Professional ethics

General

Rule 1 gives definitions for firms.

Rule 2 lists the communication media RICS may use.

Conduct of business

3. Professional behaviour: A Firm shall at all times act with integrity and avoid conflicts of interest and any actions or situations that are inconsistent with its professional obligations. (See conflicts of interest.)

4. Competence: A Firm shall carry out its professional work with due skill, care and diligence and with proper regard for the technical standards expected of it. (See standard of service.)

5. Service: A Firm shall carry out its professional work with expedition and with proper regard for standards of service and customer care expected of it. (See standard of service.)

6. Training: A Firm shall have in place the necessary procedures to ensure that all its staff are properly trained and competent to do their work. (See isurv CPD.)

7. Complaints handling: A Firm shall operate a complaints handling procedure and maintain a complaints log. The complaints handling procedure must include a redress mechanism that is approved by the Regulatory Board. (See compaints handling procedure.)

8. Clients’ money: A Firm shall preserve the security of clients’ money entrusted to its care in the course of its practice or business. (See clients' money.)

9. Professional indemnity insurance: A Firm shall ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity insurance cover which meets standards approved by the Regulatory Board. (See professional indemnity insurance.)

Firm administration

10. Advertising: A Firm shall promote its professional services only in a truthful and responsible manner. (See standard of service.)

11. Solvency: A Firm shall ensure that its finances are managed appropriately. (See insolvency.)

12. Arrangements to cover the incapacity or death of a sole practitioner: A Firm which has a sole principal (i.e. a sole practitioner or a sole director in a corporate practice) shall have in place appropriate arrangements in the event of that sole principal’s death or incapacity or other extended absences. (See clients' money.)

13. Use of designations: A Firm registered for regulation must display on its business literature, in accordance with the Regulatory Board’s published policy on designations, a designation to denote that it is regulated by RICS. (See RICS regulation.)

14. Information to RICS: A Firm shall submit in a timely manner such information about its activities, and in such form, as the Regulatory Board may reasonably require. (See RICS regulation.)

15. Cooperation: A Firm shall cooperate fully with RICS staff and any person appointed by the Regulatory Board. (See RICS regulation.)