Identifying a conflict of interest can be challenging, but the RICS provides clear guidance and resources to help its members navigate these situations ethically and responsibly.
Here's how RICS members approach identifying potential conflicts:
RICS defines a conflict of interest as "where an agent acts for clients who have competing interests, or where an agent's personal interest conflicts with that/those of their client." Essentially, any situation where your professional duties towards one client might be compromised by another client's interests or your own needs requires careful consideration.
The RICS New Rules of Conduct emphasise the importance of identifying and managing conflicts of interest.
Further guidance is available in the RICS Guidance Note on Conflicts of Interest. This document outlines various scenarios where conflicts can arise, such as:
RICS encourages members to ask themselves critical questions to identify potential conflicts:
If a potential conflict is identified, RICS members must follow specific steps:
RICS offers various resources to support members in managing conflicts of interest:
Remember: Identifying and managing conflicts of interest is crucial for upholding ethical standards and protecting client interests.