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RICS-SY > 01 Ethics, Rules of Conduct > Flashcards

01 Ethics, Rules of Conduct Flashcards

1
Q

Rules of Conduct for members:

Five principles of better regulation

A 
Proportionality
Accountability 
Consistency
Targeting
Transparency
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2
Q

Rules of Conduct for members:

A
  1. ethical behavior: members shall all act with integrity/avoid conflict of interests/avoid any actions or situations that are inconsistent with their professional obligations
  2. competence: carry out professional works with due skill, care, diligence and with proper regard for their technical standards
  3. service: shall carry out their professional work in a timely manner and with proper regard for standards of service and customer care expected of them
  4. CPD: comply with RICS requirements in respect of continuing professional developemnt
  5. Solvency: ensure their personal and professional finances are managed appropriately
  6. Information to RICS: shall submit in a timely manner such information, and in such form as Standards and Regulation Board may reasonably require
  7. Cooperation: shall fully cooperate wih RICS staff and any person appointed by the Standards and Regulation Board
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3
Q

Rules of Conduct for firms:

A
  1. ethical behavior: members shall all act with integrity/avoid conflict of interests/avoid any actions or situations that are inconsistent with their professional obligations
  2. competence: carry out professional works with due skill, care, diligence and with proper regard for the technical standards expected of it
    5.service: shall carry out their professional work in a timely manner and with proper regard for standards of service and customer care expected of it
    6.CPD: a firm shall have in place the necessary procedures to ensure that all its staff are properly trained and competent to do their work
  3. complaints handling: shall operate a CHP and maintain a CHP log. The CHP must inculde an ADR mechanism that is approved by the Standards and Regulation Board
  4. Client’s money: shall preserve the security of client’s money entrusted to its care in the course of its practice or business
  5. Indemnity: shall ensure all previous and current professional work is covered by adequate and appropriate indemnity cover which meets standards approved by the Standards and Regulation Board
  6. Advertising: shall promote its professional servcies in a truthful and responsible manner
  7. Solvency: shall ensure that its finances are managed appropriately
    12.Arrangements to cover the incapacity or death of a sole practitioner: a firm which has a sole principal shall in place appropriate arrangements in the event of that sole principals’ death or incapacity or other extended absences
  8. Use of designations: a firm registered for regulation must display on its business literature, in accordance with the Standards and Regulation Board’s published policy on designations, a designation to denote that it’s regulated by RICS
  9. Information to RICS shall submit in a timely manner such information about its activities, and in such form, as the Standards and Regulation Board may reasonably require
    15 . Cooperation: shall fully cooperate wih RICS staff and any person appointed by the Standards and Regulation Board
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4
Q

Global Professional and Ethical Standards

A
  1. Act with Integrity
  2. Act in a way that promotes trust in the profession
  3. Always provide a high standard of service
  4. Treat others with respect
  5. Take responsibility
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5
Q

What is Act with Integrity

A
  1. Being honest and trustworthy in all that I do
  2. Transparent, respecting confidential information, not taking advantage of anyone, not allowing bias or pressures affect my judgement or obligations, not accepting gifts or hospitality that might suggest an improper obligation, acting in the interest of the public
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6
Q

What is the purpose of RICS

A
  1. Regulate and promote the surveying profession
  2. Maintain the highest educational and professional standards
  3. Protect clients and consumers via a strict code of ethics
  4. Provide impartial advice and guidance
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7
Q

What professional groups are there within the RICS?

A
  1. Land (e.g. environment, minerals and waste, planning and development etc.)
  2. Property (e.g. valuation, facilities management, residential property etc.)
  3. Construction (e.g. building surveying, building control, project management, quantity surveying etc.)
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8
Q

What is RICS Matrics?

A
  1. Established to support, develop and provide networking for its members, who are either entering or not long qualified in the surveying profession
  2. Organises networking opportunities, charity events and CPD, as well as providing a voice for individuals new to the profession
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9
Q

What different types of professional guidance is published by the RICS?

A
  1. Practice Statements
  2. Codes of Practice
  3. Guidance Notes
  4. Information Papers
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10
Q

What determines when a firm has to register with the RICS?

A

A firm must register for regulation by the RICS if it provides surveying services in the UK and at least 50% of its partners/directors are RICS members

NB: a firm can still register if at least one of its partners/directors is a member of the RICS

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11
Q

What is meant by ‘provide a high level of service’?

A
  1. Ensuring the best possible advice, support or performance is given to my clients
  2. Be clear about the service being provided, act within my scope of competence, transparent about fees and any other costs or payments, communicate with clients in a way that allows them to make informed decisions
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12
Q

What is meant by ‘promote trust within the profession’?

A
  1. Act in a manner, both in professional and private life, that promotes me and my firm in a positive way
  2. Promote the highest standards globally, amending behaviour to suit others, fulfil obligations
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13
Q

What is meant by ‘treat others with respect’?

A
  1. Be courteous, polite and consider cultural sensitivities and business practices
  2. Never discriminate, encourage the fair and respectful treatment of clients
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14
Q

What is meant by ‘take responsibility’?

A
  1. Be accountable for my actions and don’t blame others if things go wrong
  2. Always act with skill, care and diligence, respond to complaints in the appropriate professional manner, prepare to question things that don’t seem right
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15
Q

Give some examples of how you reflect the RICS ethical standards in your work.

A
  1. Integrity - turning down an invitation from a contractor whilst settling the final account
  2. High standard of service - referring clients to specialists when scope is outside competence
  3. Trust - rejecting the early certification of work
  4. Respect - working with people from different backgrounds equally
  5. Responsibility - questioning unsafe working on site
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16
Q

What constitutes a complaint?

A

Any expression of dissatisfaction

17
Q

How should you deal with a complaint?

A

Rule 7 of the RICS Rules of Conduct for Firms requires firms to operate a Complaints Handling Procedure (CHP), which includes a redress mechanism approved by the Regulatory Board, and maintain a complaints log

18
Q

What does the RICS recommend firms include in a CHP?

A
  1. Ensure the CHP has at least two stages
  2. Timescales for responding
  3. Ensure complaints are recorded in a complaints log
19
Q

What should be involved in the two stages of a CHP?

A
  1. Consideration of the complaint by a senior member of the firm or the firm’s designated complaints handler
  2. If the complaint cannot be resolved, referral to an independent third party with authority to award redress
20
Q

How quickly should a complaint be answered?

A

Acknowledgement of the complaint within 7 days and a full response within 28 days

21
Q

Where should you record a complaint?

A

In a complaints log

22
Q

How would your client know what your complaints handling procedure is?

A

The CHP should be brought to the client’s attention when the terms of business are being agreed (otherwise it should made available when a complaint is received)

23
Q

Can client’s be charged for time spent dealing with a complaint?

A

No

24
Q

When should you tell your PI insurers about a complaint?

A

PI insurers must be informed as soon as possible of any complaint made through the CHP in order to ensure compliance with the terms of the policy

25
Q

Do the RICS need to get involved in complaints?

A

The RICS will only become involved if the firm fails to respond to a complaint or prevents the client from gaining access to an independent redress mechanism

26
Q

What third party redress schemes exist?

A

The RICS has produced guidance on the various third-party redress mechanisms available along with contact details, depending on the type of complaint

27
Q

A client phones you up and says he is dissatisfied with your cost report. He is very unhappy about it and refuses to accept it. What action would you take?

A
  1. Communicate to understand the reason for the complaint
  2. Attempt to resolve the issue through negotiation
  3. Refer client to firm’s CHP if no resolution can be found
  4. Respond to the complaint in a timely manner
  5. Keep a log of the complaint
28
Q

‘conflict of interest’ situations descrived by RICS

A

a) Party Conflict: the duty of an RICS member or a regulated firm to act in the interests of a client/ party conflicts with a duty owed to another client/ party in relation to the same or a related assignment.
b) Own interest Conflict-the duty of a rics member or a regulated firm act in the interest of a client conflicts with interests of that same RICS member/firm
c) 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 or of a regulated firm to another client to keep that same information confidential.

29
Q

Conflict Interest -RICS Member

A

An RICS member or regulated firm 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
Other than where all of those who are or may be affected have provided their prior Informed Consent.
1. check when the informed consent may be sought
2. check how to identify and manage Conflicts of Interest in accordance with the Professional Statement
3. Check keeping records of decisions made in relation to Informed Consent and Conflicts of Interest

30
Q

what is informed consent

A

Informed consent occurs when a party who might be adversely affected by a conflict of interest acknowledges the existence of that risk but still agrees to instruct an RICS regulated firm or RICS member to proceed with the assignment.
The professional statement sets out how to use informed consent.
It states that the party can only give informed consent if the person(s) explaining the position to them:
• is entirely transparent about any material factors; and
• is sure that the party affected understands what they are doing (including the risks involved and any alternative options available) and is doing so willingly.

31
Q

RICS Rules of Conduct for Firms-Handling Client’s Money

A

Rule 8

A firm shall preserve the security of client’s money entrusted to its care in the course of its practice or business

32
Q

What is Client’s money

A

Any money received by a firm, in the course of its business activities, that does not wholly belong to it or any Principal or Principals of the firm;
For example: tenants’ deposits, rents, service charges, interest credited to a client account (unless interest is retained by the firm by agreement), arbitration fees, fee money taken in advance, client’s money held but due to be paid to contractors, money help by members appointed as a receiver, sale proceeds and deposits, auction sale proceeds, etc.

33
Q

Aim of handling clients money

A

To ensure that client’s money can be clearly linked to the clients to whom it belongs and is protected on their behalf at all times and in particular, in the following circumstances:

  1. insolvency
  2. death of a sole practitioner
  3. misappropriation by any party
  4. transfer client money to another organization
34
Q

Name some of the RICS obligations for starting a new surveying business.

A

○ Register for regulation - no cost unless the firm will hold clients’ money
○ Ensure clients’ money handling procedures as per RICS guidance are in place if applicable
○ Obtain sufficient professional indemnity insurance (PII)
○ Adopt a sufficient complaints handling procedure (CHP)
○ Ensure processes are in place ensure staff are adequately trained and competent (including CPD provision)
○ Comply with the rules of conduct for firms
○ Appoint a Contact Officer designated to be the main liaison point with the RICS
○ Appoint a locum if a sole practitioner

35
Q

If you were to leave here today and set up your own firm of Building Surveyors, what would you need to put in place?

A 
○ Create a business plan
○ Register the new company on Companies House (if required)
○ Comply with the RICS obligations
○ Comply with statutory obligations
○ Take out sufficient insurance policies
36
Q

What determines when a firm has to register with the RICS?

A

○ A firm must register for regulation by the RICS if it provides surveying services in the UK and at least 50% of its partners/directors are RICS members
○ NB: a firm can still register if at least one of its partners/directors is a member of the RICS

37
Q

What are the benefits of RICS regulation?

A
  1. Quality assures competence through adherence to the rules of conduct
  2. Enhances members’ professional status through providing confidence to consumers
  3. Provides guidance, support and advice for members
38
Q

Who regulates members of the RICS and ensures they comply with the rules?

A
  1. The RICS is a self-regulatory body, meaning members are not regulated by government but are internally monitored and inspected
  2. The Regulatory Board helps regulate the profession, deciding on policy and overseeing the implementation of regulatory matters
  3. The Conduct and Appeals Committee also help in regulating the profession
39
Q

What different types of professional guidance is published by the RICS?

A
  1. Practice Statements - provides members with mandatory requirements in order to comply with the RICS bye-laws and regulations in the interest of maintaining the highest professional standards
  2. Codes of Practice - documents approved by the RICS and endorsed by another professional body/stakeholder that provides recommended best practices to practitioners
  3. Guidance Notes - provides users with recommendations for accepted good practice as followed by competent and conscientious practitioners
  4. Information Papers - practice based information that provides users with the latest information and/or research

RICS-SY (17 decks)

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