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apc mandatory - aw > ETHICS > Flashcards

ETHICS Flashcards

1
Q

When was RICS founded?

A

1868

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2
Q

What is the role of the RICS?

A

To MAINTAIN the highest standards of education and training
To PROTECT consumers through strict regulation of professional standards
To be the LEADING source of information and advice on land, property, construction and environmental issues

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3
Q

What are the benefits of being an RICS member?

A
  1. Status
  2. Renegotiation
  3. Market advantage
  4. Knowledge
  5. Network
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4
Q

What are the principles of RICS regulation for members and firms?

A
  1. Proportionality
  2. Accountability
  3. Consistency
  4. Targeting
  5. Transparency
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5
Q

What are the 5 rules of conduct for members and firms?

A

PIRRS - Feb 2022

  • members and firms should maintain their professional competence and ensure the service provided is by a competent individual who has the necessary expertise.
  • Members and firms should be honest, act with integrity and ensure they comply with their obligations, including their obligations to the RICS.
  • Members and firms must act in the public interest, take responsibility for their actions, act to prevent harm and maintain public confidence in the profession
  • Members and firms should treat others with respect and encourage diversity and inclusion
  • Members and firms should provide a good quality and diligent service.
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6
Q

What is the RICS ethical decision tree?

A

Helps surveyors assess the best way to approach a decision

- Provides a framework of qus for surveyors to ask themselves if an potential unethical decision arises

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7
Q

What are the benefits of regulation for firms?

A
  1. Confidence for clients
  2. Professionalism
  3. Security - firms have to have CHP and PII
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8
Q

What are the 3 levels of disciplinary actions?

A
  1. Action by Head of Regulation
  2. regulatory tribunal
  3. Appeal panel
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9
Q

Tell me the hierarchy of documents.

A
  1. International standard - MANDATORY
  2. Global and UK professional statements - MANDATORY
  3. Guidance notes - VOLUNTARY (but best practice)
  4. Codes of practice - Whatever is stated in the doc
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10
Q

What are the differing types of conflict?

A
  • A ‘party’ conflict
  • An ‘own interest’ conflict
  • A ‘confidential information’ conflict
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11
Q

Tell me about the Conflicts of Interests RICS professional statement 2017?

A

Mandatory statement and rules
1. Must Identify and manage conflicts of interests and keep records of the decisions made.

  1. Must maintain confidentiality of confidential info unless required to disclose by the law
  2. Must have effective systems and controls in place to must have in place to manage their compliance.
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12
Q

What are your thoughts on the RICS recent investigation?

A

I was disappointed because this is supposed to be an industry that holds transparency and openness as high valued but I was please they had commissioned an open independent review.

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13
Q

What should you do before taking on any instruction?

A
  1. Check you’re competence (SUK)
  2. Check there are no conflicts or personal interest
  3. Confirm Terms of engagement
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14
Q

Tell me the offences under the Bribery Act 2010? and what are the fines?

A
  1. Giving a bribe
  2. Receiving a bribe
  3. Bribing a foreign official
  4. Failing to prevent a bribe

up to 10 year in prison and unlimited fine

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15
Q

What is the limit for the acceptance of cash in transactions?

A

10,000 euros

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16
Q

What are the penalties of failing to comply with money laundering regs?

A
  • Max 14 years in prison for assisting and/or unlimited fine
  • Max 5 years in prison and/or unlimited fine for tipping off a person
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17
Q

What are the turnover limits for PII?

A

£100k or less - £250,000 cover
£100,001 - £200k - £500,000 cover
£201,00 and above - £1 mill cover

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18
Q

Tell me how firms should handle clients money?

A
  • Account should have the word ‘client in’
  • Separate account to other accounts
  • Funds must be instantly accessible
  • always in credit.
  • Keep accurate records of the money
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19
Q

Who is the CEO of RICS?

A

Richard Collins is the interim ceo

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20
Q

Who is the President of the RICS?

A

Clement Lau

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21
Q

Who is the president elect

A

Ann Gray

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22
Q

What is the RICS moto?

A

There is measure in all things

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23
Q

Tell me about the RICS registered valuer scheme?

A

Valuer Registration is a risk monitoring and quality assurance programme which checks compliance with the RICS Red Book.

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24
Q

What provider of PII does your firm have?

A

Zurich - £1mill cover

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25
Q

Who runs the RICS?

A

The Governing Council

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26
Q

What is the governance structure of the RICS? OR Do you know about the Governing Council / governance structure?

A

The privy council awarded the RICS a Royal Charter.

The Governing council runs the RICS and provides management and strategic direction.

The Regulatory Board, the Audit Committee and the Management Board report to the Governing council.

17 Specialist professional groups covering land property and construction.

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27
Q

What is a bribe?

A

Giving, offering, promise of an advantage such as payment/gift which is illegal or a breach of trust

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28
Q

Penalties for bribe?

A

10 years prison and/or unlimited fine

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29
Q

CPD requirements for members

A

20 hours, min 10 hours formal
Recorded and presented by to RICS by 31st Jan
Must do ethics related every 3 years

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30
Q

Accept cash at an event?

A

No. Constitute as a bribe under the Bribery Act 2010. Inform your senior

31
Q

Handed a bottle of wine?

A

Is it proportionate? Where in the instruction are you? Register it on the gift register. Inform your senior

32
Q

What do you do if conflict of interest is found what would you do?

A

Declare. Inform both parties, if they accept, information barriers.

33
Q

Professional Statement Conflict of interest 2017?

A

Effective 1 Jan 2018. Mandatory.

34
Q

Professional statement regarding bribery?

A

Countering bribery, corruption, money laundering and terrorist financing 2019.

35
Q

Types of insurance?

A 
Third party insurance
PII
Public liability insurance 
Contents insurance
Building insurance
36
Q

How do you close a practice?

A
  • Inform your client
  • Inform RICS
  • Inform your insurers
  • Return any client money
  • Ensure you have run off cover (PII) - min 6 years
  • Retain copy of records or clients files for a min 6 years
37
Q

How would you open a firm?

A

Have to be regulated if 50% of the firms principles are charted
Over 25% you eligible to apply for registration.
or if the firm provides surveying advise to the public

  1. Inform RICS – complete Firm Detail Form
  2. Appoint – responsible principle for all RICS communication
  3. Register with RICS for regulations
  4. Arrange PPI and send to RICS
  5. Set up procedures for handling clients money (including clients protection scheme)
  6. Register with RICS Valuer Registration Scheme
  7. Obtain RICS approval for complaints handling – set up a log and appoint complaints handling officer
  8. Obtain logo kit
  9. Plan succession if sole practitioner
  10. Ensure CPD is logged
  11. Set up staff training plan
  12. Ensure completion of online RICS ANNUAL RETURN
  13. Have capacity to hold clients money.
38
Q

What are the three types of conflicts?

A
  • Party
  • Own interest
  • confidential info
39
Q

What are the principles of the Bribery Act 2010?

A
  1. Proportionality
  2. Top level commitment
  3. Risk assessment
  4. Communication
  5. Due diligence
  6. Monitor and review
40
Q

Why do the RICS have bye laws?

A

The RICS is self regulated. The bye laws enable the principles of the RICS

41
Q

Do the RICS have international ethics standards?

A

Yes, 2016, promoted by RICS

42
Q

Tell me about fee negotiations?

A

Firms should avoid price fixing or aggressive fee cutting

Fees should be market based and agreed on adhoc basis with the client

43
Q

What does the consumer Right Act 2015 allow?

A

A 14 day cooling off period from the date of agreement

44
Q

What do you do if there is a conflict?

A
  • inform both parties and disclose the nature of the party
  • Will you be influence?
  • Receive informed consent in writing
45
Q

What is the RICS professional statement relating to bribery and money laundering?

A

RICS PS countering bribery, corruption, money laundering and terrorist financing 2019

46
Q

What are members CPD requirements?

A

20 hours, at least 50% formal. must record and carry out ethics cpd every 3 years.

47
Q

What should you do if you receive a complaint?

A

Send your CHP
Inform your PII insurer
Keep a log of the complaint
A complaint should be acknowledged within 7 days and dealt within 28 days

48
Q

Can you name some RICS byelaws?

A

CONDUCT - Firms and members should abide by the rules of conduct

Use of Designations- size of the logo, use of title FRICS, MRICS

CONTRIBUTIONS TO FUNDS - professional fees and subscription fees.

49
Q

What is negligence?

A

breach of a duty of care which results in damage.

50
Q

Case law about negligence?

A

Webb and Blain v esurv - valuation negligence, the valuer did inadequate research and didn’t inspect.

Hart v Large - Large was found to have been negligence, he failed to identify significant damp problems at the time of the inspection and failed to advise hart not to proceed.

51
Q

Case law about professional advise and run off cover?

A

Merrett v Babb

Hart v large

52
Q

What disciplinary procedures can the RICS impose?

A 
Issue compliance order
CPD sanctions – place an obligation 
Unlimited fine
Conditions 
Expulsion
Disciplinary panel
53
Q

What are the changes to PII?

A

Fire safety cover - Under the new terms, insurers are not permitted without specific dispensation to exclude fire safety claims on a property four storeys or less and fire safety coverage must be provided as a minimum.

Cyber cover
There is a new regulatory requirement for insurers to clarify the cyber cover provided in PII policies.

  • updated list of new insurers
  • assigned risk pool
54
Q

Whats your whistelblowing policy?

A

Initially raise the concerns with your line manager
All whistle-blowing cases must be registered immediately by the manager to HR
HR will inform relevant seniors
HR will write to the person within 10 days and assess what investigation is required.

55
Q

Why is solvency so important?

A

Its a rule of conduct for members and firms. If you can’t seen to be capable of handling your own money, doesn’t look good handling clients

56
Q

What’s the difference between professional and ethical?

A

Professional - every day behaviour, cultivated by the individual
Ethical - the decisions you make, often determined by guidance given - values

57
Q

Tell me two qus from the ethical decision tree?

A
  • Would I mind if my colleagues knew about this?

- Would I mind if the public knew about, press?

58
Q

What is your firms CHP?

A
  1. Upon receiving the compliant you should and lay out timescales for response.
  2. Inform who will be dealing with the complaint.

Acknowledged within 2 days

STAGE 1
Investigated by a line manager of the service concerned with a response with TEN DAYS
STAGE 2
Investigated by a scenario who does not have direct line management responsibility for the service concerned. A report is produced describing the complaint, the remedies and any changes that have happened as a result
Response within 25 days
STAGE 3
A panel of 3 members (councillors) will be assembled within 30 days. The members will speak to all parties to assess the best course of action
IF none of these stages satisfy the complaint you are recommended to speak to your local government ombudsman who will investigate the council. (is this an alternative disputes resolution)?

59
Q

What does a firm have to provide when registering to RICS?

A
  • Type of business and staffing details
  • nature of clients
  • CHP and records
  • PII details
  • Whether they’ll be holding clients money
  • Statutory regulated activities
60
Q

what are the new changes to anti money laundering?

A

RICS released an anti money laundering sanctions update in Feb 2022
Uk sanctions list being updated regularly, must keep updated with it.
Reminder re the importance of statutory compliance

61
Q

What are the changes to PII?

A

In 2021 RICS updated their policy wording.

Insurers are not permitted to exclude fire safety claims from the policy for buildings 4 storeys or less.

Insurers need to clarify if cyber cover is inc in policy

new insurers added

Excess requirement for larger firms has been removed.

62
Q

what is an assigned risk pool

A

Insurers chip in to help support (security net) for members who cannot get (supply and demand reasons etc).

63
Q

CHP if sole trader?

A

If you are a sole practitioner, you may have to review the complaint yourself or you can work with another firm of surveyors who can review complaints for you, have a locum, in the knowledge that, if it cannot be resolved, it must be referred to an independent redress scheme.

64
Q

What are the principles of the bribery act?

A
  1. Top level commitment
  2. communication
  3. risk assessment
  4. proportionality
  5. due diligence
  6. review and monitor
65
Q

WHat does proportionality mean?

A

is the gift proportionate to the work you are doing.

66
Q

What does simple due dilligence inc?

A
  • checking IDS, ids correlate to bank statements
67
Q

What is enhanced due dilligence?

A

Policatlly exposed person. check where the source of funds is coming from. off shore accounts, tax haven, company, is the company registered?

68
Q

what is a PEP?

A

someone who is entrusted with a prominent public function

69
Q

WHat does the rics professonal statment say? 2019

A
  • dont facilitate
  • report any suspicions
    have procedures and policies in place
    all staff msut be trained
    review and monitor the policies
    Risk assesment approach
    take steps and due dilligence
70
Q

what is the legislation money laundering ?

A

money laundering regulations 2017, as amended in 2019

71
Q

What are the obliations for firms?

A 
Appendix A
CHP
PII
Clients money
info to RICS
72
Q

What are the obliations for members?

A

CPD
Info to RICS
co-operate

73
Q

unconscious bias, what does it mean to you?

A

Is a term that describes the associations we hold, outside our conscious awareness and control.

74
Q

What does Consumer rights act 2015 do?

A

Allows the consumer a 14 day cooling off period.

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