RICS unveils plans to get tough on conflicts of interest:

The global RICS professional statement, Conflicts of interest, 1st edition, has now published online.

It is available on:

• RICS Website
• ISURV Website

Project team

• Editor: Ruth Wilkie
• PG lead: Nigel Sellars

Summary
RICS Rules of Conduct set an overarching obligation on both members and RICS regulated firms at all times to: ‘…act with integrity and avoid conflicts of interest and avoid any actions or situations that are inconsistent with its professional obligations.’

Effective identification and management of conflicts of interest is a challenging but essential component of professionalism. This professional statement, which supports the RICS Rules of Conduct, also places an overarching mandatory requirement on all RICS members and regulated firms and specifies RICS’ expectations of how compliance with the Rules of Conduct should be achieved.

This document is in three parts:

1. The RICS professional statement on Conflicts of Interest and Confidentiality sets out RICS’ mandatory rules in this area. This section also contains the definitions used in the professional statement.
2. Commentary: ’General commentary notes’ set out principles as to how RICS expects regulated firms and members to apply the professional statement.
3. Commentary: ‘Supplementary commentary notes’ give guidance on how members and regulated firms can meet the obligations set out in Part 1.

Parts 2 and 3 contain guidance, and should be read in conjunction with the mandatory requirements in Part 1.