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RICS APC Questions JL > Ethics, Rules of Conduct and Professionalism > Flashcards

Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

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

A

Want to become a member of the most respected and high profile organisations for property professionals. I believe the RICS has the highest standards which commands a level of respect from peers and employers.

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2
Q

What is the role of the RICS?

A

3 main roles (RAT):
1. Protect consumers through strict Regulation of professional standards
2. Leading source of information and Advice on land, property, construction and associated environmental issues.
3. Maintain highest Training & education.

Promotes and enforces the highest level of professional qualifications in the development & management of land, real estate, construction and infrastructure.

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3
Q

What are the key functions of the RICS?

A

It is a formal document granted by a monarch, that confers certain rights, or privileges to an organisation or individual.

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4
Q

Who is the current RICS president?

A

Ann Gray

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5
Q

What do you understand by the term self regulation?

A

When an individual or organisation monitor and control their own behaviour or performance without external oversight.

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6
Q

Can you tell me what you understand by the principles of better
regulation?

A

Provide a framework to provide better regulation. There are five principles:

PACTT

P roportionality - make penalty proportionate to the breach
A ccountability - to all members and public
C onsistency - all members the same
T argeting - serious breaches
T ransparency - to all members, clients and public

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7
Q

What is a Bye-Law?

A

A rule or regulation created by an organisation to govern the behaviour of its members, enforceable through disciplinary action.

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8
Q

Give an example of one of the bye-laws

A

Bye Law 5 relates to the conduct of RICS members. It sets out the professional and ethical standards RICS members are required to adhere to.

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9
Q

Explain to me the new RICS Rules of Conduct - what do they replace?

A

The RICS Rules of Conduct replaced the Rules of Conduct for Members and Firms and the 5 Global Professional and Ethical Standards.

  • Simpler Structure
  • Clear examples of behaviours
  • Respect, Diversity and Inclusion
  • Understand Evolving Technology
  • Tackling Global Challenges
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10
Q

When do the RICS Rules of Conduct take effect?

A

2nd February 2022

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11
Q

Who do the RICS Rules of Conduct relate to?

A

Members and firms

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12
Q

What are the 6 ethical principles that the Rules of Conduct are based on?

A

H onesty
I ntegrity
C ompetence
S ervice
R espect
R esponsibility

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13
Q

What are the 5 Rules?

A
  1. M&F must be honest, act with integrity and comply with their personal obligations, including obligations to RICS.
  2. M&F must maintain their professional competence and ensure services are provided by a competent individual who have the necessary expertise.
  3. M&F must provide a good quality and diligent service.
  4. M&F must treat others with respect and encourage diversity and inclusion.
  5. M&F must act in public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in their profession.
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14
Q

Give an example behaviour for each of the 5 Rules of Conduct

A
  1. Do not take unfair advantage of others.
  2. Stay up to date with legislation, codes of practice and professional standards.
  3. Communicate with others and clients in a way that is understandable for all.
  4. Do not bully, victimise or harass anyone.
  5. Respond to complaints made to them promptly, openly and professionally.
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15
Q

What are the core professional obligations of firms and members to RICS in the RICS Rules of Conduct?

A

Members:
1. Comply with CPD
2. Cooperate with RICS
3. Provide information promptly when requested by Standards and Regulations Board or those exercising authority on their behalf.

Firms:
1. Publish CHP which includes an ADR provider approved by RICS & complaints handling log.
2. Appropriate and adequate PII approved by RICS.
3. Appropriate arrangements for professional work to continue in even of death/absence.
4. Cooperate with RICS
5. Provide info to Standards and Regulation Board
6. Display on business literature on designations, regulated by RICS.
7. Report any matter under Rules for the Registration of Firms.

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16
Q

What disciplinary procedures can the RICS impose?

A

3 levels of action:

  1. Action by Head of Regulation
    Can initiate one of four:
    1. FPN
    2. Regulatory Compliance Order - states terms that M&F must take or desist from taking.
    3. CPD Sanctions - follow CPD requirement
    4. Disciplinary Panel.
  2. Disciplinary Tribunal
    1. Compliance Order
    2. Fine
    3. Suspension/Expulsion
    4. Publication of the hearing
    5. Conditions on future membership
  3. Appeal Panel
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17
Q

In what circumstances can the disciplinary procedures be imposed?

A

A complaint to RICS, allegation by a client or third party or due to information received or established by the RICS.

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18
Q

When did RICS last update their disciplinary panel rules?

A

January 2022, so they aligned with the new RICS Rules of Conduct.

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19
Q

What are the different levels of action within the disciplinary procedures?

A

Action by Head of Regulation:
1. FPN
2. Impose CPD regulations
3. Regulatory Compliance Order
4. Disciplinary Panel

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20
Q

What do you understand by the term professional practice?

A

Refers to specialised knowledge and skills used by members to provide expert advice relating to property, land and construction. M&F must adhere to to high standards of conduct and develop their knowledge and skills.

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21
Q

What money laundering regulations or legislation are you aware of?

A

Legislation:
Money Laundering Regulations (2017)
Money Laundering, Terrorist Financing and Transfer of Funds Regulations (2017)

RICS PS:
Countering Bribery and Corruption, Money Laundering and Terrorist Financing 1st edition, February 2019

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22
Q

What is a red flag of money laundering?

A

Client has criminal associations & will not provide information about transaction, secretive about proof of funds, ownership.

If funds are large cash payments, does not have means to fund, third party payments.

If transaction is potentially loss making, high value placed on securities.

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23
Q

What bribery legislation are you aware of?

A

Bribery Act 2010

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24
Q

What is a bribe?

A

the offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action that is illegal, unethical or a breach of trust.

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25
Q

What are the penalties for accepting a bribe in line with the RICS?

A

Expulsion from RICS
Legal consequences
Reputational Damage
Revoke of Professional license

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26
Q

What are the penalties for being involved in money laundering?

A

Policed by the Serious Fraud Office
If breached then max 10 years in prison or unlimited fine for individual
Companies face unlimited fine

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27
Q

What constitutes an offence under the Bribery Act 2010?

A

To offer, promise, give, request or receive a bribe, whether in the public or private sector

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28
Q

What constitutes an offence under the current money laundering
regulations?

A

Failure to carry out due diligence
Failure to monitor transactions
Failure to report suspicious activity
Failure to maintain appropriate records
Failure to provide appropriate training

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29
Q

How long should you keep anti money laundering records for?

A

5 years from the date of the transaction is completed or the date the business relationship terminates

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30
Q

What is Professional Indemnity Insurance (PII)?

A

Provides financial protection to professionals if found liable for errors, omissions or negligence in their work that result in financial losses or harm to clients.

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31
Q

Can you tell me about the RICS requirements in relation to PII?

A

RICS Professional Indemnity Insurance Requirements (2020)
- underwritten by approved firm
- adequate and appropriate level of insurance
- Minimum requirements based on company turnover. Very minimum is £250k
- Annual return must send in PII certificate
-

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32
Q

What is a PII aggregation clause?

A

Provision policy that limits the amount of coverage available for multiple claims arising from the same or related act, error or omission.

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33
Q

What does ‘claims made’ mean in terms of PII?

A

It is where a policy covers claims that are first made during the period of insurance regardless when the negligent act occurred.

Covers a claim if it is made during the policy period, regardless of when incident occurred.

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34
Q

Is a PII excess usually paid for per claim?

A

Depends on the policy.

Per claim means the policyholder is responsible for paying excess for that claim with the insurance company covering the rest up to the policy limit.

or can be

Aggregate basis - policyholder is responsible for paying total amount of all excess claims made during policy, regardless of number of claims made.

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35
Q

In a negligence claim, what would help to show that you acted with
consideration and due process?

A

Followed RICS Professional Guidance

  1. Record Keeping
  2. Policies and Procedures
  3. Expert Advice
  4. Regular Training and Development
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36
Q

Can good record keeping help to provide a defence in a PII claim?

A

Yes. Detailed records demonstrate you took reasonable care, acted with due consideration and followed proper procedures.

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37
Q

If you were providing services outside of your usual scope to a client,
what might you need to do in relation to your PII cover?

A
  1. Check policy coverage
  2. Notify insurer
  3. Review policy limits
  4. Document agreement
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38
Q

What is run off cover?

A

Type of insurance that provides continued coverage for claims that arise after a policy has expired or been cancelled. Covers retirees or closure of businesses.

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39
Q

What RICS requirements are there relating to run off cover?

A

Consumer claims - Minimum of aggregate cover of £1million over 6 years
Commercial claims - consider what is adequate and appropriate for 6 years, recommends 15 years.
Firms unable to provide suitable run off cover can apply for coverage under RICS Run Off Pool

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40
Q

What changes did RICS recently make to the Minimum Approved PII
Wording?

A

In 2023 the Minimum Approved PII Wording was broadly unchanged. There were some unrated insurers that entered the PII market for firms and the RICS would not accept dispensations requests provided by unrated insurers.

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41
Q

What precedent has caselaw set in terms of keeping adequate site notes (and therefore providing a defence in a PII claim)?

A

It forms an important factor in the defence of PII claim.

Lofthouse v Leicester City Council (2007)
Site notes must be kept in sufficient detail to enable professional to explain and justify actions. By keeping detailed notes the defendant successfully defended a claim by producing detailed site notes.

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42
Q

Would a dictated report avoid the need to have any written site notes?

A

Dictated report may be a useful tool to summarise but may not be sufficient to provide a complete and accurate record.

Site notes important as they provide contemporaneous record of work that has been done. Keeping accurate and detailed site reports can provide stronger defence in event of PII claim.

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43
Q

Explain PII requirements relating to fire safety cover and cyber cover.

A

Fire Safety Cover - includes damages or injuries resulting form a fire, or any oversights or mistakes which contributed to the fire. Must also cover costs associated with legal proceedings related to fire safety issues.

Cyber Cover - cover losses from data breaches, cyber attacks and costs associated with legal proceedings relating to cyber risks.

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44
Q

How long can a PII claim arise after the work is undertaken?

A

15 years after work has completed.

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45
Q

What is the Assigned Risks Pool (ARP)?

A

A mechanism in the UK that provides PII to individuals or firms that are unable to obtain PII on the open market. Service provided by the FCA, all insurers must participate in the ARP and contribute to its funding.

46
Q

Who might need to access the ARP?

A

Individuals or firms who may not be able to afford PII or they have been declined coverage for other reasons.

47
Q

Explain your understanding of the RICS Guidance Note Risk, Liability and
Insurance (1st Edition).

A

Provides guidance on how to manage it all. Specifically around:

  • PII, managing contractual risk and how to deal with claims and disputes
  • Emphasises the importance of proactive risk management to avoid claims and disputes and appropriate steps
  • Provides guidance on adequate and appropriate PII to protect against claims and disputes.
48
Q

Explain when you might agree a liability cap.

A

May be agreed for:
1. Cost Management
2. Risk Management
3. Contractual Requirements - some clients may require for their to be a liability cap as a condition of a contract.

49
Q

How would you set out third party reliance in Terms of Engagement?

A

Following key points must be considered:
1. Scope - clearly define scope of work and third party reliance
2. Limitations - identify limitations and work not intended to be relied upon by other parties
3. Disclaimer - must be clear that no third party should rely apart from those identified in TOE
4. Indemnity - outline extent of indemnity and limitations or exclusion that apply.

50
Q

What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?

A

Scope
Basis of fee calculation
Liability Cap

51
Q

What is an annual return?

A

A report that members are required to submit to maintain membership. It ensures the RICS can collect information about members around qualifications, compliance and professional activities and PII coverage.

52
Q

Tell me what you understand by Complaints Handling Procedures

A

Details set out in RICS GN Complaints Handling (2016)
- Written CHP must be approved by RICS
- Notify PII if a complaint
- Details of CHP provided in TOE
- Complains log show details, progress and outcome
- Must include ADR mechanism in CHP

53
Q

When and how can the RICS be involved in a complaint about a firm or member?

A

RICS will only become involved if a member fails to respond to a complaint or prevents the party gaining access to an independent redress service.

54
Q

Can you tell me about the CPD requirements for members of RICS?

A
  1. Members must complete a minimum of 20 hours per annum.
  2. 10 must be formal, remainder informal.
  3. M must maintain relevant understanding of RICS Rules of Conduct, within a 3 year rolling period.
  4. M must record CPD activity on the RICS CPD Management System
55
Q

Why is CPD important?

A

RICS is a standards based organisation and its members operate in a constantly changing environment. The commitment to CPD shows commitment to continue to grow and develop to provide the best service.

56
Q

Tell me about the RICS’ guidance on dealing with Conflicts of Interest.

A

RICS PS Conflict of Interest (2017)
Mandatory statement came into effect Jan 2018.
M must not advise or represent a client where doing so would involve a COI or significant risk of COI, other than those who are or may be affected have provided informed consent.
All conflicts managed in accordance with PS.
Every firm must have effective systems to ensure full compliance

3 Types
1. Party Conflict - Working on same for 2 different parties
2. Own Interest Conflict - relating to personal interest
3. Confidential Information Conflict - work between two parties that is confidential

3 Steps:
1. Conflict Avoidance
2. Written Advice to Both Parties
3. Conflict Management

RICS PS Conflict of Interest - UK Commercial Property Market Investment Agency (2017)

57
Q

What is double dipping (dual agency)?

A

Where an agent has a contractual agency with both the seller and the buyer at the same time.
RICS PS Conflicts of Interest - Commercial Property Market Investment Agency (2017)

58
Q

Why is double dipping (dual agency) an unacceptable practice?

A

The situation can create a conflict of interest for the agent or firm as their duty to act in the best interests of the buyer may conflict with their duty to act in the best interest of the seller. Leads to a breach of ethical standards, lacks transparency and raises potential legal disputes.

59
Q

How would you close down a regulated firm?

A
  1. Inform RICS of retirement/closure
  2. Ensure clients informed at earliest point and hand over to new firm
  3. Return any monies held
  4. Inform insurers and gain run off PII cover for minimum of 6 years
  5. Retain copy of client files and records for 6 years
60
Q

What can you tell me about RICS guidance relating to bribery, corruption
or money laundering?

A

RICS PS Countering Bribery and Corruption, Money Laundering and Terrorist Financing (2019)
Separated into 3 parts:
1. Mandatory
2. Guidance
3. Supplementary Guidance.

61
Q

What status does practice statements hold?

A

PS - provides mandatory requirements for M&F.

62
Q

What are some of the key principles of Bribery, Corruption, Money Laundering and Terrorist FInancing of this guidance?

A

B&C
- not offer or accept bribe
- procedures in place to comply with law
- Repot suspicious behaviour
- Act with diligence to perform periodic evaluations of risks
- retain records

ML & TF
- Not facilitate or be complicit
- System in place
- Report Suspiciion
- Evaluate and review risks
- third party reliacne on checks
- Verify client ID
- Retain records

63
Q

What must/should firms/members do to comply with the bribery guidance?

A

Have a written policy in place
Publish a code of behaviour
Encourage transparency
Set up a gifts register
Keep up to date with legislation

64
Q

What are the current RICS rules for registration of firms?

A

Rules for Registration of Firms V7 2022
1. Inform RICS of new practice, complete Firm Detail Form
2. Appoint a Responsible Principal
3. Register with RICS for regulation of firm with Regulatory Board
4. Arrange PII & send details to RICS
5. Set up Client Money Handling procedures
6. Register for RICS Valuer Registration Scheme if doing Red Book Global
7. RICS approval for CHP
8. Complains log
9. Appoint a CHO
10. Logo kit for designation ‘regulated by RICS’
11. Plan for succession if sole practicioner
12. CPD logged on RICS CPD Management System & set up staff training
13. Complete RICS annual return.

65
Q

When did the RICS Rules of Registration for Firms last change?

A

Most recent change came into effect in February 2022

66
Q

What are the key changes to the RICS Rules of Registration for Firms?

A

They reflect the changes made inline with the RICS Rules of Conduct.

66
Q

Who is a ‘qualified member’ of RICS?

A

MRICS & AssocRICS or FRICS

67
Q

What is a ‘phoenix firm’?

A

Used to describe a firm which closes in a disorderly way and then rapidly re establishes themselves as a new trading entity.

68
Q

When must a firm register for regulation?

A
  1. The firm provides surveying services to the public
  2. They are providing service in Regulated Area A (UK)
  3. 50% of the firms principles are RICS Members
69
Q

What are the registration eligibility criteria for RICS Rules for Registration for Firms (2022).

A

If firm provides surveying service to the public
At least 25% of the firms principles are RICS members

may also apply if:
Head of regulations is satisfied implementing a plan to comply with 25% of members within reasonable timeframe
Head of regulations is satisfied the firm is supported and supervised by a RICS regulated firm

70
Q

Who is a Responsible Principal?

A

RICS Member
Person able to influence strategic objectives and decisions made by the firm
Can demonstrate they have been given authority by the firm to fulfil the role.
If not a member HOR satisfied:
impacticable to appoint RICS member
person selected has sufficient experience

71
Q

What happens if a firm cannot comply with the eligibility criteria?

A

May be give eligibility is HOR is satisfied the processes to gain RICS membership is in place within a reasonable timeframe.
&
if a firm is supported and supervised by an RICS regulated firm that fulfil the requirements.

72
Q

What are the rules around use of the RICS logo and ‘Regulated by RICS’
designation?

A

Logo may only be used for a Member or a Registered Firm, unless authorised by RICS.
The Registered Firm designation may only be used by an RICS Registered Firm.

73
Q

When did these rules last change around the use of the RICS logo and ‘Regulated by RICS’ designation?

A

Effective 2 February 2022

74
Q

What changes were made to the RICS logo and ‘Regulated by RICS’ designation?

A

Changes were made to reflect the new RICS Rules of Conduct

75
Q

Tell me about the restrictions to the use of the designation ‘Chartered
Surveyors’ by firms.

A

Not use the chartered surveyor designation in a manner that could have an adverse impact on its status as registered trademark

76
Q

What must be included in ToE relating to firm regulation?

A

A statement that the firm will comply with all applicable laws, rules, and regulations governing its operations, including any codes of conduct or ethical standards.

77
Q

What is a locum and who might need one?

A

A temporary replacement for a chartered surveyor who is not able to fulfil duties, could be due to illness, maternity or paternity, sabbatical or personal reasons.

78
Q

How could a sole trader set up their CHP using a locum?

A

Can be appointed as their CHO in order to run fairly and impartially.

79
Q

What RICS guidance relates to handling client money?

A

RICS PS Client Money Handling Oct 2022

80
Q

When was the RICS guidance last updated on handling client money?

A

Revised to reflect the new RICS Rules of Conduct in Oct 2022 which came into effect in Feb 2022.

81
Q

What do the RICS Rules of Conduct say about client money?

A

Keep clients money safe and have appropriate accounting controls.
Do not misuse client money and comply with controls to keep it safe.

82
Q

Explain your understanding of the RICS Scheme Rules relating to client
money protection.

A
83
Q

Explain your understanding of the RICS Scheme Rules relating to client
money protection.

A

Client Money Protection Scheme
Provides protection as a last resort where RICS Regulated Firms is unable to repay clients money.

84
Q

What are the main schemes available to firms under the RICS Scheme Rules relating to Handling Clients Money

A

Client Money Protection for Surveying Services: General client money protection, covering money held by firms undertaking any surveying activities.

85
Q

When were the RICS Client Money Protection Scheme last updated?

A

June 2020

86
Q

What is the current compensation limit?

A

Provides for reimbursement only in respect of direct loss of client money and covers no indirect or consequential loss.
Per Claim - £50,000
Cap on Liability of scheme £10.3million

87
Q

What does the annual regulatory review fee relate to in Client Money Protection Scheme?

A

All regulated firms pay a regulatory rview fee on an annual basis, income generated covers operational costs of the client money protection scheme.

88
Q

What might client money include?

A

Service Charge, rent, general cost payments, auction sales proceeds

89
Q

How does this differ to office money?

A

Office money belongs to the RICS regulated firm, money paid in advance of an agreed fee for surveying services

90
Q

What are some of the key principles of the RICS Professional Statement
relating to client money protection?

A
91
Q

Explain the key themes from the RICS Futures 2020 Report.

A

Focussed on three key areas:
1. Data and technology
2. Talent and Skills
3. Sustainability

92
Q

Explain the potential implications of the Hart v Large case.

A

Highlights the court may be willing to depart from usual measures of loss, in order to achieve a fair outcome.
Homebuyers inspection didn’t identify damp and failure to recommend a professional consultants certificate.

93
Q

Explain your understanding of precedent set in Burgess v Lejonvarn.

A

Professionals who provide professional services gratuitously and without a contract owe a duty of care in tort to act with reasonable care and skill in respect of services they provide. But they are under no duty to advise or give warnings, and they will not be liable for work they do not do

94
Q

What is the new maxim of RICS in relation to compliance?

A

Compliance is not optional

95
Q

What do RICS set out as good practice for the use of social media in their
Regulation document (June 2021)?

A

To follow the high standards placed on professionals in the RICS Rules of Conduct 2021

96
Q

Explain your understanding of the RICS Levitt review.

A

A comprehensive review of RICS PS and culture.
Provided recommendation to improve regulatory activities including establishing new independent complaints and disciplinary boards, strengthening of governance structure and introduction of new standards and guidance. Greater transparency and accountability.

97
Q

What is whistleblowing?

A

Refers to the act of reporting concerns or wrongdoings within an organisation. Members or employees raising concerns about unethical behaviour such as fraud, breaches of PS.

98
Q

What does good governance mean to you?

A

Having effective and transparent processes and structures in place to ensure organisations operates ethically, legally and in the best interests of its stakeholders.

99
Q

What are the key values of the interim Governing Council statement
relating to ethics, behaviour and culture?

A
100
Q

Explain what the Pandora Papers are and the ethical issues raised within
them.

A

12 million documents reveal hidden wealth, tax avoidance and money laundering in worlds rich and powerful.
Tax Avoidance
Conflict of interest
Secrecy and lack of transparency
Money Laundering

101
Q

Explain what you understand by the RICS Bichard Review

A

Independent review commissioned by rics in 2019.
Aims to clarify the purpose of the RICS, including its responsibility to the public.
Make recommendations on its governing structure
Provide proposals for income governance on the future culture
Create clarity

102
Q

Tell me some recommendation’s of the Bichard Review

A

Improve its technology
Reaffirm to work in public interest and public advantage
Clearer how clients complaints
RICS Matrics give younger members stronger voice
Diversity and inclusion panel

103
Q

How will these recommendations be implemented by RICS?

A

In three phases.
They are already being implemented. 8 of the 36 reccos have been implemented as of November 2022

104
Q

How do professional integrity and professional ethics differ?

A

Ethics refer to specific codes of conduct and rules put in place by the RICS. COI, CONFIDENTIALITY

Integrity refers to a set of moral principles that govern behaviour and actions of professionals. Honesty, trustworthiness,fairness

105
Q

What is modern slavery and how would you identify red flags of it?

A

Exploitation of individuals for commercial or personal gain through various form of forced labour.
Modern Slavoury Act 2015
Red Flags:
Unusually low prices
subcontractors or suppliers previously involved in modern slavory
Poor working conditions
Limited access to basic human rights, food water medical care etc

106
Q

Explain the implications of the Sanctions and Anti-Money Laundering Act
2018.

A

Firms will have to review their anti money laundering regulations due to sanctions placed on firms related to Russia.
Members and firms must check the sanctions list for their jurisdiction

107
Q

What is the Sanctions List and why should you be aware of it?

A

A list of individuals, entities and countries that are subject to financial sanctions in the UK. Doing business with any of those on the lsit may result in severe penalties, fines, criminal prosecution and revocation of licenses.

108
Q

Why was the Register of Overseas Entities introduced?

A

Designed to provide greater transparency around the ownership of UK property by overseas entities, particularly those considered to be high risk.

109
Q

What are the six RICS values published as a result of the Levitt review?

A

Passion
Advocacy
Collaboration
Integrity
Inclusion

110
Q

Explain the impact of the Economic Crime (Transparency and
Enforcement) Act 2022.

A

A new law introduced to takle economic crime including ML, B&C.
Expansion of money laundering offences
Unexplained Wealth Orders
Increased power for law enforcement agencies

RICS APC Questions JL (12 decks)

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