Ethics Flashcards
(25 cards)
- what is a conflict of interest?
a. When 2 parties cant act impartially
- What are your companies gift policy
Any gift over £50 must be reported and recorded on the gift register. Approval from the line manager is needed for any gift over £50 and must be in line with the value of the works completed.
- How would you undertake a conflict of interest check
By identifying the parties involved and providing these details to the wider company through an email.
- What are the different types of a conflict of interest checks?
A party conflict
A own interest conflict
Confidential information conflict
What is a party conflict?
situation in which the duty to act in the interests of a client or other party in a professional assignment conflicts with a duty owed to another client or party in relation to the same or a related professional assignment.
what is an own interest conflict?
a situation in which the duty to act in the interests of
a client in a professional assignment conflicts with the interests of that same RICS
member/firm.
what is an confidential information conflict?
A conflict between the duty of an RICS
member to provide material information to one client, and the duty of that RICS
member to another client to keep that same information confidential.
What is the 1st rule of conduct?
Members and firms must be honest, act with integrity and comply with their professional obligation, including obligations to RICS
What is the second rule of conduct?
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise
What is the third rule of conduct?
members must provide good-quality and diligent service
what is the fourth rule of conduct?
members and firms must treat others with respect and encourage diversity and inclusion
what is the fifth rule of conduct?
members and firms must act in the public interest, take responsibility for their action’s ad act to prevent harm and maintain public confidence in the profession
Why are the codes of ethics important?
The rules aim to ensure professional conduct and practice, promoting trust in the profession and fostering positive social impact
How many hours of CPD are required once qualified?
A total of 20 hours are required split evenly between formal and informal
What is included within the RICS client money handling professional standard?
It outlines the rules for RICS members and regulated firms in the UK to protect client money.
- Give an example of a SOP/BOP and why it is in place
A SOP/ BOP could be used to set out payment methods and procedures. This is put in place to protect both the clients and the companies money.
How do you manage a conflict
I manage a conflict by providing information barriers through the affected parties if the parties involved have confirmed they are happy for the instruction to proceed after a conflict has been identified.
When may you not be able to accept a gift?
I may not be able to accept a gift if this is not in proportion to the works I have completed or the gift is over the £50 limit and my line manager doesn’t provide confirmation I can accept.
what are the CPD requirements for a trainee?
48 hours
what are the hallmarks of a RICS client account? What must be followed?
This includes holding all client money in a dedicated client money account, ensuring the account title includes ‘client’ and the firms name, maintaining accurate accounting records with regular reconciliations.
RICS firms must also comply with anti - money laundering legislation and ensure clear communication to clients about commission charges
when was the RICS founded
June 1868
whos is the current president of the RICS
Nicholas Maclean
The RICS ethics standards are the following
Act with Integrity
Always provide a high standard of service
Act in a way that promotes trust in the profession
Treat others with respect
Take responsibility
What is outlined in the bribery act?
The Bribery act 2010 is the primary UK law against bribery and corruption. It criminalizes he giving and receiving of bribes, both in the public and private sectors, and has extraterritorial reach. It also imposes a duty on commercial organisations to prevent bribery by those associated with them.
