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

01 Ethics, Rules of Conduct Flashcards

1
Q

What The Rules of Conduct are based

A

Ethical Principles of
Honesty
Integrity
Competence
Service
Respect
Resposibility**

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2
Q

Five Rules of Conduct

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

Examples of Rule 1

act with integrity and comply with their professional obligations, inclu

A
  1. do not mislead others by their actions or omission
  2. do now allow then to be influenced imporperlu by other (gifts, hospitality)
  3. identify actual and potential conflicts of interst throughout a professional assignment and do not provide service or advice where a conflict of interest or a significant risk of one arises
  4. Open and transparent with clients about their fees and services
  5. Act to prevent others being misled about their professional opinion
  6. do not take unfair advantage of others
  7. Firm keep client money safe and have appropriate accounting controls
  8. members and firms do not facilitate financial cirme including money laundering, tax evasion, bribery or cooruption. Firms have effective proceeses to prevent directors, parteners or employees from doing so
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4
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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5
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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6
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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7
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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8
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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9
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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10
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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11
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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12
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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13
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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14
Q

What constitutes a complaint?

A

Any expression of dissatisfaction

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15
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

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16
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
17
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
18
Q

How quickly should a complaint be answered?

A

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

19
Q

Where should you record a complaint?

A

In a complaints log

20
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)

21
Q

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

A

No

22
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

23
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

24
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

25
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
26
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.

27
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

28
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.

29
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

30
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.

31
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
32
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

33
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
34
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

35
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
36
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
37
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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