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Question 1

What should firms do in relation to bribery and corruption?

Answer 1

Firms:
1. Have a designated person in place to deal with compliance issues
2. Have a policy in place to deal with bribery issues
3. Have a system in place for logging gifts and hospitality
4. Provide staff with clear guidance and training
5. Carry out due diligence on third part suppliers
6. Provide a code of behaviour and provide this to staff.

Question 2

What should members do in relation to bribery?

Answer 2

Members:
1. Declare gifts, hospitality and donations
2. Attend training
3. Understand employers policy
4. If in as senior management role take a leadership role in addressing bribery and corruption

Question 3

What are the mandatory requirements for firms in relation to bribery?

Answer 3

Firms:
1. Not offer, accept or be complicit in bribery
2. Report suspicions or concerns relating to bribery to the relevant authorises
3. Have controls in place to deal with laws around bribery
4. Carry out a written review of risk of bribery
5. Store information demonstrating how you have complied with requirements around bribery

Question 4

What are the mandatory requirements for members in relation to bribery?

Answer 4

1. Not offer or accept a bribe.
2. Report any concerns or suspicions of bribery.
3. Comply with the professional standards.

Question 5

What are the obligations for registered firms?|

Answer 5

1. Report material change within 7 days.
2. Report insolvency.
3. Rules of conduct.
4. Royal charter & bye-laws.
5. Report any findings against them by disciplinary or regulatory bodies.

Question 6

What material changes do you need to report to the RICS?

Answer 6

1. Breaches of obligations.
2. Significant change in nr of principals.
3. Significant change in address.
4. Starting or stopping holding Client Money.

Question 7

What are the requirement for PII?

Answer 7

1. RICS min wording
2. Any one claim or in the aggregate round the clock
3. RICS listed insurer
4. Minimum limit of indemnity
5. Max limit of excess
6. Full retroactive
7. Cover past and current employees
8. Run off cover (6 years, £1m limit for consumer claims)

Question 8

Mandatory requirements of the Client money handling for firms?

Answer 8

1. Client account in exclusive control of the firm
2. Named Client and RICS firm
3. Only hold client money
4. Money available at all times
5. Banking conditions confirmed with bank so no offsets against client money account.
6. Charges only paid out of account if informed consent is given and doesn’t result in an overdraw otherwise charges taken from office account.
7. If to be held in a joint account it is set up by the Client.

Question 9

What do you need to have in place before you can handle clients money?

Answer 9

1. Register with RICS
2. Ensure PII cover is suitable
3. Register with CMPS
4. Set up and publish client money procedure
5. Put controls in place to ensure safety, reconcile and record client money
6. Controls to identify and deal with unidentified money.
7. Controls for payments of client money (principal signatories).
8. Controls for dealing with compliance and breaches.