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Ethics Flashcards

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1
Q

Can you tell me how you would deal with a conflict of interest

A

We have an internal system to firstly raise a conflict of interest.

This is then managed to establish whether a conflict of interest exists.

If yes, then my client will be informed of the conflict of interest. Informed consent would either be provided in writing or I would not be able to participate on the project.

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2
Q

Can you still work when a COI exists?

A

Yes, providing the conflict of interest has been understood by the client and I have obtained informed consent.

Also providing I have fully assessed the situation and can remain impartial (taking into consideration an information barrier)

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3
Q

What are the requirements of a firm in terms of PI policy?

A

o It should be written on a full civil liability basis wording.
o It should be fully retroactive (on a claims made basis).
o It should be covered by a RICS listed insurer.
o The PI cover should be related to the firms annual turnover for minimum levels of indemnity, or if
it is a new business, on expected turnover.
o Cover should either be on an ‘each and every’ claim basis, or in the aggregate, with around the
clock reinstatement.
o It should comply with RICS requirements of uninsured excess.
o There should be adequate run off cover.

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4
Q

What is run off cover?

A

Run off cover ensures clients are still protected and make a claim against a firm that has ceased trading.

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5
Q

Who does our PI policy protect?

A

Firm
Clients
Individuals

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6
Q

What if a firm cannot obtain run off cover?

A

The RICS provides an Run off pool for those firms who cannot obtain run off cover from the open market.

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7
Q

How do you differentiate between formal and inform CPD?

A

By using the RICS decision tree.

Structured? Assessment based?

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8
Q

Tell me how you have acted with integrity?

A

I act with integrity in my day-to-day role. My case study is also a good example as I do what is right, no matter the outcome.

Valuations = also paying contractors for items that they may have missed in their assessment.

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9
Q

What must our complaints handling procedure be?

A

Published
2-stage process

1st Stage - Received in writing and acknowledged within 7 days.
2nd Stage - Responded to formally within 28 days.

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10
Q

What if the complaint is not settled?

A

Explore alternative dispute resolution.

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11
Q

What legislation relates to gifts?

A

Bribery Act 2010
RICS Professional Statement - Countering Bribery, Corruption, Money Laundering and Terrorist financing
RICS - Guidance on Gifts and hospitality

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12
Q

What are the offences under the Bribery Act?

A

Accepting a bribe
Giving a bribe
Failure to prevent a bribe

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13
Q

What is a bribe?

A

A bribe is the exchange of a tangible good to gain an unethical advantage

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14
Q

What are the Maximum levels of uninsured excess?

A

Based on a firms turnover.

£10m or below: Whichever is greater of 2.5% of the sum insured or £10k.

Over £10m turnover: No set limit

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15
Q

What is the RICS social media policy?

A

RICS Use of Social Media 2021 Document

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16
Q

What was the Bichard Review?

A

Following the Levvit Report.

Completed by Lord Bichard. Commissioned by the RICS Governing Council in December 2022. To improve purpose, governance and strategy.

Key findings:
- Public Interest
- Governance Reform
- Diversity and Inclusion
- Member engagement

Contributed into the New Rules of Conduct

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17
Q

What was the Levitt review?

A

The Levitt Review was an independent investigation conducted by Alison Levitt QC into the governance and management practices of the Royal Institution of Chartered Surveyors (RICS). Directed at the Treasury Management.

Key findings:
- Governance issues
- Dismissal of Non-executives
- Recommendations

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18
Q

What is Ethics?

A

Ethics deals with what is the morally right and wrong thing to do. Takes into account moral principles.

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19
Q

What are the Rules of Conduct?

A

Rules of Conduct updated by the RICS in 2022, a framework for ethical and professional behavior.

Rule Number 1: Integrity - Members and firms must be honest, act with integrity and comply with their professional obligations.

Rule Number 2: Competence - Members and firms must maintain professional competence and ensure services are completed by competent individuals.

Rule Number 3: Service - Members and firms must provide a high quality of service.

Rule Number 4: Respect - Members and firms must treat others with respect and encourage diversity and inclusion within the profession.

Rule Number 5: Members and firms must act in a way that promotes trust in the profession and take responsibility for their actions.

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20
Q

Do you have any examples where you’ve behaved in accordance with one of the Rules?

A

Yes. Rule number 3: I always make sure my work is checked properly and goes through our Quality Assurance procedure. This ensures a high quality of service is delivered.

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21
Q

Can you talk me through your organisation’s Gift policy?

A

There is a scorecard that can be used.

Gifts up to £150 can be accepted but only for non-government officials.

For Government officials, only meals up to £25 can be accepted.

But I would still use my own judgement in acceptance of the gift.

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22
Q

What must you consider when deciding on whether to accept / decline a gift?

A
  • Proportionality of the gift
  • Value of the gift
  • Individual or team offering
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23
Q

Where might you go / what resources might you consult if you’re unsure whether to accept / decline a gift?

A

I would consult my companies guidance and procedure on our intranet.

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24
Q

Do the RICS stipulate any minimum requirements? For whom do these apply? Does anyone else stipulate requirements? For Complaints Handling

A

Yes.
* Must be in line with the RICS standards for CHP
* Must have an Alternative Dispute Resolution Procedure
* Must publish a CHP
* Must be tracked and logged

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25
Can you list some reasons that a Complaint may arise?
- Employers Requirements that are not robust - Lots of changes under a contract - Failure to meet payment deadlines
26
What might you do if you receive a Verbal Complaint?
Listen to the complaint verbally, note that I am listening and taking notes. then ask formally for the complaint to be made in writing.
27
Can you talk me through what an ADR is? Can you list any providers of an ADR Service?
Alternative dispute resolution (ADR) is the term used to describe ways of resolving a dispute without having to go to court. - Centre for Effective Dispute Resolution - RICS publish a number of different services too.
28
Are there any requirements for a Complaints Handling Procedure with regard to the Organisation’s PI Provider?
PI Insurers must be made aware and kept up to date with how a complaint is progressing
29
Do the RICS ever get involved in a Complaint?
Yes, the RICS (Royal Institution of Chartered Surveyors) does get involved with complaints. They have a structured process for handling complaints against RICS members or RICS-regulated firms. Reporting Concerns: If someone has a concern or complaint about a RICS member or regulated firm, they can report it directly to RICS Investigation: RICS investigates these complaints through its regulatory functions, overseen by the Standards and Regulation Board (SRB) Complaints Handling Procedure: RICS has detailed guidance on complaints handling, ensuring that complaints are logged, investigated, and resolved in a timely and professional manner
30
You note you act in line with your Companies’ Values, can you give me an example of how you do that?
Yes, safety is one of our company values. I always ensure that I act safely when visiting sites, using the safe person concept and taking accountability for not only my safety but the safety of others around me.
31
You note you upkeep best practice when carrying out Valuations, how do you ensure that you’re doing that?
I always make sure I am acting in line with the RICS standards for interim valuations. For example, the latest interim valuations and payment practice information 2015.
32
Can see you’re aware of the CPD Requirements, can you talk me through the minimum required hours for a APC Candidate and Chartered Surveyor?
APC Candidate = 48 hours per year (50% formal) Chartered Surveyor = 20 hours per year (minimum 10 hours formal)
33
Pick one of the Rules of Conduct and how you comply with it?
Rule 2 - Ensure I complete my required CPD on my journey to becoming a chartered surveyor. Not taking on work that I am not competent to do. Rule 3 - Ensure my worked is checked before issuing (OCRA)
34
What’s the difference between formal and informal CPD?
- Formal is structured with measurable outcomes - Informal CPD is flexible and less structured. RICS provide a flow chart to assess this.
35
What is the role of the RICS?
Responsible for setting standards, regulating members, advancing knowledge and maintaining public trust.
36
What is professional indemnity insurance? Who does it protect?
Insurance in place to cover against professional negligence Protects: - Clients - Individuals - Firms
37
What does PI not cover?
Work outside of the agreed scope of services. Factors out of control, for example market conditions.
38
What is run-off cover?
Run off cover protects firms, members and their clients from financial loss following a firm creasing trading
39
What is the difference between in the aggregate and each and every claim?
In the Aggregate: Total Limit: The policy has a maximum limit for all claims combined within the policy period (usually one year). Each and Every Claim: Per Claim Limit: The policy provides the full limit for each individual claim made during the policy period.
40
What is a locum?
A locum is a professional who temporarily fills in for another person in their role.
41
How do you ensure compliance with the Modern Slavery Act?
Act in line with my companies Modern Slavery Statement - Look out on-sites to assess if modern slavery is happening.
42
What is included in Appendix A of the Rules of Conduct, in relation to individuals?
3 obligations 1. Members must comply with CPD Requirements set by RICS 2. Members must cooperate with RICS 3. Members must promptly provide all information reasonably requested by the Standards & Regulations Board, or those exercising delegated authority on its behalf.
43
What is included in Appendix A of the Rules of Conduct, in relation to firms?
7 Obligations 1. Firms must publish a complaints-handling procedure, including an ADR 2. Firms must ensure that all previous and current professional work is covered by adequate and appropriate Professional Indemnity Cover that meets the RICS standards. 3. Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death or absence from work (locum agreement) 4. Firms must cooperate with the RICS 5. Firms must promptly provide all information reasonably requested by the Standards & Regulations Board, or those exercising delegated authority on its behalf. 6. Firms must display on their business literature, a designation to denote that they are Regulated by RICS. 7. Firms must report to RICS any matter that they are required to report under the Rules for Registration of firms.
44
What is required for firms that register with the RICS?
- Agree to provide information to the RICS - Agree that the RICS is able to share relevant information about the firm with government or other bodies - Agree that if RICS declines to register the firm, it may publish its decision. * Registration form on the RICS website * Company’s details * Principal’s names * Data protection agreement * Agree that if the RICS declines to register the firm, RICS may publish its decision
45
When MUST a firm register with the RICS?
- Provides surveying services to the public - The firm is operating in Regulated Area A - At least 50% of the Firms Principals are RICS Members
46
When is a firm eligible to register with the RICS?
- The firm provides surveying services to the public and - At least 25% of the Firms Principals are RICS Members - Or if they have a clear plan to become 25% qualified. RICS must approve their plan.
47
What are the minimum PII levels of cover?
Based on turnover in the preceding year. £0-£100k = £250k £100,001 - £200,000 = £500k Over £200k = £1m
48
What are the maximum levels of uninsured excess?
Based on a firms turnover £10m or less = Greater than 2.5% of the sum insured or £10k Over £10m = No limit
49
What is Merrit vs Babb? (Case law for PII)
Background: In 1992, Miss Merrett and her mother purchased a property in Falmouth, relying on a mortgage valuation conducted by Mr. Babb, a chartered surveyor employed by a firm of valuers. Issue: The firm became insolvent, and its professional indemnity insurance was cancelled. Miss Merrett sought damages for negligence based on the valuation report. Court of Appeal Decision: The Court of Appeal held that Mr. Babb was personally liable for the negligent valuation, despite the firm's insolvency and the fact that the purchaser had not seen the report or known Mr. Babb's identity at the time of purchase. This case underscores the potential personal liability of professionals for advice given on behalf of their employers, especially when the employer is insolvent or uninsured.
50
What are the bye laws?
The RICS Bye-Laws are a set of rules and regulations that govern the operations and conduct of the Royal Institution of Chartered Surveyors (RICS). These Bye-Laws cover various aspects such as membership, governance, disciplinary procedures, and financial matters. Bye law 1 - Application and definitions Bye law 2 - Governance structure Bye law 3 - Disciplinary and regulatory decisions
51
Who is the current president of the RICS?
Justin Sullivan, although his president elect (Nicholas Maclean) has stepped in whilst he has had to step away.
52
Who is the president elect?
Nicholas Maclean
53
Who is the Senior VP?
Maureen Ehrenburg
54
What are the different types of content / documents the RICS issues?
* Professional statements * Standards * Guidance Notes * Codes of Practice * Jurisdiction guides
55
How much are your professional fees?
* £161 annually (for an APC Candidate) * £539 annually (for professional members)
56
What are the benefits of joining the RICS as a Chartered Member?
* Develop my expertise and earning potential * Build a global professional network * Enhance my skills and employability * Make my mark on the world around us
57
What are the different types of conflict of interest?
Party Conflict Own Interest Conflict Confidential information Conflict
58
What is a party conflict?
* A situation in which the duty of a RICS member or regulated firm to act in the interests of one client in the professional assignment CONFLICTS with a duty owed to another client or party. o For example, working for two different clients bidding for the same work
59
What is an own interest conflict?
* Conflict due to existing interests of that RICS member or firm o For example, a personal relationship
60
What is Confidential Information Conflict?
* When the duty of a RICS member or firm to provide material information to one client CONFLICTS with the duty of that RICS member or regulated firm to another client, to keep the same information confidential o For example, Acting on behalf of one client whilst also representing another who could be impacted by your clients plans.
61
What is an information barrier?
* The physical and/or electrical separation of individuals (or groups) within the same firm that prevents confidential information passing between them. * For example, if one company are acting as the QS and the PM then tender scoring could be sensitive.
62
Tell me the main pieces of legislation that are relevant to Bribery, Corruption, Money Laundering and Terrorist Financing?
* The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 – Legislation * Countering Bribery, money laundering and terrorist financing – Professional Standard * Bribery Act (2010) * Terrorism Act (2000) * Proceeds of Crime Act (2002)
63
What are the key principals under the Bribery Act 2010?
* Principle 1 = Proportionate Procedures * Principle 2 = Top Level Commitment * Principle 3 = Risk Assessment * Principle 4 = Due Diligence * Principle 5 = Communication (including training) * Principle 6 = Monitoring & Review
64
What must firms ensure in relation to bribery and corruption?
* AVOID * REPORT * REVIEW * IDENTIFY * VERIFY * RECORD
65
What are the mandatory requirements for RICS Members in relation to Money laundering & Terrorist Financing?
* Avoid – Do not facilitate or be complicit in Money Laundering or Terrorist Financing * Report – Report any suspicions of Money Laundering or Terrorist Financing
66
What is duty of care?
* Duty of care is the responsibility to provide professional services at the level of skill and care of a “reasonable professional”
67
What is run-off pool cover?
* Set up by the RICS for firms that are unable to obtain run off from their incumbent insurer or the open market will be able to apply for coverage to the run-off pool
68
What is the Assigned Risk Pool (ARP)?
* RICS market facility that is open to all UK RICS Regulated firms that are unable to obtain PII, that meets the minimum RICS requirements, from the open market.
69
What is the minimum level of run-off cover?
RICS reccomended is 6 years or in line with appointment. E.g. underhand 6 years, as a deed 12 years. To cover all limitations as per the act, it should be 15 years.
70
Do you know why the RICS might refuse a registration application?
* Refused registration within the previous 12 months * Deregistered within the previous 12 months * Removed from registration following disciplinary action * If they don’t meet the minimum requirements
71
What sort of information do registered firms have to submit to the RICS annually?
* Type of business and staffing * Nature of clients * CHP * PI Insurance details * Whether the firm holds client money
72
What is a complaint?
* An expression of dissatisfaction
73
What is a complaints log?
* A complaints log tracks a complaint, outlining when it was received, acknowledged and responded to along with the outcomes. * It should also include who is dealing with the complaint on behalf of the company * Note: It should also include what has been put in place to avoid a complaint arising again in the future.
74
What is modern slavery?
* Modern slavery is the exploitation of people for a personal or commercial gain. * It is a human rights violation
75
What legislation are you aware of in relation to Modern Slavery?
* Modern Slavery Act 2015
76
Who must produce a modern slavery and human trafficking statement?
* All companies carrying out business in the UK with a total annual turnover of £36m or more
77
Types of modern slavery?
* Human Trafficking * Forced labour * Debt labour – owing money to people
78
What guidance are you aware of in relation to Handling Client Money?
* Client Money Handling – Profesional Statement (2019) * Client Money Protection Regulation 2019 * The rules of RICS Client Money protection scheme
79
What are the key objectives of the client money professional statement?
1. Keep client money safe 2. Client accounts are used for appropriate purposes only 3. RICS-Regulated firms must have the appropriate controls and procedures to safeguard client money
80
What is client money?
* Client Money is money that a RICS-Regulated firms holds for, or receives on behalf of another person. Not immediately payable
81
How is client money stored?
* Held in a client bank account * In an account in the name of the RICS-Regulated firm, or a wholly owned subsidiary of the firm.
82
What is the RICS Black Book?
The ‘Black Book’ is a collection of technical practice documents which covers all processes throughout the construction project life cycle. Useful guides to best practice for more experienced professionals. Examples: - Interim Valuations and payment - Final Account procedures - Management of risk
83
What is included in an appointment document?
- Scope of services - Insurances - Payment Mechanisms - CHP - Change mechanisms - ADR - Limit of liabilities
84
Who are consultants?
* Consultants are professionals appointed by the client to perform expert tasks on a project.

APC Mandatories (21 decks)

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