Professional ethics

As a professional body RICS has a responsibility to protect the public by ensuring its members operate to the highest ethical standard. RICS is incorporated by Royal Charter, which sets out the objectives of the Institution and requires it to:

‘maintain and promote the usefulness of the profession for the public advantage.’

Therefore, to practise as a member of RICS at any level, you must prove that you are ethically sound. Ethics are a set of moral principles that extend beyond a formal code of conduct; before discussing the RICS principles it is worth considering what a professional is and how RICS monitor professional ethics.

The key personal qualities of a professional surveyor include ability, confidence, responsibility, belief, respect, honour, reputation and trustworthiness. These qualities are monitored by RICS Regulation, with reference to the RICS Rules of Conduct. The RICS Rules of Conduct are principles-based and are clear and simple rules that adopt the five principles of better regulation:

• proportionality;
• accountability;
• consistency;
• targeting; and
• transparency.

The Rules position RICS as a bold, cutting-edge professional regulator for the 21st century and are critical to the profession in that it is these and the underpinning values that give confidence to the public and clients that members are a ‘safe pair of hands’ and are regulated by their professional body.

The Rules of Conduct for members cover those matters for which individual members are responsible and accountable in their professional and personal lives. They apply equally to all members, wherever they are in the world and whatever their chosen field of activity.

RICS members are expected to demonstrate their ability and willingness to act within the RICS Rules of Conduct both before being granted membership and throughout their professional lives. RICS is one of a number of professions that operate under a self-regulation model. In other words members are not regulated by government but are monitored and inspected by their professional body. Why?

For RICS members the RICS standards of regulation already meet, and in some cases exceed, the UK government's own better regulation principles. Consumer protection and the development of the profession for the public advantage are very much at the core of RICS and are the reason it has retained its Royal Charter status for over 127 years. RICS is very proud of this position and recognises the responsibility placed upon it and consistently works to ensure standards are set for professional regulation not just in the UK but around the world.

Introducing legislation to regulate a sector of industry that is already applying modern practices, regulating at arms-length and operating in a business-like manner would be costly, time-consuming and unnecessary. Legislation would only be applied if the self-regulation system was not working - if it was not transparent, proportional, accountable, consistent and targeted. These are the five principles of better regulation determined by the Better Regulation Commission, a division of the UK Cabinet Office, on which RICS has based its own regulatory model.

Effective and efficient regulation of the sector is vital to the profession's success. While the UK government regularly reviews the approval it bestows on professional self-regulators, RICS aims to continuously demonstrate that it maintains a regulatory regime that is leading at the front and fit for purpose.

RICS regulation is not just about individual members but also firms. There are over 10,000 firms in the UK who are regulated by RICS. Firms that offer surveying services to third parties and where 50 per cent or more of the principals are RICS members must register for regulation. Firms that offer surveying services to third parties and where less than 50%, but at least one, of the principals are RICS members can choose to be regulated. Subsequently, there are also Rules of Conduct for firms. These Rules set out the standards of professional conduct and practice expected of firms registered for regulation by RICS.

Regulated firms benefit from:

• a proportionate and flexible approach that allows firms to comply with the Rules in a way that suits their business size, the sphere in which they operate and the needs and demands of their clients;
• the opportunity to nominate a single point of contact in the firm and to provide compliance information to RICS through a single annual return;
• for firms holding clients' money, a lower cost compliance regime that provides help and guidance from RICS' own accountancy team (roughly 2,500 regulated firms hold clients' money); and
• for eligbile firms, the use of 'Regulated by RICS' on letterhead and business stationery to profit from the reputational benefits of a cutting edge professional regulatory regime, valued by clients, and recognised by government and other regulators.

Other regulatory schemes

There are also schemes to which UK firms and members can belong.

• Designated professional body – for firms providing advice on general insurance mediation work.
• Fixed charge receivership – for members acting as a receiver, i.e. selling property assets when a company is in receivership.
• Inclusive environment consultant – for members advising as a consultant on making a building inclusive. This includes accessibility and disability discrimination.
• Building conservation – for members providing consultancy advice on the historic environment, including planning and conservation.
• Expert witness – for members acting as an expert witness in a specialist area of expertise.
• Fire – for members preparing fire risk assessments to comply with the Regulatory Reform (Fire Safety) Order 2006.
• Chartered environmentalist – for members providing guidance on sustainable best practice and environmental management.
• Ska rating – for members assessing sustainable fit-outs under the Ska methodology.
• Dispute resolution service – for members acting as a mediator in property disputes.
• Registered valuer – for members preparing and issuing valuations under the RICS Valuation - Professional Standards (Red Book).

For more information on these schemes visit the RICS Accreditation and Schemes website.