Client Care Flashcards
What should be included in your organisations complaints handling procedure?
(1) Information about who the appointed person within the firm is who deals with complaints
(2) A request that complaints are made in writing
(3) The stages of the CHP
(4) The timescale for considering the compliant within the firm
Give me an example of a time when you feel you have given excellent client care?
Choose an example where you can describe your clients requirements and how you then set out to meet these.
What is the aim of PII?
Protect staff, firm and client from financial loss arising from negligence
You must make sure you have 6 years of run-off cover if you move to a different company
Required by the rules of conduct
What are the levels of turnover for PII?
£100,000 or less = £250,000
£100,000 to £200,000 = £500,000
£200,000 and above = £1,000,000
What are the minimum levels of uninsured excess?
Up to £500,000 indemnity = Greater of 2.5% of the sum insured or £10,000
Over £500,000 = 2.5% of the sum insured
Can a surveyor be personally liable if employed by a company and covered under their PII?
Merrett v Babb 2001 = a surveyor was individually liable for a negligent valuation report when he did not have the protection of PII due to the firms insolvency. The purchaser was entitled to recover damages from the defendant personally.
Should have 6 years run off PII insurance for 6 years after practicing
Provide some examples of monies held by firms on behalf of clients?
Service charges, insurance, sale proceeds, rent deposits
Who receives interest on client accounts?
The client/account holder
Requirements for holding clinet money under Members Accounting Regulations?
- Seperate designated bank accounts for clients money
- Include client in name of bank account
- Agree terms of account handling in writing
- Authorised staff to deal with clients money - overseen by compliance officer
- Money paid in as soon as possible
- Interest accrues to the client
- Maintain written records - monthly reconciliaiton, annual audit
- Frims not audited by RICS appointed accountants - charged annual RICS regulatory fee
- RICS clients money protection scheme - insurance for loss of clients money entrusted to a firm regualted by RICS
When do you need to be covered by Financial Services Authority Regulations?
Finance and Services Marketing Act 2000
- Firms carrying out investment business
- RICS members involved in insurance matters have to comply with FSA regulations
- 2006 RICS became a Designated Professional Body to licence firms
What is money laundering?
Where the proceeds of criminal activities are disguised, then realised as legitimate funds/assets
Money laundering regulations 2007 - more risk based approach. Simplified due diligence for low risk clients and enhanced checks for high-risk e.g. terrorism finance
Proceeds of Crime Act 2002 - Criminal offence if fail to report suspicion
