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RICS APC > Ethics > Flashcards

Ethics Flashcards

1
Q

Motto

A

Est Modus in Rebus = There is measure in all things

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2
Q

Mission statement

A
  • Qualify and equipment members to provide highest standard of professional service
  • Promote and enforce standards
  • Lead solutions
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3
Q

RICS Structure

A
  • Founded in 1868 and Royal Charter by Privy Council in 1881
  • Self-regulated via byelaws
  • Governing Council = manage/agree strategy
  • Regulatory board, audit committee and management board (Execute strategy)
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4
Q

5 Principles of Better Regulation

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

Ethics versus Rules

A

Ethics = moral values, and Rules = mandatory framework

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6
Q

Prior to Feb-2022 = 5nr Global Professional and Ethical Standards

A

Service, Trust, Integrity, Respect and Responsibility

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7
Q

After Feb-2022 = New Rules of Conduct

A
  • Honest, integrity and comply with professional obligations
    o Members = CPD, information and cooperation
    o Firms = Complaints handling, PII, alt. arrangements, reporting, cooperation and info to RICs, & designations
  • Maintain competence and ensure services delivered by competent persons
  • Good-quality and diligent service
  • Respect others and encourage diversity/inclusion
  • Act in public interest, take responsibility, act to prevent harm and maintain public confidence in the profession
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8
Q

Why change rules?

A

outdated, single doc w/ greater clarity, greater focus on examples, and focus on evolving technology and climate

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9
Q

Rules of conduct. Why?

A

consistency to public/client, and professional guide to members/firms

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10
Q

Decision Tree

A
  • Sufficient facts?
  • Is it legal?
  • Does it comply with RICS rules of conduct?
  • Consulted with appropriate person(s)?
  • Basis = clear reasoning/informed
  • Public test
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11
Q

Breach procedure

A
  • Proceedings depend on breach
  • Formal investigation by the Head of Regulation
  • Request information and/or visit and inspect to investigate compliance
  • Members must cooperate
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12
Q

Disciplinary procedure trigger

A
  • Someone complaining
  • Allegation by client or third party
  • Information received and/or established by RICS
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13
Q

Disciplinary actions

A
  • Fixed penalty (i.e. fine)
  • Consent order (written agreement = corrective actions, conditions)
  • Disciplinary panel (serious breach, public, balance of probability)
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14
Q

Expulsion breaches

A
  • Gross, persistent or wilful failure to comply with RICS Rules of Conduct, etc
  • Fraud, dishonesty, conviction of serious criminal offence, gross incompetence, deliberate discrimination, misappropriation of client money
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15
Q

Starting a practice

A
  • Contact RICS = company start-up pack
  • Inform RICS and register for regulation
  • Appoint contact officer
  • Prepare complaints handling procedure
  • PII
  • Abide by rules of conduct
  • Use designations – “Regulated by RICS”
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16
Q

Advertising

A

trustful & responsible manner = Rules of Conduct

17
Q

Insurance required for own firm?

A

PII, public, employers and building (office)

18
Q

Annual Return

A
  • Type of business & staffing
  • Nature of clients
  • Training provisions
  • Complaints handling
  • PII details
  • Whether hold client’s money
19
Q

Client Money

A
  • Preserve security (doesn’t belong to company)
  • Segregate
  • Principal oversight but cannot override controls
  • Account in joint names = dual authorisation
  • Competent & knowledgeable staff for processing and cover for long term absences
  • Secure accounting and data systems
  • Clearly identifiable (“Client” in account name)
  • Client must always be able to access
  • Agree terms and provide Client the account details
  • Must not be overdrawn
  • Maintain client ledger and provide running balance
  • Discrete = single client, and general = >1 clients
20
Q

Negligence

A

breach of duty of care via a failure to due skill/care as a reasonable person/surveyor

21
Q

Merret v Babb (2001)

A
  • Erroneous valuation 7 years earlier
  • Company = insolvent
  • Sued personally
  • Run-off cover = important
  • RICS setup fund
22
Q

Underhand versus Deed?

A

Underhand = 6 years limitation, Deed = 12 years limitation

23
Q

Complaints handling guidance?

A
  • RICS model
  • Redress mechanism
  • Included in Terms of Business provided to client
  • Clear, quick, transparent, impartial
  • First stage = free
  • Names & contact details of nominated investigating person
  • Investigated in 28 days
  • Complaint, progress and outcome = recorded
  • Advise PII
  • Two stages (min)
    o Consideration by senior member/complaints handling officer
    o Independent 3rd party (complainant may need to contribute £)
24
Q

“Client Money Protection Scheme”

A

RICS = insurance = client recover RICS regulated firm loss

25
Q

CPD?

A

continuing professional development = 20 hours (50% formal)

  • Formal = structured training in classroom-like setting, assessed, learning outcomes
  • Informal
26
Q

PII?

A

financial cover in event client suffers loss due to breach of professional duty
- Protects self/firm and client
- Underwritten on a “claim made” basis (date of claim = date of loss event)
- RICS requirements
o Each and every
o Minimum levels (£200k = £1m)
o Maximum levels of uninsured excess (

27
Q

Fee proposal?

A

T&Cs, scope, exclusions and assumptions

28
Q

Conflict of interest?

A
  • Position of trust has competing personal or professional interests which affect impartial fulfilment of duties
  • Chartered have obligation to make client aware
  • Conflicts
    o Party = +1 clients
    o Self = Client versus firm
    o Confidential = Duty to provide versus duty to keep confidential
  • Informed consent/Letter of instruction
    o Client informed & understand
    o All parties receive proper service
    o Difficult when contentious party conflict (adjudication) and own interest
    o Methods of control
     Information barriers
     Separate offices
     NDA
29
Q

Bribery Act 2010

A

making or receiving, public official and failure to prevent (corporation)
- Unlimited fine + 10 years

30
Q

6 Principles of prevention (Bribery)

A
  1. Proportionate procedures
  2. Top level commitment
  3. Risk assessment
  4. Due diligence
  5. Communication
  6. Monitoring & review
31
Q

Facilitation payment?

A

only under duress = limb/life/liberty?

32
Q

Gifts & Hospitality?

A
  • Open, occasional and modest
  • > £200 = LM & register
  • Public test (decision tree)
  • Not intended to influence
  • Cash or equivalent

RICS APC (1 decks)

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