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RICS SPA > Ethics > Flashcards

Ethics Flashcards

1
Q

HAP statement

What is the first rule of conduct?

A

Members and firms must be honest, act with integrity and comply with their professional obligations.

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2
Q

What specific behaviour relates to RICS members and being influenced?

A

**1.2 **
do not allow themselves to be influenced improperly by others (eg work referrals, gifts, hospitality or payments),
.or by their own self interest.

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3
Q

What ROC behaviours relates to COI?

A

1.3 and 1.4
1.3 Members… identify actual and potential conflicts of interest throughout a professional
assignment and do not provide advice or services where a COI or a significant risk of
one arises, unless they do so in accordance with the current edition of Conflicts of interest, RICS
professional statement.
1.4 Firms have effective processes to identify actual and potential conflicts of interest, to enable
appropriate decisions to be made on whether to accept work, and to keep records of decisions made
about actual and potential conflicts of interest

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4
Q

What ROC behaviours relate to handling client money ?

A

1.10 Firms keep client money safe and have appropriate accounting controls
1.11 Members **do not misuse client money **and comply with controls intended to keep it safe.
1.12 Members and firms do not facilitate any financial crime including money laundering, tax
evasion, bribery or corruption. Firms have **effective processes to prevent **directors, partners or
employees from doing so

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5
Q

HAP

In detail, what areas does the first rule of conduct cover?

A

HAC
1. Honesty - Not misleading; Provide honest advice on reliable evidence ; Transparent about fees and services
2. ACT with Integrity - Not being influenced by others / own interest; Aware of COI and processes to manage these
3. COMPLY with Professional Obligations - Protect confidential information and only use it where there is consent; Keep client money safe and have appropriate controls

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6
Q

What does the Equality Act cover?

A

The Equality Act 2010 is a law which protects you from discrimination. It means that discrimination or unfair treatment on the basis of certain personal characteristics, such as age, is now against the law in almost all cases.

The Equality Act applies to discrimination based on:

Age
Race
Sex
Gender reassignment
Disability
Religion or belief
Sexual orientation
Marriage or civil partnership
Pregnancy and maternity

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7
Q

What standard relates to handling client money?

A

Professional standard - Client money handling 1st Edition 2019. Re-issued Oct 2022.

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8
Q

objectives

What is the summary objectives to PS Client Money Handling?

A

KEEP SAFE; ACCOUNTS USED for appropriate purposes; APPROPRIATE CONTROLS
1. client money is kept safe
2. client money accounts are used for appropriate purposes only and
3. RICS-regulated firms have the **appropriate controls and procedures **to safeguard client money.

p.8 PS client money handling

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9
Q

What rule of conduct relates to client money handling?

A

Rule 1 HAC Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS

Example behaviours 1.10-1.12 **how to keep client money safe **
Appropriate controls and processes
Do not misuse
Do not facilitate financial crime

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10
Q

What should regulated firms do with client money in addition to following PS Client Money?

A

RICS firms must register with appropriate scheme either
1. RICS Client Money Protection Scheme for Surveying Services **or **
2. RICS Client Money Protection Scheme for Property Agents

Scheme of last resort

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11
Q

What six steps should RICS firms do under PS client money handling?

A
  1. Holding client money (eg CLIENT in title)
  2. Provide information to clients (eg details of account, firms written procedures)
  3. Receipts of client money (eg prompt payment ; account for interest)
  4. Payments of client money (eg use for only client matters; use when fees are due)
  5. Accounting controls and records (eg keep records, systems in accordance with client instructions)
  6. Compliance (eg with anti bribery, corruption legislation)

p.8 PS client money handlingp.13

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12
Q

What five steps should RICS members do under PS client money handling?

A
  1. ensure compliance with all anti-money laundering legislation, rules and regulations for all receipts of client money
  2. ensure compliance with the mandatory requirements of the latest edition of RICS’ Countering bribery and corruption, money laundering and terrorist financing
  3. follow all procedures for handling client money at the firm where they work
  4. not override any controls in place to protect client money
  5. make appropriate disclosures to a senior member of the firm or a regulator immediately if they become aware of any risk of or actual misappropriation of client money and to keep a written record of that disclosure.

P.13 PS Client handling

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13
Q

What professional statement relates to bribery ?

A

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

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14
Q

3/2

What should RICS members must do under PS countering:-
bribery, corruption,
money laundering and terrorist financing?

A

Bribery & Corruption
1. Do not accept anything that could constitute a bribe
2. Have adequate knowledge of bribery & corruption to comply with standard
3. **Report any activity that breaches laws, where no legislation in place, report to senior manager**

Money Laundering & Terrorist Financing
1.** do not facilitate** money laundering
2. Report any suspicions to relevant authorities

p.15 PS countering bribery etc

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15
Q

What FIVE STEPS should RICS firms do under PS countering:-
bribery, corruption, ?

A

1.** not offer or accept, directly or indirectly, anything that could constitute a bribe
2. have plans in place to comply with applicable laws governing bribery and corruption, and ensure that these are followed
3. report any activity **they are aware of that breaches anti-bribery and corruption laws to the
relevant authorities (as specified in local legislation);
4. **act with due diligence to perform periodic written evaluations of the risks that face the
firm and that may lead to the facilitation of bribery or corruption;
5. retain information detailing how the firm has met the requirements of this professional
standard.**

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16
Q

What SIX steps RICS firms ** take** under PS countering:-
money laundering and terrorist financing?

A
  1. not facilitate or be complicit in money laundering or terrorist financing activities
  2. have systems and training in place to comply with these laws,
  3. report any suspicions of money laundering or terrorist financing activities
  4. evaluate and review periodically the risks from business relationships
  5. Conduct appropriate checks
  6. **Verify identity of the client **
  7. Take appropriate action to understand client and transaction
  8. Record how firm has met PS
17
Q

PCE

What is the second rule of conduct?

A

PCE
1. Members and firms must **maintain their professional competence **
2. ensure that services are provided by competent individuals who have the necessary expertise

18
Q

SIX Examples of sample behaviours related to Rule 2?

A

ENSURE
2.1 Only undertake work you have knowledge, skills and resources to do competently
2.2 Supervise others
2.3 check subcontractors have similiar
2.4 Reflect on lessons learned
MAINTAIN
2.5 Maintain CPD (20hrs 10 formal / 10 informal)
2.6 Stay up to date and comply with legislation

19
Q

What is the purpose of Rule 3?

A

Understanding / inform / Recording / solutions
Ensuring members and firms provide a good quality and diligent service

20
Q

What are typical behaviours related to good client service?

A

RULE 3 Quality service
3.1understand client needs
3.2agree scope and programme
3.3inform about RICS disclosures
3.4 inform if Terms change
3.5undertake work in a timely manner
3.6 /3.7 Clearly communicate on basis of advice

3.1 Understand client needs & objectives
3.2 Agree scope of service and timescales
3.3 Inform clients about RICS regulation, disclosure
3.4 Inform clients if terms of engagement or fees to be changed
3.5 Undertake work in timely manner due skill and care
3.6 / 3.7 Communication (material info on what advice is based; and in a manner that can be understood)

21
Q

three

What TWO rules (3 BEH) to be mindful related to client referrals?

A

COI and best interest of the client

RULE 1
1.2 Members do not allow themselves to be influenced improperly by others, or own self interest.
1.3 Identifying actual and potential COIs

RULE 3
3.9 Ensure any referral or introduction is in the best interest of the client; inform client of any financial or benefits from this referral

21
Q

What TWO rules (4 BEH) deal with record keeping?

A

RULE 3 SERVICE
3.9 Keep proper records of work and decisions for client / regulatory proposes
3.12 All data is accurate and up to date
3.13 Firms have QA processes in place.

RULE 1
1.9 Protect confidential information and only use it for the purposes it was provided

22
Q

Which part deals with respect?

A

RULE 4 Respect Inclusion Diversity RID
Treat with respect and encourage Diversity and Inclusion

23
Q

OVERVIEW

What does Rule 4 cover?

A

4.1/4.2 /4.3 Respecting rights of others; not discriminating against others; not bullying
4.4 /4.5 Firms checking supply chains about modern slavery; abusive work practices
4.6 / 4.7 Working collaboratively; developing an inclusive culture

24
Q

What are four headlines of the purpose of Rule 5

A

PRPP Members must -
1. Must act in the public interest
2. Actions - take **responsibility **
3. Prevent harm
4. Maintain public confidence

25
Q

ROC

Provide SPECIFIC behaviours related to ‘acting the public interest’?

A

RULE 5 PRPP
5.1 Question practices that are not right;
5.2 Support others who have acted in good faith to report concerns
5.3 Ensure public statements do not undermine confidence in the profession
5.9 Take appropriate action if Rules of Conduct have been breached

26
Q

Which rule (3 beh) relates to complaints?

A

RULE 5 MAPM
5.4 Respond to compliants in prompt, open and professional manner
5.5 Do not dissuade complaints from approaching alternative dispute resolution (ADR) provider
5.6 Cooperate with investigations into complaints, providing information where necessary

27
Q

what does acting in the public interest mean?

A

Public Interest is anything that affects the rights, health, or finance of the public at large

28
Q

What are members professional obligations to the RICS?

A

ROC Appendix A
1. Must comply with CPD requirements
2. Must cooperate with RICS
3. Must provide information reasonably requested by Standards and Regulation Board, or their delegates

29
Q

APPENDIX A

What are SEVEN professional obligations of RICS regulated firms?

A

MUST
1. Publish complaints handling procedure
2. Ensure all previous and current work is covered by PI cover that meets RICS standards
3. As sole principal must make arrangement for their work to continue in event of death, in capacity
4. Cooperate with RICS
5. Provide all info required by Standards and Regulation Board
6. Must display on literature in accordance with RICS designation
7. Report any matter required to report on Rules for the Registration of Firms

RICS SPA (13 decks)

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