RICS Ethics Test cheat sheet

RICS rules of conduct are binding on all RICS-regulated firms and members; a member's obligation to act with integrity overrides any instruction from a client or employer.

Rule 1 (Ethical behaviour) requires honesty, integrity, transparency and fairness; a single dishonesty finding can trigger disciplinary action even without client loss.

Rule 2 (Competence) requires members to provide services only within their competence, keep skills current, and supervise and take responsibility for the work of staff and subcontractors.

Rule 3 (Service) requires clear terms of engagement, defined scope and fees, and timely, documented communication; fees must be agreed in writing before work begins.

Rule 4 (Respect) covers treating others with courtesy, avoiding discrimination, harassment and bullying, and respecting confidentiality and privacy of client and third-party data.

Rule 5 (Public interest) requires members to act in the public interest, avoid conflicts of interest, disclose any conflict promptly, and refuse work where independence cannot be maintained.

Conflicts of interest decision rule: disclose in writing, obtain informed consent, put in place information barriers or decline the instruction if the conflict cannot be managed.

A firm's compliance with the rules is the responsibility of its principals; each regulated firm must nominate a responsible principal (or equivalent) accountable for compliance.

Breach reporting duty: a member who becomes aware of a breach of the rules by another member or firm must report it to RICS; failure to report is itself a breach.

Acting with integrity means refusing to mislead by omission as well as by statement; material facts known to the member must be disclosed to the client and, where relevant, to affected parties.

Confidentiality rule: information obtained in a professional capacity is not disclosed without authority or legal obligation, except where law requires disclosure or the public interest in disclosure outweighs the client's interest in confidentiality.

Money laundering obligations: identify and verify the client and beneficial owner, conduct risk-based ongoing monitoring, keep records, and report suspicious activity to the nominated officer without tipping off.

Bribery and facilitation payments are prohibited; gifts and hospitality must be proportionate, recorded in a register, and refused where they could influence a professional judgement.

Competence and supervision: members must not accept instructions outside their expertise, must maintain continuing professional development, and are accountable for delegated work.

Objectivity requires independence of judgement from fee arrangements, referral relationships, employment pressure and personal interest; contingent fees that create a conflict must be disclosed and managed.

Whistleblowing: concerns about wrongdoing should be raised internally first where safe, and externally to the relevant regulator or prescribed person where internal channels fail or the matter is serious.

Advertising and marketing must be accurate and not misleading; claims about qualifications, experience or results must be verifiable and not create a false impression of RICS endorsement.

Breach reporting route: report a suspected breach of the rules of conduct to RICS Regulation; reports should be specific, factual, evidenced and made in writing.

Anti-money laundering reporting route: suspicious activity reports go to the firm's nominated officer (MLRO) and then to the National Crime Agency (or local equivalent); tipping off the client is a criminal offence.

Bribery concerns are reported to the firm's compliance officer or the relevant law enforcement authority; internal escalation must not be used to suppress a genuine concern.

Regulatory investigations: members must cooperate fully, respond to RICS requests within stated deadlines, and must not destroy, alter or conceal records relevant to an investigation.

Whistleblower protection: a worker who makes a protected disclosure in good faith is protected from detriment and dismissal; confidentiality of the reporter should be preserved where possible.

Record keeping: retain client identification, engagement terms, advice and transaction records for the period required by law and RICS, and produce them on request during an audit or investigation.

Sanctions and consequences: RICS disciplinary outcomes range from a caution or conditions on registration to a fine, suspension or expulsion; firms may face conditions or removal from the register.

Compliance programme elements: written policies, a nominated responsible principal, risk assessment, staff training, monitoring and a documented escalation and reporting procedure.