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APC > Ethics > Flashcards

Ethics Flashcards

1
Q

RICS Rules of Conduct

A
  1. Be honest, act with integrity and uphold professional standards.
  2. Maintain professional competency and ensure that services are provided by competent individuals with the relevant expertise.
  3. Good quality and diligent service.
  4. Treat others with respect and encourage diversity and inclusion.
  5. Act in the public interest and take responsibilities for your actions, maintain public confidence in the profession.
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2
Q

What is a conflict of interest?

A

An existing relationship which impedes a professionals ability to provide impartial advice.

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3
Q

What are the six principles of the Bribery Act 2010?

A

Proportionality
Top Level Commitment
Risk Assessment
Due Diligence
Communication (inc. training)
Monitoring

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4
Q

Why do firms want to be accredited by the RICS?

A

Confidence - monitored by RICS.
Professionalism - clear, impartial and expert advice.
Security - recognised procedure including complaints handling and PII cover.

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5
Q

Why do you want to become a member of the RICS?

A

Status, Recognition, Market Advantage, Knowledge and Network.

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6
Q

Example behaviour of when I have acted honestly?

A

I acted honestly when I was asked to provide advice on a Clients property which they were hoping to let out. I advised them that it wasn’t up to standard and numerous works would be required, including a building survey to identify these.

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7
Q

Core professional obligations that RICS members must adhere to?

A

CPD - 20hrs (10 Formal).
Co-operation with RICS.
Promptly provide all info requested.

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8
Q

Core professional obligations that RICS firms must adhere to?

A

-Complaints Handling Procedure.
-PII cover.
- Sole practitioner future arrangements.
- Cooperate.
- Promptly provide.
- Business literature (display in accordance with RICS).
- Report - matters to the RICS.

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9
Q

What disciplinary procedures can the RICS impose?

A
  • Action by the Head of Regulation.
  • Regulatory Tribunal.
  • Appeal Panel.
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10
Q

What money laundering regulations are you aware of?

A

Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017

and

Proceeds of Crime Act 2002

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11
Q

What is Money Laundering?

A

Where the proceeds of criminal activities are disguised as legitimate assets (such as property).

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12
Q

What bribery legislation are you aware of?

A

Bribery Act 2010

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13
Q

What does the Equality Act 2010 do?

A

The Equality Act consolidates the Disability Act of 1995 and the Discrimination Act of 2005 to provide a simple and easy to follow structure which aims to eliminate discrimination in business.

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14
Q

What does the Proceeds of Crime Act 2002 do?

A

This act sets out criminal offences to assist with the combatting of money laundering.

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15
Q

What is a red flag of money laundering?

A

The red flags are:
- Inability to provide identification.
- A change in parties during CDD.
- Unusual currencies.
- Unusual transactions (cheap/quick etc)

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16
Q

Penalties for accepting a bribe?

A

Up to 10 years imprisonment and unlimited fine.

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17
Q

What are the 4 types of offence?

A
  • Receiving a bribe.
  • Making a bribe.
  • Bribing a Foreign Public Official
  • Failure to prevent a bribe
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18
Q

How do you carry out AML checks?

A
  • Initially I would Identify the Client using Customer Due Diligence Checks. (requesting 2x forms of identity, 1x photographic.
  • I would save the evidence and send to our internal due diligence team to carry out further investigations and confirmations.
  • For companies I would identify the company name, number address and any director details.
  • I would highlight any red flags / third countries and if required carry out Enhanced Due diligence.
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19
Q

When would you carry out EDD?

A

High risk third country
PEP (Politically exposed person)
To request source of wealth.

20
Q

PII - what is it?

A

It protects surveyors, clients and third parties against claims for Negligence.

21
Q

PII - brackets and what is it based on?

A

Based on turnover.

Turnover is £100k or less then PII cover is £250k

Turnover between £100k - £200k then cover is £500k

Turnover over £200k then PII cover is £1mil

22
Q

What would you do if you received a complaint?

A

Initially I would sincerely apologise for any inconvenience. I would then determine some realistic timescales for completion (responding within 7 days). I would request the complaint in writing. I would notify my line-manager and Complaints Handling Officer (who would aim to respond/resolve in 28 days). I would notify my PII insurers.

If a client continues to disagree then I would refer them to ADR procedures. (Such as RICS Dispute Resolution Service - for appointment of an arbitrator).

23
Q

What is the RICS guidance for dealing with a conflict of interest?

A

RICS Global Professional Statement, Conflicts of Interest 2017.

24
Q

How would you identify/deal with a conflict of interest?

A

Initially I would check our internal systems to ensure that there are no conflicting records of the party. I would then submit the information to be circulated around the firm via email, to ensure no conflicting relationships.
I would then make a judgement on whether it is in both parties best interests to proceed with the instruction. If it is, then I will notify them both of the conflict and make them aware of the process for management. If both parties wish to proceed, regardless of the conflict then I would request their informed consent in writing and seek to set up information barriers as set out prior.

25
Q

What are information barriers and what types are there?

A

Geographical.
Separate communications line.
Password protected document.
Keep an audit trail of the conflict check.

26
Q

What is the RICS guidance relating to bribery, corruption or money laundering?

A

RICS Professional Statement Countering Bribery, Corruption, Money Laundering and Terrorist Financing.

Guidance on having a written policy for gifts, staff training and hospitality registers.

27
Q

What is the RICS guidance on handling client money?

A

RICS Professional Statement on Client Money Handling, 2019

28
Q

How do you handle client money?

A

I handle client money in line with my firms client money handling policies.

-This involves keeping money separate.
-Involves labelling ‘CLIENT’ on the bank account and cheque book.
-Carry out annual audits.
-Carry out regular reporting.
-Ensure money is only removed if required.
-Ensure double signature from Associate/Partner and account team.
-Client should be allowed access to account upon request.
-Must not be overdrawn.

29
Q

Recent legislation?

A

The Bichard Review which was conducted in June 2022 and seeked to clarify the purpose of the RICS and set out recommendations.

30
Q

Two types of client account?

A

Two types of client account that I have dealt with are Discretionary (for one individual client) and Pooled (for multiple clients with sub-compartments).

31
Q

What is whistleblowing?

A

Where an employee raises concerns in a unanimous way, usually related to wrong-doing.

32
Q

What is the sanctions list?

A

The sanctions list is provided by the government and highlights any individuals or firms that may have been involved in illegal activity.

33
Q

Can you outline your firms gift policy?

A

We have an internal policy that can be found on our internal website.
It has a current limit of £50. (Department Head if £500, sub-divisional head if £2000, divisional head if £5000).
I make a note of any gifts on the gift register. I undertake annual training. I think about the position within the current instruction when accepting/declining gifts.

34
Q

What do you include on the gift register?

A

I include, name of giver, reason for gift, value of gift, whether I accepted it, date of gift, item description.

35
Q

Tell me what you would do if something was outside of your scope of competence?

A

I would initially turn down the instruction and refer the work to a competent colleague who has the relevant experience.

36
Q

Example of when you have acted with integrity?

A

I have acted with integrity when advised to assess build costs. I advised on the need to instruct a Building Surveyor as this was outside of my scope of competency.

37
Q

Example of when you have provided a high level of service?

A

I provide a high level of service when sending out relevant current affair updates/research projects to assist landowners.

38
Q

When must a firm register with the RICS?

A

A firm must register with the RICS when 50% or more of their Principals (Directors or Partners / someone who can act without supervision) are members of the RICS.

They have the option to register when 25% or more of principals are members of RICS.

39
Q

What are the three Money Laundering offences?

A
  1. Concealing criminal property
  2. Arrangements
  3. Acquiring use and possession
40
Q

What are the different types of RICS legislation?

A

International Standards
Professional Statement
Guidance Note
Code of Practice
Jurisdiction Guide

41
Q

What legislation are you aware of relating to equality and inclusion?

A

The Equality Act 2010

42
Q

What did the Equality Act 2010 replace?

A

It replaced and amalgamated the Disability and Discrimination Acts of 1995 and 2005.

43
Q

What are the 9 protected characteristics?

A
  • Race
  • Religion
  • Disability
  • Gender/Sex
  • Sexual Orientation
  • Maternity
  • Marriage/Civil Partnership
  • Gender Reassignment
  • Age
44
Q

What are the two main legislation relating to data?

A

GDPR 2018 and Data Protection Act 2018 (UKs implementation of GDPR).

45
Q

What are the 8 individual rights under GDPR?

A
  • Right to Access
  • Right to Erasure
  • Right to be Informed
  • Right to Rectification
  • Right to Restrict Processing
  • Right to Data Portability
  • Right to Object
  • Right to Automated Decision Making and Profiling

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