Regulation

MAINTAINING PROFESSIONAL
AND ETHICAL STANDARDS
01 APRIL 2010
 Regulation

It is our view that by applying the following set of standards, in their professional and personal
life, members and RICS regulated firms would meet the high standards of behaviour expected
of them, particularly under the following Bye-Laws and Rules:

Bye-Law 5.2.1:
“Every Member shall conduct himself in a manner befitting membership of RICS.”

Rule 3 of the Rules of Conduct for Members:

“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.”

Rule 3 of the Rules of Conduct for Firms:

“A Firm shall at all times act with integrity and avoid conflicts of interest and avoid any actions or
situations that are inconsistent with its professional obligations.”

Core values
Act honourably
1 Never put your own gain above the welfare of your clients or others to whom you have a
professional responsibility. Always consider the wider interests of society in your
judgements.

Act with integrity

2 Be trustworthy in all that you do – never deliberately mislead, whether by withholding or
distorting information.

Be open and transparent in your dealings

3 Share the full facts with your clients, making things as plain and intelligible as possible.

Be accountable for all your actions

4 Take full responsibility for your actions and don’t blame others if things go wrong.

Know and act within your limitations

5 Be aware of the limits of your competence and don’t be tempted to work beyond these.
Never commit to more than you can deliver.

Be objective at all times

6 Give clear and appropriate advice. Never let sentiments or your own interests cloud your
judgement.

Always treat others with respect

7 Never discriminate against others.

1st April 2010 02

 Regulation

Set a good example

8 Remember that both your public and private behaviour could affect your own, RICS’ and
other members’ reputations.

Have the courage to make a stand

9 Be prepared to act if you suspect a risk to safety or malpractice of any sort.

Comply with relevant laws and regulations

10 Avoid any action, illegal or litigious, that may bring the profession into disrepute.

Avoid conflicts of interest

11 Declare any potential conflicts of interest, personal or professional, to all relevant parties.

Respect confidentiality
12 Maintain the confidentiality of your clients’ affairs. Never divulge information to others unless
it is necessary.

Compliance with RICS schemes

Members and regulated firms must comply with any Rules of any RICS scheme which they
belong to. Examples of RICS schemes are:
● The Designated Professional Body scheme
● Domestic Energy Assessors
● Commercial Energy Assessors
● Home Inspectors

Individual members taking responsibility for their firm’s compliance

with the Rules of Conduct for Firms
If you are a principal of a regulated firm, your professional obligations under Rule 3 of the Rules
of Conduct for Members include a responsibility to ensure your firm complies with the Rules of
Conduct for Firms where it is reasonable for you to do so.
This means you could be held responsible as an individual for the behaviour of your firm. In the
event of potential disciplinary action, RICS Regulation will investigate each case and may decide
to bring action against an individual member, the firm, or both.

1st April 2010 03

 Regulation

Where a firm ceases to trade or becomes unregulated

Where a member has been a principal of a regulated firm, and that firm either ceases to trade or
becomes unregulated by RICS, you must:

Complaints handling
1 Continue to adopt an effective procedure for handling complaints which were made to the
firm prior to it ceasing to trade/becoming unregulated by RICS.

Clients’ money
2 On ceasing to trade – ensure that the security of clients’ money is preserved until all
monies have been distributed. In the event of a firm becoming un-regulated by RICS –
inform your clients that the monies are no longer covered by the RICS Clients’ Money
Protection Scheme.

Professional indemnity insurance

3 Maintain run-off cover for a minimum period of six years. This ensures you are not exposed
to claims during the period following ceasing to trade or becoming unregulated by RICS.
It is advisable to contact your broker for more detailed advice

Further information
Contact us on 020 7695 1670 if have further questions or email regulation@rics.org.
Additional help sheets and other guidance material can be found at www.rics.org/regulation.

1st April 2010 04

 rics.org

Regulation BETTER REGUL ATION. BETTER PROTECTION.

RICS HQ Advancing standards in land, property and construction.

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United Kingdom

Worldwide media In a world where more and more people, governments, banks and
enquiries: commercial organisations demand greater certainty of professional
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standards and ethics, attaining RICS status is the recognised
Contact Centre: mark of property professionalism.
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T +44 (0)870 333 1600 Over 100 000 property professionals working in the major established
F +44 (0)20 7334 3811 and emerging economies of the world have already recognised the
importance of securing RICS status by becoming members.
RICS is an independent professional body originally established
in the UK by Royal Charter. Since 1868, RICS has been committed
to setting and upholding the highest standards of excellence and
integrity – providing impartial, authoritative advice on key issues
affecting businesses and society.
RICS is a regulator of both its individual members and firms enabling
it to maintain the highest standards and providing the basis for
unparalleled client confidence in the sector.
RICS has a worldwide network. For further information simply contact
the relevant RICS office or our Contact Centre.

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