Here's a summary of the relationship between RICS ethics and common law:
Common law is a system of law based on precedent, meaning that judges in later cases are bound by the decisions of judges in earlier cases that are similar in their facts. Common law is the basis of the legal systems in many countries, including the United Kingdom, the United States, and Canada.
RICS ethics and common law are both concerned with promoting ethical and professional conduct. However, there are some important differences between the two:
RICS ethics are a professional code of conduct, while common law is a system of law
This means that RICS ethics are more flexible and can be adapted to changing circumstances, while common law is more rigid and is based on precedent.
RICS ethics are enforced by the RICS, while common law is enforced by the courts. This means that breaches of RICS ethics can lead to disciplinary action from the RICS, while breaches of common law can lead to civil or criminal penalties.
In some cases, RICS ethics and common law may overlap. For example, the RICS Rule of Conduct on Honesty and Integrity requires members to comply with all professional obligations. This could include complying with common law obligations, such as the duty to disclose all material information to a client.