Ethics, Rules Of Conduct And Professionalism Flashcards
(42 cards)
What is money laundering?
Money laundering is the action of concealing the source of proceeds of criminal activity to disguise their illegal origin. The process is also known as “cleaning” money. Money laundering could take place through hiding, transferring and or recycling illicit money through one or more transactions s or converting crime al proceeds into legitimate property.
What is the key piece of legislation relating to money laundering in the UK?
The money laundering, terrorist financing and transfer of funds (information of payer) Regulations 2017.
If you suspect a party of suspicious activity, this is covered by the Proceeds of Crime Act 2010.
What are some bodies within the RICS?
RICS Matrics - Aimed at newly qualified surveyors to give them a platform within the RICS including; APC support, CPD seminars, Networking. e.c.t
LionHeart - Based in Birmingham, lionheart is an independently run charity by our professionals for our professionals. They offer; financial support, free counselling, legal advice.
What is the RICS CPD policy?
All members must undertake a minimum of 20 hours of CPD each calendar year. This is logged and submitted to the RICS. This demonstrates that its members maintain and enhance the knowledge and skills they need to deliver a professional service. Of the 20 hours, 10 hours need to be formal CPD.
What is formal and informal CPD?
Formal CPD - typically professional courses, seminars and conferences, online seminars
Informal CPD - Shadowing professionals, Private Study, delivering presentations
See RICS decision tree
What is the structure of the RICS
Privy Council > Governing Council > RICS Board - Standards & Regulation Board
What is the governing council?
Governing Council is the highest governing body, setting out the global strategy and ensuring RICS fulfils its Royal Charter obligations. It provides strategic oversight on requirements for entry into the profession, and the setting and enforcement of professional standards so that we continue to deliver confidence in the built and natural environment. It also shapes our priorities as an influential thought leader, and provides high-level assurance on our operations as a sustainable business and professional body. The council is made up of elected members from across the globe.
What is the Privy Council
The Privy Council acts as an independent decision-making body to the Queen that reports on the activity and performance of the RICS and other. The RICS’s bye-laws have to be ratified by the UK Government, through the Privy Council even if it approved by the majority of the Governing Council.
What is a Royal Charter
A document that is signed by the king or queen of a country, and that gives an organization particular rights normally reserved for organizations that work in the public interest. The RICS was incorporated in 1881.
What is the RICS Royal Charter
The charter sets out the objectives of the RICS: The objects of the Institution shall be to secure the advancement and facilitate the acquisition of that knowledge which constitutes the profession of a surveyor, namely, the arts, sciences….and to maintain and promote the usefulness of the profession for the public advantage in the United Kingdom and in any other part of the world
What is The Royal Charter Bye-Laws
There are 10 Bye-laws, These Bye-laws and any Regulations apply to all members or where stated within the charter; a Firm, a Regulated Non-Member and any person covered by any agreement made under Article 20 of the Charter.
How is the civil court system structured
Supreme Court,
Court of Appeal,
High Court of Justice,
County Court.
How is the criminal court system structured
Supreme Court,
Court of Appeal,
Crown Court,
Magistrates Court,
What is a civil law UK
Civil Law covers such areas as contracts, negligence, family matters, employment, probate and land law.
What is criminal law UK
Criminal Law deals with behaviour that is or can be construed as an offense against the public, society, or the state examples are murder, assault, theft and drunken driving.
What is the Supreme Court
The Supreme Court is a non-ministerial government department of the Government of the United Kingdom, serving as the final court of appeal in the United Kingdom for civil cases, and for criminal cases from England, Wales and Northern Ireland.
What is Common law?
Common law, which is also known as case law or precedent is law that has been developed by judges, courts and similar tribunals. It is one of the many sources of the UK’s unwritten constitution.
What are some of the RICS’s Bye-Laws
Membership and registration process, Designations of MRICS, FRICS etc and Conduct
What is a conflict of interest?
There are three types of conflict of interest defined within the RICS Professional Statement on Conflicts of Interest 2018;
Party Conflict; – a 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.
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.
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 audit committee?
The main purpose of the Audit Committee is to monitor the integrity and
effectiveness of the financial reporting, internal control and risk management systems, to review fraud and Raising Concerns policies and to review the effectiveness of and recommend the appointment of the external auditor. The Board is comprised of non-members (independent), members of RICS, and RICS Executives.
What must members/firms do in relation to conflict avoidance?
Identify and manage conflicts and keep records of any measures taken to avoid a conflict.
What is an information barrier?
The physical or electronic separation between individuals to assist with confidentiality.
What is Informed Consent?
Informed consent is where the client is made aware and understands the conflict and provides written consent to proceed.
When have you acted with integrity
Declined gifts from a contractor at Christmas as it might suggest an improper obligation.
