Ethics Flashcards

Question

What was the scoring matrix?

Answer 1

The tenders were to be scored based on 40% price (quantitative score) and 60% quality (qualitative score) which was based off 4 questions

Answer 2

Scoring matrix / criteria Mix of qualitative and quantitative scoring questions Removed prices when scoring the qualitative answers Mix of scoring assessors

Answer 3

Policy aims to provide guidance on the appropriateness of receiving gifts and hospitality, whilst protecting you and Clarion from any allegation of impropriety, bias, bribery or corruption. Sets out what gifts / hospitality can or cannot be accepted and the reporting requirements.

Answer 4

- The intention - The nature of your relationship - The value - The timing Also need to consider: - Clarion’s reputation - INFLUENCE YOU in anyway

Answer 5

Cash or gift vouchers Overseas or overnight trips Anything deemed lavish or extravagant Invitations including a person connected to you Any offer of gift or hospitality from an individual or business involved in an active tender process or commercial negotiations Any offer or gift from a potential resident

Answer 6

RICS is required to maintain the usefulness of the profession for the public advantage. Surveying involves securing the optimal use of land and its associated resources to meet social and economic needs.

Answer 7

Receiving hospitality Occasional and modest – approval: from Line manager – recorded: no later than 5 days after the event High value (£100+) – approval: from GET Director – recorded: before event Giving hospitality Occasional and modest – approval: from Line manager – recorded: before High value (£100+) – approval: from GET Director – recorded: before event Receiving gifts Up to £10 from residents - approval: from Line manager – recorded: once accepted Up to £10 from individuals / businesses - approval: from Line manager – recorded: don’t need to record unless second gift in a 12-month period Over £10 – refused or when it will cause offence donate to charity raffle – approval: Line Manager – record: once accepted Giving gifts Only of modest value in exceptional circumstances – approval: GET Director – before giving gift

Answer 8

Considered: The intention behind the offer The nature of your relationship with the individual or business The value The timing Could it damage Clarion’s reputation Could the gift or hospitality influence you in anyway Hospitality, NO CURRENT ACTIVE COMMERCIAL DISCUSSION on-going with Savills Able to build up relationships with other developers attending and the agent Not deemed lavish compared to my role (modest / proportionate to my role) – golf morning with a group golf lesson and a bacon roll Occasional and modest hospitality (less than £100) Line manager approval required and gifts and hospitality form completed no later than five days after the event

Answer 9

Governance Team responsible for compliance. Individuals may be subject to an audit or review of their compliance with this policy. Failure to comply may lead to disciplinary action. May be committing an offence under the Bribery Act 2010 – fines or penalties for both you and Clarion.

Answer 10

Legally binding contract that establishes a confidential relationship between two parties – Clarion who hold the sensitive information and the Agents who will receive the information. Agent agrees that the information they receive will not be made available to others.

Answer 11

Participants of the Agreement Definition of the confidential agreement – define what is confidential Or sometimes easier to have Exclusions of confidentiality (what is not confidential) Appropriate use of information Time period

Answer 12

Customer information, financial information, intellectual property, market information, operating strategies

Answer 13

your duty to someone is potentially compromised by the fact that you have a material interest at stake in the matter.

Answer 14

Conflict casts doubt over impartiality -subconsciously choosing the outcome in your own interest

Answer 15

Party conflict – conflict of interest by the firm / person acting for Client or other party has a professional conflict with a duty owed to another firm / client in relation to the same or related professional assignment Own interest conflict – conflict with interest of the individuals of the firm who are either involved directly or indirectly in the professional assignment Confidential information conflict – conflict between the duty of a RICS member under paragraph 2.2 to provide material information to one client and the duty of that RICS member / firm under paragraph 2.1 to another client to keep the same information confidential

Answer 16

Conflict casts doubt over impartiality -subconsciously choosing the outcome in your own interest

Answer 17

Conflicts of Interest (March 17) Effective from Jan 18. Reissued as a Professional Standard in July 23. Part 1 - Sets out RICS mandatory rules around Conflicts of Interest and Confidentiality. Part 2 - “General commentary notes” on the principles as to how RICS expects firms and members to apply standards Part 3 – “Supporting commentary notes” – guidance on how members and regulated firms can meet the obligations set out in part 1

Answer 18

RICS members/regulated firms must not advise or represent a client where doing so would involve a Conflict of Interest or a significant risk of a Conflict of Interest; Apart from when those who are affected have provided their prior Informed Consent. Informed Consent may be sought only where the RICS member or regulated firm is satisfied that proceeding despite a Conflict of Interest is: a) in the interests of all of those who are or may be affected and b) is not prohibited by law, c) and that the conflict will not prevent the member or regulated firm from providing competent and diligent advice to those that may be affected.

Answer 19

Every RICS member working independently or within a non-regulated firm or within a regulated firm must: identify and manage Conflicts of Interest in accordance with this professional statement and keep records of the decisions made in relation to whether to accept (and where relevant, to continue) individual professional assignments, the obtaining of Informed Consent, and any measures taken to avoid Conflicts of Interest arising

Answer 20

Maintain confidentiality of Confidential Information unless required to disclose by law or the RICS member / firm can demonstrated the the party has consented to disclosure

Answer 21

Every RICS regulated firm must have in place effective systems and controls appropriate to the size and complexity of their business to enable them to ensure that the firm and its employees are able to manage their compliance with this professional standard.

Answer 22

1. Skills and competence of business and personell 2. Experience 3. Proposed strategy

Answer 23

Sets out the scope of services and associated fees to be provided by a firm to a client.

Answer 24

The Bye-Laws govern the operation and the conduct of RICS members. The serve as essential guidelines for professional conduct, governance and regulatory processes within the institution.

Answer 25

1) Status 2) Professional Recognition 3) Professional standards 4) Market Advantage 5) Network

Answer 26

1. Contact RICS for guidance and obtain a company start up pack 2. Inform the RICS and register for regulation 3. Appoint a contact office for all RICS communication 4. Prepare a Complaints Handling Procedure 5. Obtain Professional Indemnity cover 6. Abide to the Rules of Conduct for Firms 7. Use the designation "Regulated by RICS" on all practice material 8. Business and staffing details 9. Nature of Client

Answer 27

Annual Return, carried out online Failure to do so leads to a fixed penalty Annual Return includes 1. Type of business and staffing 2. Nature of Clients 3. Training provision 4. PI insurance details 5. Where the firm holds the Clients money

Answer 28

Clarion is committed to maintaining the highest standards of conduct. Outlines standards individuals are expected to meet and adhere to. Adopted the National Housing Federations Code of Conduct 2022. Split into 4 parts which cover: 1. Acting in the best interests of the housing association and its residents 2. Behaving with integrity 3. CONDUCTING yourself PROFESSIONALLY and treating OTHERS WELL 4. Protecting yourself, others and the environment

Answer 29

1. Maintain the highest standards of education and training 2. Protect consumers through strict regulation of professional standards 3. Leading sources of information and independent advice on land, property, construction and associated environmental issues 4. Under its Royal Charter, maintain usefulness of the profession for public advantage 5. Practice of Surveying "securing the optimal use of land and its associated resources to meet social and economic needs" 6. Foundation for effective markets, creating better places to live and work, positive social impact 7. Balancing competing interests, using values and ethical judgements

Answer 30

1. Must state fee basis, payment of expenses and how this is calculated 2. Include a copy of a firms complaints handling procedure Need to obtain clients written approval before commencing work

Answer 31

Check the following: 1. Professional competency 2. No conflicts of interest 3. Confirm terms of engagement in writing with written approval

Answer 32

1. Not competent 2. Client refuses to sign terms of engagement 3. Client refuses to complete money laundering checks 4. COI 5. Advice is for a friends, pro bono 6. Potential Client is on a governments sanctions list

Answer 33

Bribery Act 2010 - came into force July 2011 1. Proportionality 2. Top Level Commitment 3. Risk assessment 4. Due Diligence 5. Communication 6. Monitoring and Review Companies are responsible for the employees –unless they can demonstrate adequate policy. Hospitality is covered as bribery. Act is policed by the Serious Fraud Office –maximum penalty of 10 years imprisonment and unlimited fines for individuals / companies.

Answer 34

Bribery Act 2010 - Came into force July 2011 RICS Countering Bribery, corruption, money laundering and terrorist financing 1st Edition 2019. Reissued as a Professional Standard in July 2023.

Answer 35

1. Not offer or accept, directly or indirectly, anything that could constitute a bribe 2. Ensure that they have adequate knowledge of bribery and corruption to be able to comply with the requirements of this professional statement 3. Have plans in place to comply with applicable laws governing bribery and corruption, and ensure that these are followed 4. Report any activity they are aware of that breaches anti-bribery and corruption laws to the relevant authorities 5. 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 6. Retain information detailing how the firm has met the requirements of this professional statement.

Answer 36

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, and ensure these are followed 3. REPORT any suspicions of money laundering or terrorist financing activities to the relevant authorities 4. EVALUATE AND REVIEW periodically the risks that prospective and existing business relationships present in terms of money laundering or terrorist financing 5. VERIFY THE IDENTITY of their client by undertaking basic identity checks 6. take appropriate measures to UNDERSTAND THE CLIENT and the purpose of the transaction 7. ensure that their responses to the risks identified are appropriate, including conducting appropriate checks on clients and customers

Answer 37

1. Client Money Handling (2019) - reissued Oct 2022 as a professional standard 2. Guidance for UK RICS Regulated firms handling client money using third party transaction service providers, to ensure compliance with - RICS Client money handling professional standard and RICS Client Money Protection Scheme Rules (March 2024)

Answer 38

1. It provides CLEAR RULES for RICS members and regulated firms to have the appropriate CONTROLS and PROCEEDURES to keep client money safe. 2. It provides CONFIDENCE to clients and consumers that RICS-regulated firms are operating to HIGH STANDARDS. The document applies to all RICS members and regulated firms operating in the UK. The professional standard provides clear requirements and advice to firms about: 1. client account requirements 2. appropriate accounting controls 3. the information that firms must provide to clients 4. how to handle client money including rules for managing any unidentified funds.

Answer 39

Objectives to ensure RICS members/firms understand their obligations to ensure: 1. RICS-regulated firms that hold client money must register with either the RICS Client Money Protection Scheme for Surveying Services OR Property Agents 2. Hold money in account they have exclusive control over 3. Immediately available, disclosure or all commissions, receipts etc

Answer 40

* AssocRICS (Associate); * MRICS (Member) * FRICS (Fellow) * HonRICS (Honorary members) MRICS or FRICS aka Chartered Surveyors and variations such as ""Chartered Valuation Surveyor" or "Chartered Quantity Surveyor", depending on their chosen specialist qualifications and field of expertise.

Answer 41

RICS Matrics UK - early career community designed to support students, apprentices, trainees and those who are newly qualified (up to 10 years), as they move into the industry. Community platform to influence the profession, network and gain support as they go through the assessment. LionHeart - an independent charity specifically designed for past, present and future RICS professionals and their families. Support members through difficult times (personal or professional). Finance, Health & Wellbeing, Family related support, Work-related support and many more.

Answer 42

way that RICS segments the various technical specialisms of the profession. 18 groups covering the broad spectrum of surveying services. E.g., Planning and Development, Rural, Valuation, Commercial Property, Facilities Management. Benefits of getting involved * Connect, network and engage with other professionals in your field of expertise * contribute to standards, guidance and technical journals * Share market insights How to get involved * Join a sector insight community * Participate in a Leaders Forum e.g. RICS roundtable * Join a Working Group to develop standards or technical content

Answer 43

Integrity – RICS adopted the definition of integrity set out in English case law. Based on the following concepts: * Integrity is a broader concept than honesty * Reflects higher standards which society expects from professional persons * Close link between integrity and the matter in which professions serve the public * Integrity does not require professional people to be models of virtue

Answer 44

Rules – are imperative directions to do or not do something. Imposed by external authorities such as the state or regulators. Regulatory rules (i.e., those set out by RICS) are enforceable. Attached to them is the threat of dismissal or another form of regulatory fine or punishment.

Answer 45

Regulation imposes certain additional costs on bad behaviour, e.g., the threat of disciplinary action, and this helps ensure that a self-interested calculation will favour doing the right thing.

Answer 46

1. Specialised skills and knowledge which is maintained through CPD. 2. Tend to belong to a professional body that enforces a code of ethics. 3. Have strong duties to clients and the public as well as significant power to impact clients and the public. 4. Their effective working relationships with clients are dependent on client trust.

Answer 47

Est Modus in Rebus. There is measure in all things.

Answer 48

Governing Council - highest governing body - sets global strategy and ensures RICS fills its Charter obligations President - Tina Paillet FRICS President Elect - Justin Sullivan FRICS Chief Executive - Justin Young

Answer 49

To protect and enhance the natural and built environment by promoting and enforcing the highest ethical standards in valuation, real estate, the development and management of land, infrastructure and construction. Based on six ethical principles of HICRSS.

Answer 50

Regulations add further details to the Bye Laws. Regulatory functions of RICS are delegated from RICS’ Governing Council to the independently led Standards and Regulation Board (SRB). SRB is to build and maintain trust and confidence in the profession for the public advantage.

Answer 51

Set out in the Royal Charter and determine how RICS is regulated. There are 10 in total. E.g. BYE-LAW 2: MEMBERSHIP AND REGISTRATION

Answer 52

Privy Council - Grants Royal Charter 1881 RICS is self regulated and internally monitored - not regulated by the government or external parties. Governing Council - manage and agree strategy for RICS Standards and Regulations Board Management Board Audit Committee

Answer 53

RICS has been reviewing its standards portfolio because the Standards and Regulation Board wants to ensure the RICS standards and advice are: - up-to-date - easy to use Document structure is now: 1. PROFESSIONAL STANDARDS - set requirements for COMPETENT and ETHICAL PRACTICE (e.g. existing professional statements and guidance notes) 2. PRACTICE INFORMATION - provide ADVICE or SUPPORT to RICS members and firms

Answer 54

RICS has been reviewing its standards portfolio because the Standards and Regulation Board wants to ensure the RICS standards and advice are: - up-to-date - easy to use

Answer 55

- Set requirements for COMPETENT and ETHICAL PRACTICE - Set requirements or expectations how RICS members and regulated firms should provide services or the outcomes of their actions - Principle based and focused on OUTCOMES AND GOOD PRACTICE Can include: - Mandatory requirements, use the word "must" and / or - Recommended best practice use the word "should" - recognises there are alternatives to best practice that achieve the same or a better outcome In regulatory or disciplinary proceedings RICS will take into account PS when deciding if a M/F acted appropriately and with reasonable competence

Answer 56

Supports the practice, knowledge and performance of RICS M/F and the demand for professional services. Includes definitions, processes, checklists, insights, research, technical info / advice. Includes documents which aim to provide common benchmarks / approaches across the sector to help build efficient and consistent practice. Not mandatory and does not set explicit recommendations

Answer 57

The design, delivery and management of healthy buildings: a practical guide (2023) Sets out the impacts buildings can have on our health and interventions to consider E.g. Reduced exposure to daylight has been linked to the onset of depression and impairment of cognitive function Considerations: increasing daylight with large openings (while balancing with overheating risk) skylights/roof lights shallow floor plans dual-aspect rooms light wells and courtyards.

Ethics Flashcards

(84 cards)