. Example behaviours

4.1 Members and firms respect the rights of others and treat others with courtesy.

4.2 Members and firms treat everyone fairly and do not discriminate against anyone on any improper grounds, including
age, disability, gender reassignment, marriage or civil partnership, pregnancy or maternity, race, religion or belief, sex or sexual
orientation.
4.3 Members and firms do not bully, victimise or harass anyone.

4.4 Firms check that supply chains do not involve modern slavery or other abuses of the workforce.

4.5 Members and firms report abusive labour practices to proper and recognised authorities if they become aware of, or
suspect, them.

4.6 Members and firms work cooperatively with others.

4.7 Members and firms develop an inclusive culture in their workplaces, support equal access and opportunity for all,
and identify and address unconscious bias.

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IP

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.
Example behaviours
5.1 Members and firms question practices and decisions that they suspect are not right, and raise concerns with colleagues, senior
management, clients, RICS or any other appropriate person, body or organisation where they believe in good faith that it is necessary to do so.
Firms provide processes to allow and support individuals within the firm to raise concerns with senior management.

5. 2 Members and firms support directors, partners, employees, colleagues or clients who have acted in good faith to report concerns.

5.3 Members and firms ensure that public statements made by the firm, or in which members are (or could be) identified as members of the
profession, do not undermine public confidence in the profession.
5.4 Members and firms respond to complaints made against them promptly, openly and professionally.

5.5 Members and firms do not dissuade complainants from approaching an alternative dispute resolution provider, RICS or any other
regulatory body.
5.6 Members and firms cooperate with investigations into complaints or concerns, and provide information where it is reasonably requested
and they can do so lawfully.
5.7 Members consider the effect that any health conditions may have on their competence or ability to undertake professional work, and
inform management or clients where they require reasonable adjustments or are unable to continue to undertake work competently.
5.8 Members and firms manage their professional finances responsibly.

5.9 Members and firms take appropriate action when they consider that the rules have been breached, and report suspected significant
breaches of the Rules of Conduct by themselves or others to RICS.

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 Appendix A: Professional obligations to RICS
This appendix sets out the core professional obligations for members and firms. Additional professional
obligations are found in the mandatory requirements of RICS professional statements relevant to a member or
firm’s practice.
The following professional The following obligations are mandatory for RICS-regulated firms.
obligations to RICS are mandatory
for RICS members.
1. Firms must publish a complaints-handling procedure, which includes an
alternative dispute resolution provider approved by RICS, and maintain a complaints log.
2. Firms must ensure that all previous and current professional work is covered by
adequate and appropriate professional indemnity cover that meets the standards
1. Members must comply with the
approved by RICS.
CPD requirements set by
3. Firms with a sole principal must make appropriate arrangements for their
RICS.
professional work to continue in the event of their incapacity, death, absence from
2. Members must cooperate with
or inability to work.
RICS.
4. Firms must cooperate with RICS.
3. Members must promptly
5. Firms must promptly provide all information reasonably requested by the
provide all information
Standards and Regulation Board, or those exercising delegated authority on its behalf.
reasonably requested by the
6. Firms must display on their business literature, in accordance with RICS’ published
Standards and Regulation
policy on designations, a designation to denote that they are regulated by RICS.
Board, or those exercising
7. Firms must report to RICS any matter that they are required to report under the
delegated authority on its
Rules for the Registration of Firms.
behalf.

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Old Ethics Decision Tree is replaced

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Ethics Decision Tree as per New Rules of Conduct

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RICS New Rules of Conduct (effective 2 February 2022) – FAQs
related to entry and assessment

Q: Will there be changes to the current online ethics module?

Yes.

The current online ethics module – Professional Ethics for RICS Members – includes
references to the 2007 Rules of Conduct and the five global ethical principles.

In line with the new Rules, the module will be replaced with a new version from 2
February 2022. Access to the current module will no longer be available from
then.

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RICS New Rules of Conduct (effective 2 February 2022) – FAQs
related to entry and assessment

Q) I am a candidate and have already completed the online ethics module. Is my

result still valid?
Yes, for a time period.

All candidates joining RICS must successfully complete the online ethics module
Professional Ethics for RICS Members within 12 months of their final assessment.

Candidates who have successfully completed the Professional Ethics for RICS
Members module prior to 2 February 2022 do not need to take the new version if
they pass their assessment within 12 months of completing the current module.

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 RICS New Rules of Conduct (effective 2 February 2022) – FAQs
related to entry and assessment

Q) Will there be other changes to the online ethics module?

Yes.

RICS has collaborated with qualified professionals around the world, as well as seeking input from outside the
profession, to create new content which reflects the role of professionalism and the new Rules of Conduct.

The new RICS Professionalism module will be a mandatory requirement to achieve professional status when it
launches on 2 February 2022. The module will feature a completely new e-learning section with more interactive
material, including a ”choose your own adventure” case study.

The assessment element of the module will feature a “complex” case study and 20 multiple choice questions
(MCQs). Questions are randomly selected from a bank of 100.

As with the current module, it will take approximately three hours to complete.

[Link] info@[Link]
 Important weblinks in RICS Website – for further reading

RICS’ regulatory rules are approved by the Standards and Regulation Board.

[Link]
governance-and-rules/our-regulatory-rules-and-procedures/

Registration of Members and Firms on regulatory schemes

Regulatory Support (including regulatory schemes)

Investigation and Disciplinary Process

Readmission following disciplinary expulsion

[Link] info@[Link]
 CPD Continuing Professional Development (CPD)

CPD is the systematic updating and enhancement If you are undertaking structured training you Once you have been successful and
of skills, knowledge and competence that takes must complete a minimum of 48 hours per 12 become an RICS chartered
place throughout your working life. months of structured training. professional (MRICS) you will
If you are not required to complete structured continue to undertake and record online
It should be closely linked to your current work. training, you need to demonstrate a minimum of 48 a minimum of 20 hours of CPD activity
CPD can be taken from various sources including hours in the 12 months prior to your preliminary each calendar year as part of your
attending conferences, meetings or seminars, review and update your record commitment to your ongoing
completing an academic course or informal to reflect the requirement prior to your final professional development.
reading. assessment submission.
Your CPD will be calculated on a rolling
It is for you, as a professional, to decide what is Your CPD must be split between formal period from the date you submit for
appropriate and this should complement both your development such as professional courses, assessment. You should check that
mandatory and technical competencies. seminars or online events and informal development your CPD activities are within the
such as private study or on the job training. At least required period (12 or 24 months),
Special attention must be given to the principles
50% of your CPD must be dedicated to formal working back from the date you
underpinning CPD:
development. submit.
•gained in a structured manner
•based on an explicit process of selecting, planning and
evaluating the activities Please note that during your
If you are on a part-time or distance learning
•reflect learning from informal training sources interview, part of the discussion
accredited degree, RICS will consider your final
e.g. structured reading, secondments will focus on your CPD.
year as counting towards your CPD for that year.
This should be supplemented by other CPD
All APC candidates are required to
activities for that year.
complete a minimum of 48 hours’
[Link]
every 12 months. info@[Link]
RICS Policy

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Professional Indemnity Insurance (PII) for RICS firms

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Professional Indemnity Insurance (PII) for RICS firms ( Contd.,)

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1.1 Overview
Rule 8 of the RICS Rules of Conduct for Firms states: ‘A firm shall preserve the security of clients’
money entrusted to its care in the course of its practice or business.

It is divided into three parts.

1 An introduction explaining the objectives and application of this professional statement and its
relation to the rules of the RICS Client Money Protection scheme.

2 Mandatory requirements for mitigating the inherent risk in holding client money. It isclearly specified
where these requirements apply to RICS members or regulated firms only or to both RICS members
and regulated firms.

3 Guidance setting out supporting good practice for keeping client money secure.
.
1.2 Objectives
The overall objective of this professional statement is that RICS members and RICS- regulated
firms understand their obligations to ensure:

• client money is kept safe

• client money accounts are used for appropriate purposes only and
• RICS-regulated firms have the appropriate controls and procedures to safeguard client money.

1.3 Application
This professional statement applies to all RICS members and RICS-regulated firms operating in
the United Kingdom.

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1. 1.4 RICS Client Money Protection Scheme Rules
In April 2019 RICS updated the scheme rules for client money protection following the Client Money Protection
Schemes for Property Agents (Approval and Designation of Schemes) Regulations 2018 coming into effect.
RICS-regulated firms that hold client money must therefore ensure that they are registered with the
appropriate RICS scheme:

•the RICS Client Money Protection Scheme for Surveying Services, which generally applies for
client money held by RICS-regulated firms in the United Kingdom or

•the RICS Client Money Protection Scheme for Property Agents, which meets the specific
provisions that apply for property agents from 1 April 2019 for client money held in connection with
letting agency work and property management work in England.

This professional statement is issued by RICS under rule 7.4 of the RICS Client Money Protection Scheme for
Surveying Services and rule 7.4 of the RICS Client Money Protection Scheme for Property Agents. However, firms
must satisfy themselves that they have complied with all obligations placed on them by the relevant scheme rules,
legislation or other RICS professional standards relevant to their area of practice.
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Examples of client and office money

Examples of client money include, but are not limited to, money held or received as:

• a payment on account of costs generally

• rents and service charges
• interest credited to a client account (unless the firm retains interest by agreement)
• arbitration fees
• client money held but due to be paid to contractors
• auction sale proceeds where the firm is acting as an agent not as a principal
• commission received on the placement of insurance for members of the designated professional body scheme for general insurance
distribution activity where the client has not given the RICS member or RICS-regulated firm informed consent to retain the commission.

Office money includes but is not limited to:

• interest on general client accounts that by agreement with the client does not accrue to the client – the bank or building society should
be instructed to credit such interest to the office account
• payments received for fees due to the RICS member or RICS-regulated firm against a bill or written notification of costs incurred, which
has been given or sent
• disbursements already paid or disbursements incurred but not yet paid by the RICS member or RICS-regulated firm
• money paid in advance in respect of an agreed fee for surveying services (but not property agent work in England).

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Complaints Handling Procedures

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Complaints Handling Procedures

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Conflicts of Interest (COI)

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 Conflicts of Interest (COI) – 3 lines check
A conflict of interest is anything that impedes or might be perceived to impede an
individual's or firm's ability to act impartially and in the best interest of a client. A
conflict of interest can cast doubt on your integrity; it can also have a damaging
effect on your firm and the profession as a whole. A conflict of interest may occur
where you or your firm:
1. Are acting for another person with competing interests at the same time (e.g.
advising both the Client and Contractor of a single commercial property
simultaneously)
2. Have other obligations or pressures that detract from or affect your relationship
with the client (e.g. acting as an expert witness where you/your firm has an
interest in the outcome of the proceedings)
3. Are faced with conflicting duties owed to different clients (e.g. acting for two or more
parties competing for an opportunity)

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RICS APC Pathway decides your Chartered Title
APC Pathway Please select your APC pathway below, this defines your path to qualification
and how you will be primarily assessed. Select one pathway only.

Arts and Antiques ☐ Planning and Development ☐

Project Management
Building Control ☐ ☐
( Chartered PM Surveyor)

Building Surveying ☐ Property Finance and Investment ☐

Quantity Surveying and Construction

Built Infrastructure ☐ ☐
( Chartered QS)
Commercial Property ☐ Research ☐
Environment ☐ Residential ☐
Facilities Management ☐ Rural ☐
Geomatics ☐ Taxation Allowances ☐
Management Consultancy ☐ Valuation ☐
Valuation of Businesses and
Mineral and Waste Management ☐ ☐
Intangible Assets
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Why you want to become MRICS (Chartered QS/PM) ?

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Current RICS structure and New Technical issues

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 What is RICS - Black book ?
The RICS QS and Construction Standards is a The QS and Construction Standards includes:
comprehensive suite of documents that
defines good technical standards for QS and - Retention
construction professionals. Developed in - Damages for Delay to Completion
collaboration with practitioners, contractors, - Defining Completion on Construction Work
clients and other professional bodies, it - Acceleration
consists of standalone guidance notes that - Construction Insurance
can assist with advising and educating those - Valuing Change
training, as well as competent quantity - Conflict Avoidance and Dispute Resolution in Construction
surveyors. - Electronic Document Management
- Cost Analysis and Benchmarking
- Cash Flow Forecasting
- E-Tendering
- Developing a construction procurement strategy
- Termination of Contract, Corporate Recovery and Insolvency
- Capital Allowances and Remediation Relief
- Managing Communications
- Commercial Management in construction
- Value Engineering and Value Management
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RICS Black Book - Main Guidance Notes

Cash flow
Acceleration forecast

Retention Conflict
avoidance

Black
Book
Defining Construction
completion Insurance

Damages Cost analysis

for delay to and
completion benchmarking

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 Governing Council is our main
governing body. It sets the overall
strategy for RICS and provides high
level assurance around standards and
its professionals, as well as oversight.
Council is made-up of elected
members from across the globe along
with the Chair, and the members of
the Presidential Team.

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 RICS GLOBAL STRUCTURE
RICS Current President
Chief Executive Officer

To be appointed
Clement Lau FRICS - RICS President
Clement became RICS President in
September 2021.
This recognises his active promotion of professionalism across the built
environment throughout his career, most recently in his current role as Director
and Head of Development and Valuations for Commercial Property at Hongkong
Land Ltd.
Clement has also served as Chair of both the RICS Hong Kong Board and the
RICS Asia Regional BoardHe is determined to extend the reach and influence of
RICS’ thought-leadership and to drive the organisation’s digital capability during
his term

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 RICS Conduct Rules , Ethics and Professionalism – Reading List

Level 1 - 3:
 Role, function and significance of RICS;
 An understanding of society’s expectations of professional practice;
 RICS Rules of Conduct and conduct regulations & and the general principles of law and the legal system
 Professional indemnity insurance
 Obligation to keep client accounts
 Lifelong learning
 RICS magazine, RICS Business, and the various Journals, RICS Hand Book
 Ethics : 5 Core values
Level 3 :
 Conflicts of interest and terms of engagement
 Why professional institution has Rules of Conduct
 Mixture of practical experience, structured reading and perhaps some CPD
 Compliance, monitoring, disciplinary matters, profession that is better regulated.

Why do I need to know anything about the Rules of Conduct, when I have no direct experience or involvement?

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CONCLUSION

WISH YOU ALL THE BEST- GOOD START LEADS TO SUCCESS

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