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APC > Ethics > Flashcards

Ethics Flashcards

1
Q

When was RICS founded?

A

1868

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2
Q

When was the Royal Charter granted?

A

1881

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3
Q

How many members are there of the RICS?

A

circa 140,000

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4
Q

What are the 4 levels of RICS membership?

A
  1. FRICS
  2. MRICS
  3. AssocRICS
  4. Trainee/Student
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5
Q

How do you become a FRICS?

A

An FRIC will need to display:
- evidence of achivement of 4 fellowshop charactieristcs inlcuding:
- 5+ years MRICS experience
- a leadership role
- Professional/technical achievement
- Academic achievement or raising the profile of RICS

As well as a portfolio of professional achievement and CPD.

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6
Q

What is RICS Governance Structure?

A

RICS is governed under the terms of its royal charter bu various councils and boards.
- Governing Council currently has 20 embers and runs the RICS, providing management and stratefic direction
- Standards and Regs board and Management board report to governing council
- 17 professional groups covering land, property and construction

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7
Q

Who is the current RICS CEO and President?

A

CEO - Justin Young
President - Tina Paillet

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8
Q

What is the role of the RICS?

A

Promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure.

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9
Q

What are the three main roles of the RICS?

A
  • Maintain the highest standards of education and training.
  • Protect consumers through struct regulation of professional standards
  • Be the leading source of info and independent advice on land, property, construction and associated environmental issues.
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10
Q

What are the key areas reported in the Bichard Review?

A

1) an increased focus on the public interest remit of RICS, including amending the Royal Charter and creating a public interest panel to advise the governing council
2) maintaining self-regulation through greater independence for regulatory functions
3) increase focus on D&I across the profession
4) greater support for regional boards, and increased member engagement with a focus on younger members.
5) Undertaking an independent review of the RICS governance effectiveness at delivering against its Charter for the public advantage once every 5 years
6) a new simplified, clear, accountable governance structure
7) showing greater leadership on issues that matter most to society, such as sustainability and climate change.

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11
Q

What were the 5 future foundations published by the RICS following the Bichard Review?

A

-Vision
- Mission
- Strategic goals
- Values
- A World Class Organisation

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12
Q

What are the benefits of being a RICS member?

A
  • Status
  • Recognition
  • Market Advantage
  • Knowledge
  • Network
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13
Q

What do the RICS ‘Rules for the regulation of firms’ 2022 state?

A

If 50% of the Principals of a UK firm which proivides surveying services are RICS members then it has to be regulated and if at leaset 25% then it CAN apply to be regulated.

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14
Q

Talk me through the steps of the RICS Decision Tree?

A
  1. Do you have sufficient facts on the issue?
  2. Is it legal?
  3. Is it in line with the RICS Rules of Conduct?
  4. Have you consulted with appropriate people to make an informed decision?
  5. Do you have clear reasoning in reaching your decision?
  6. Is your decision informed?
    7.Would you be content for your actions to be made public?
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15
Q

What are the 5 Rules of Conduct?

A
  1. Members and firms (M&F) must be honest, act with integrity and comply with personal obligations, including obligations to the RICS.
  2. M&F must maintain their professional competancy and ensure that services are undertaken by competant individuals who have the neccassary expertise.
  3. M&F must provide a good-quality and diligent service.
  4. M&F must reat other with respect and encourage diversity and inclusion.
  5. M&F must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in their profession.
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16
Q

What information is required by RICS for registering a firm?

A
  • Type of business and staffing details
  • name of the Responsible Principal
  • Statutory regulated activities - i.e. financial services
  • Nature of clients
  • Complaints handling precedure details and records
  • PII details
  • Whether the firm holds client money
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17
Q

What was the rationale in updating the Rules of Conduct in 2021?

A
  • a simpler structure. to make it easier for members to understand.
  • Clear examples. Each rule is demonstrated with an example to assist in professional judgement.
  • Focusing on respect, diversity and inclusion.
  • Understanding evolving technology
  • tackling global challenges.
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18
Q

What sets out the RICS disciplinary procedures?

A

RICS Regulatory Decision Making 2022.

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19
Q

What are the three levels of disciplinary action?

A
  1. Action by Head of Regulation
  2. Disciplinary Panel (drawn from the independent Regulatory Tribunal)
  3. Appeal Panel
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20
Q

Following an initial investigation what are the four actions available if disciplinary action is required?

A
  1. Serve a Fixed penalty notice
  2. Make a regulatory compliance order
  3. Refer the matter to a single member of the regulatory tribunal for consideration.
  4. Refer the matter directly to a disciplinary panel.
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21
Q

What do you need to put in place if you were to start your own company?

A

Responsible person
Register with for RICS regulation
PII
Run off cover (if you are a sole trader)
complaints handling procedure
Register with HMRC

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22
Q

What has replaced RICS professional statements and guidance notes?

A

RICS Professional Standards

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23
Q

What are the new RICS Core Material?

A
  • Professional Standards
  • Practice Information
  • Practice Alerts
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24
Q

What is included within terms of engagement?

A
  • Should include the fee and provide an option for the client to agree to the fee basis?
  • Payment of expenses
  • How fees are calculated
  • Information about the complaints handling procedure and how to request it
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25
Q

What are the three types of Conflict of interest?

A
  • Party Conflict - work on the same or related instruction for two differnt parties
  • Own/Personal Conflict - relating to a personal interest
  • Confidential conflict - when one party would require to keep info confidential where an obligation to another would be to reveal it.
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26
Q

What is a conflict of interst?

A

A COI is when a member of firms independence and impartiality is threatened due to the existence of a conflict betweem two clients.

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27
Q

What is informed consent?

A

Given in writing by both parties affected and can only be gained if the surveyor deems it would best serve both parties

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28
Q

What RICS Material covers Conflict of Interest?

A

RICS Global Professional Standard on Conflicts of Interest 2017

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29
Q

What requirements of RICS firms are in the conflict of interest

A

All firms must keep records to show their compliance with the standard.
Every firm must have protocals impace to ensure full compliance.

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30
Q

What are the three steps in handling a conflict?

A

1.Conflict Avoidance
2. Written Advice to both parties
3. Conflict Management

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31
Q

How long should you keep old files/ information (not personal to anyone)

A

6 years min (if contract underhand)

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32
Q

What should an RICS firm include within their Complaints Handling Procedure?

A

An RICS approved Alterntive Dispute Resolution mechanism

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33
Q

What are the standard minimum procedures for handling a complaint?

A
  1. (Inhouse) Details of the Complaints Handling procedure should be issued to whoever the firm owes a duty of care.
    - Include details of the nominated person handling the complaint (The Complaints Handling Officer)
    - A complaint should be acknowledged within 7 days and investigated within 28 days.
  2. (ADR) If the complainant is not happy with the review, the CHP involves using an independent redress scheme that the firm has chosen.
    - The name of the redress scheme must be provided to the complainant. i.e. RICS Dispute Resolution Service.
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34
Q

Who should be a sole practictioners Complaints Handling Officer?

A

A nominated person from another firm.

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35
Q

What are the CPD requirements for members?

A

20 Hours with 10 formal
Maintain a relevant and current understanding of the Rules of Conduct
Must record their CPD activity using the RICSCPD Management System by 31st Jan each year.

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36
Q

What needs to occur in order for a negligence claim to be made?

A

When a duty of care is breached and their has been a loss.

37
Q

What are the negligence limitations periods under the Limitation Act 1990?

A

Current limitation periods for negligence are:
- Contract - 6 years from the date of the negligent act, breach of contract or omission.
Section 14A provides an alternative which is 3 years from the discovery of the negligence capped at 15 years from the negligent act.
- Tort - 6 years from the date the claimant suffered the loss.

38
Q

What are the current minimum requirements based on turnover for PII?

A

£100k turnover - £250k
£100k - £200k turnover - £500k
£200k plus turnover - £1mil

39
Q

What requirements of PII policies are there?

A
  • Minimum levels
  • Underwritten by an RICS approved insurer
  • All policies should be on a claims made basis (policies cover claims that are made during the period, regardless of when the negligenct act occured)
40
Q

What are the maximum levels of uninsured excess?

A

Up to £10mil turnover in the preceding year = The greater of 2.5% of the sum insured or £10,000

Over £10mil turnover = No set limit

41
Q

What is run off cover and what is required?

A

run off cover covers for claims after the business has ceased trading. For commercial claims an adequate and appropriate amount should be held for a minimum of 6 years

42
Q

What should you consider inputting into Terms of Engagement around to reduce liability for professional work?

A

RICS recommend inputting liability caps to manage the risks and ensure there isnt any third party reliance unless this is something that you have appropriate management procedures in place for.

43
Q

What are the six main areas of good practice in regards to Handling Client Money?

A
  1. Holding client money
  2. Providing information to clients
  3. Receipts of client money
  4. Payments from client accounts
  5. Accounting records and controls
  6. Compliance
44
Q

What are some of the procedures required when handling client money?

A
  • Clients accounts must be kept separately & clearly identifiable
  • The word ‘client’ is on the bank account and cheque book
  • A client must be able to have their moneys on demand
  • Payments of interest must be agreed with the client and accounts must be kept in credit.
  • Accurate records must be kept with a running balance available
  • etc
45
Q

What are the RICS requirements when starting a new practice?

A
  • Inform RICS of your new practice by completing a Firm Details Form
  • Appoint a responsible principle
  • Register with RICS regulation
  • Arrange PII and send details to RICS
  • Set up client money handling procedures including a protection scheme
  • Obtain RICS approval of Complaints Handling procedure
  • Set up a complaints log
  • Appoint a complaints handling officer
  • use a logo kit from the RICS for all practice material to comply with designation of ‘Regulated by RICS’
  • Plan for succession/ future running of the business if a sole trader
  • Ensure CPD logged online and set up a staff training plan
  • Ensure completion of an online RICS annual return at the end of each year.
46
Q

What are the statutory requirements when starting a new practice?

A
  • Requirement to disclose business name
  • Disability discrimination compliance (equality act 2010)
  • Financial service compliance (Financial services and markets act 2000, Financial Services Act 2012)
  • Bribery Act 2010 compliance
  • Appoint a money laundering reporting officer (Money laundering regs 2017)
  • Health and Safety compliance (H&S Act 1974)
  • Asbestos register (Control of Asbestos regs 2012)
  • Fire Safety Compliance (Fire Safety order 2005)
  • Register for data protection (Data protection act 2018)
  • Inform HMRC for VAT and Tax registration)
  • ensure compliance with employment law
  • ensure insurance compliance for EL and PL insurances
47
Q

What does the RICS Royal Charter allow?

A

Allows for self regulation.

48
Q

What is the RICS Skills Panel?

A

It is a panel of dispute resolvers and expert witnesses.

49
Q

What is the RICS Business Plan?

A
  • Improve stakeholder confidence
  • Positive brand sentiment
  • increased diversity in young members
  • Growth in number of trainee and apprenticeships
  • etc
50
Q

What is the the RICS manifesto and when was it released?

A

Launched in Sept 2023
- Increase supply of rented homes to meet demand and slow rent rises
- Deliver a joined-up quality and sustainability strategy
- Review skills shortages to tackle targets
- Hit housing targets with a housing delivery strategy
- Action recommendations from RICS Decarbonising UK Real estate
- Develop the National Fire Strategy

51
Q

What levels of due diligence in relation to money laundering?

A
  1. Customer Due Diligence
  2. Enhanced Due Diligence
52
Q

What would you check for specifically during due diligence of a Public limited company?

A

Stock Exchange Listing

53
Q

Who should you report suspicions of money laundering to?

A

National Crime Agency

54
Q

What is the maximum cash payment under the Money Laundering Regs 2017

A

10,000 euros

55
Q

What is the RIS reuqirements when closing a firm/practice?

A
  • Inform the RICS of your retirement/ closure and deregister
  • Ensure clients are informed at the earliest opportunity and hand over arrangements to a new firm.
  • Return any monies held by clients to their own accounts
  • inform insurers and procure professional indemnity insurance run off cover for a minimum of 6 years.
  • Retain a cipy of the clients files and records for a min of 6 years.
56
Q

What is the key legislation around Gifts and Bribery?

A

The Bribery Act 2010.

57
Q

What is a bribe?

A

Giving
Offering
Promising
Receviing
…………… ad advantage sich as a payment, gift or a service for an action which is illegal or breach of trust.

58
Q

What are the six principles of the Bribery Act?

A
  1. Proportionaility
  2. Top level commitment
  3. Risk assessments
  4. Due diligence
  5. Communication
  6. Monitoring and review
59
Q

What are the four offences under the brbery act?

A
  1. Bribery
  2. Receving a bribe
  3. Bribing a foreign official
  4. Failing to prevent bribery
60
Q

What is my firms gift and entertainment policy?

A
  • Any gift or entertainment must be logged on the register.
  • Limits are:
  • Meals - £125 pppm upto £500 per year
  • Savills Giving & Receiving - £50 upto £100 per year
61
Q

Who polices the Bribery Act?

A

Serious Fraud Office

62
Q

What is the max penalities under the bribery act?

A
  • 10 years imprisonment
  • Unlimited fine
63
Q

What regulations governs Money Laundering?

A

Terrorist financing and Transfer of Funds (Information on the Payer) Regs 2017

64
Q

What is money laundering?

A

When proceeds of criminal activity are, processed and realised through legitamate assets.

65
Q

What are some key provisions of the Terrorist financing and transfer of funds regs 2017?

A
  • have a written money laundering and terrorist financing risk assessment
  • implement systems, policies and controls and procedures to address money laundering and terrorist financing risks and meet the requirement under the regulations.
  • adopt appropriate internal controls
  • provide staff training
  • Comply with new customer, enhanced and simplified due diligence requirements
  • Comply with requirements relation to politically exposed persons
66
Q

What is a customer due diligence check for Money Laundering?

A
  • Identify the client and verify identity based on reliable documents (passports)
  • Make endeavours to identify beneficierys of the client
  • For a company name, number and address
  • The names of the directors
  • Obtain infromation on the nature of business and proposed funding arrangements
67
Q

What is Enhanced Due Diligence in relation to money laundering?

A
68
Q

What are some other requirements of the Terrorist financing and transfer of funds regs 2017?

A
  • Limit of 10,000 euros for cash acceptance
  • on-going business relationship of clients should be monitored
  • a Money Laundering Reporting Officer must be nominted
  • suspicious activity must be reported to National Crime agency
  • a firm must keep records for a min of 5 years and report discrepancies to companies house
69
Q

What are the penalties under the Terrorist financing and transfer of funds regs 2017?

A
  • Max 14 years imprisonment
  • Unlimited fine
  • Max 5 years or unlimited fine for not reporting or tipping off a criminal
70
Q

What are the typical requirements for Money laundering checks under the Customer due diligence?

A

PLC - London Stock Exchange Listing
LTD - Certificate of incorporation (Companies House)
Private individual - Passport

71
Q

What are some money laundering red flags?

A
  • Unwillingness for parties to provide identifiication documents
  • Changes to parties involved in the transaction
  • Urgency or unusual transactions
  • Unusual currencies
72
Q

What is the RICS Prof Standard for bribery & money laundering?

A

RICS Professional Standard: Countering bribery, corruption, money laundering and terrorist financing 2019.

73
Q

What are some of the requirements in the RICS Prof standard for: countering bribery, corruption, money laundering and terroist financing state?

A

B&C
- dont offer or accpet anything that could constitute a bribe
- have procedures in place to comply with law
- report suspociion to the relevant authority
- act with due diligence
- retain good records to show compliance

ML
- Dont facilitate ML or TF
-have systems in place to comply with laws
- report suspicion
- undertake due diligence and checks on all clients

74
Q

How much was the fee reduced by on the camden lab monitoring project?

A

It was reduced by circa 30% from £3.8k to £2.7k

75
Q

How do you calculate fees on a project?

A
  • Time & seniority
  • Value add/expertise
  • Incentivised fees
76
Q

What other ways could you have descoped the service for the Camden monitoring project?

A

Reduced the reporting timeframe, however, we beleived this risked risks not being flagged soon enough.

77
Q

What RICS standards cover Conflicts of interests and what are some things it includes?

A

RICS Global Professional Standard: Conflicts of Interests 2017

  • When informed consent would be applicable and what is required
  • Types of COI
  • Record keeping & control measures
  • Conflict management i.e. info barriers
78
Q

What are some example behaviours for Rule 1 of the ROC?

A
  • Identifying COIs and ensuring compliance with the Prof Standard.
  • Transparent about fees and services
  • Ensure processes inplace to comply with Terrorist financing and transfer of money act.
79
Q

What are some example behaviours for Rule 2 of the ROC?

A

-underytaking work you are competant to undertake
- regularly attend CPD and meet RICS requirements

80
Q

What are some example behaviours for Rule 3 of the ROC?

A
  • Members and firms agree with clients the scope of the service to be provided and its
    limitations, and timescales for the work.
  • Members and firms undertake their work in a timely manner; with due care, skill and diligence,
    and in accordance with RICS technical standards.
81
Q

What are some example behaviours for Rule 4 of the ROC?

A
  • Members and firms do not bully, victimise or harass anyone.
  • Members and firms develop an inclusive culture in their workplaces, support equal access and
    opportunity for all, and identify and address unconscious bias.
82
Q

What are some example behaviours for Rule 5 of the ROC?

A
  • Members and firms respond to complaints made against them promptly, openly and
    professionally.
  • Members and firms manage their professional finances responsibly.
83
Q

What is the process of undertaking a COI check?

A

Ahead of accepting a new instruction

  • Input details into Conglict checker, keeping search broad.
  • Anything flagged on checking tool the jopb owner needs to contact the relevant parties to see if a conflict exists.
  • Save results to file with confirmation that this has been reviewed
  • if a confllict is present either decline instruction or write to the client for informed consent, setting out management/ mitigation procedures
  • ## Conflict management procedures must be recorded in the terms of engagement if the client wishes to proceed
84
Q

What guidance documents are available for handling client money?

A

RICS Professional Standard ‘ Client Money Handling’ 2019

85
Q

What are the six main areas of good practice set out in the Professional Standard ‘Client Money Handling’ 2019

A
  1. Holding client money
  2. Providing information to clients
  3. Receipts of client money
  4. Payments from client accounts
  5. Accounting records and controls
  6. Compliance
86
Q

What are some procedures in respect to handling client money?

A
  • Client accounts must be kept seperate and clearly identifiable
  • The account must include the word ‘client’
  • a client must be able to have thier money on command
  • payments of interest msut be agreed
  • All firms handling client money must document their procedures on their website
87
Q

What protection is their for RICS firms when handling client money?

A
  • Clients Money Protection Scheme covers claims from clients in instances that an RICS-regulated firm is unable to pay clients money.
88
Q

Who is on the RICS Presidential Team?

A

Tina Paillet - President
Justin Sullivan - President Elect
Nicholas Maclean - Senior Vice President

89
Q

What is Appendix A of the Rules of Conduct?

A

Sets out the core professional obligations of members and firms.

These include:
1. M must comply with CPD requirements of RICS
2. M must cooperate with RICS
3. M must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority n its behalf

APC (24 decks)

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