RICS New Rules of Conduct

The Rules of Conduct support positive change in the built and natural environments, through promoting and enforcing the highest ethical standards in valuation, the development and management of land, real estate, construction and infrastructure.

The Rules of Conduct are based on ethical principles of honesty, integrity, competence, service, respect and responsibility.

The purpose of these Rules of Conduct is to provide support to RICS professionals in making the many complex and balanced decisions faced when undertaking work. They are used to provide confidence to the clients and public that RICS members and firms act competently and ethically.

The new Rules were launched on 11 October 2021, but came into effect on 2 February 2022/ These new rules replace the following:

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

Rule 1

Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

Examples:

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

Rule 2

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

Examples:

• Members and firms only undertake work that they have the knowledge, skills and resources to carry out competently.
• Members maintain and develop their knowledge and skills throughout their careers. They identify development needs, plan and undertake continuing professional development (CPD) activities.

Rule 3

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

Examples:

• Understand clients’ needs and objectives - in a way clients understand
• Keep record of work and decisions - to answer client questions, audits or regulatory purposes

Rule 4

Members and firms must treat others with respect and encourage diversity and inclusion.

Examples:

• Members and firms work cooperatively with others
• Firms check that supply chains do not involve modern slavery or other abuses of the workforce.
• 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.

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.

Examples:

• Members and firms respond to complaints made against them promptly, openly and professionally.
• 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.

Ethics Decision Tree

Source - RICS Website

Photo credit: Photo by Laura Tancredi