Ethics Flashcards
- What are the RICS Rules of Conduct and can you provide examples?
Members and Firms must:
– be honest and act with integrity E.G. Conflicts of interest
- maintain their professional competency. E.G. Relevant skills
- provide good-quality and diligent service. E.G. Quality Assurance
- treat others with respect and encourage diversity and inclusion. E.G. Work cooperatively
- act in the public interest and maintain public confidence in their profession. E.G. Complaints Handling Procedure
- What is contained within Appendix A of the RICS Rules of Conduct?
Appendix A is the section regarding Professional Obligations.
Obligations for firms:
o Publishing Complaints Handling Procedure and Alternate Dispute Resolution
o Have PII cover
o Denote that they are RICS regulated
o If having a sole principal - ensure arrangements for work to continue in event of incapacity
Obligations for members:
o Co-operate with RICS
o Meet CPD standards
- How do you act to a high professional and ethical standard?
I do this by adhering to the RICS Codes of Conduct.
Professional – Ensuring professional competence (ensuring have relevant skills for a job) and providing a diligent service (by undertaking quality assurance)
Ethical – Maintaining honesty and integrity (by prohibiting and managing conflicts of interest and maintaining confidentiality)
- What does a fully regulated firm mean?
A company that is registered with RICS and must comply with the regulation of the RICS.
These companies can be an LLP, large corporate body, or a sole practitioner.
The requirements include:
o Undertake annual return showing compliance
o Have a Responsible Principal – who is responsible for compliance
o Use the RICS logo correctly
o Include RICS within Terms of Engagement
- What is contained within an Annual Return?
o Type of business and staff details
o Name of Responsible Principal
o Statutory Regulated Activities – such as financial services
o Nature of Clients
o CHP and records
o PII details
o Whether clients’ money is held
- What companies can apply to be an RICS registered firm?
o If 50% of Principals are RICS registered = must be registered
o If 25% plus of Principals are registered = can apply
o Principles are directors or board members
- What is your employer’s Code of Business Conduct?
SW have Codes related to:
o ESG and Sustainability
o Data Protection
o Bribery – gifts policy
- What is your employers gift policy?
SW are required to have measures in place to prevent bribery.
Some gifts are appropriate:
o Not made with intention of influencing
o Only accepted with approval of Nominated Officer
o Does not include cash or vouchers
Anything over £25 should be declared and put on the gift register.
- What do you know about the Bribery Act 2010?
Created to reduce bribery in businesses in UK and abroad.
A bribe is something given or promised in exchange for something that is illegal or a breach in trust.
Companies are responsible and must demonstrate steps taken to prevent bribery.
4 Offences to the Act:
o Bribing
o Receiving a Bribe
o Bribing a foreign public official and:
o Failing to prevent bribery
Penalty – Serious Fraud Office with maximum penalty of 10-year imprisonment or unlimited fine for individuals and company
- What do you know about the RICS Countering Bribery and Corruption, Money Laundering and Terrorist Financing professional statement (1st edition, 2019)?
It’s a professional statement by the RICS.
Mandatory Requirements include:
o Must not accept or offer anything constituting a bribe
o Must report any breaches
o Report suspicions to relevant authorities
o Not facilitate money laundering
o Firms must have systems to prevent
Further to this, companies are encouraged to have a gift register and risk assessments and provide training to employees.
- What is the Bichard Review?
Following the review by Alison Levitt, Bichard Review commissioned to review:
o Clarify purpose of RICS
o Make recommendations to governing structure
o Provide proposals for incoming leadership and future culture and strategy
Report made recommendations:
o Increased focus on the public interest, including creating a public panel
o Greater leadership on issues inc climate change and diversity and inclusion
o Increased member engagement and empowerment
o Simplify governance structure
Following the review, there is a willingness to deliver a more public focussed operation
- When did you complete the professionalism test?
25th February 2023
- Can you provide an example of when you have maintained professional competency?
- When submitting quotes for undertaking a job, I ensure that myself and my supervisor have the required skill level and competence to undertake the job. E.G. within my case study
- Can you provide an example of when you have acted in the best interest of the public?
Commercial Portfolio Valuation – Midlands
- Did not accept what I perceived to be a bribe when offered £20 towards going for lunch
- Offered when concluding the inspection of a portfolio and was seen as a gesture by the bank’s customer to influence me. During the process and not once the job was concluded.
- The SW gifts policy prohibits taking hospitality in the form of cash or vouchers
- In line with the Bribery Act 2010 which makes it a legal requirement to not accept anything constituting a bribe
- Also RICS legislation surrounding this topic
- My ultimate duty of care is to the public
- Improve the reputation of surveyors
- What is the RICS Decision Tree and how would you use it?
A framework for members to reach a conclusion when facing an ethical matter.
Fundamentally asks whether:
- You have sufficient FACTS for the situation
- Is it LEGAL
- Is it inline with RICS ethical standards
- Have you CONSULTED with others
- Do you have REASONING to accept
- Is it ethical in the eyes of the MEDIA
F L R C R M
