Client Care - Level 2 Flashcards
What components must a CHP include?
RICS provides a template to assist firms which states;
- complaint reviewed by senior member of firm or complaints officer
- the compliant reviewed by independent 3rd party
- notify PI insurer of complaint
- must include the contact details of those who will deal with the complaint
- must include a redress mechanism
- must be clear simple
- must be free except stage 2, but fees covered by the complainant
What is client care?
Looking after a client’s best interests and providing an appropriate service that satisfies their needs.
Can be achieved by 1. professionalism 2. competence 3. trust 4. communication
When should you decline an instruction of new work?
- Conflict of interest
- Outside scope
- Illegal activities
What is a conflict of interest?
Where there is reduced impartiality as there is a pre-existing relationship which affects the duty to deliver services for a client
How would you process if a client wanted you to work with them despite a conflict of interest?
I would obtain informed consent in writing.
I would ensure that the client is fully informed about the Conflict of Interest and the associated risks and other options available.
What is a client brief?
Provide a firm foundation of the intention of the project.
A formal statement of the objectives and functional requirements.
Provides sufficient details so tasks can be executed by any team.
How would you limit the risk of working with a client who may be financially unstable?
I would carry out a screening process;
- Credit check
- Company Search
- Review their accounts
- Seek references to judge reliability.
If you client asks you to lower your fees because of their limited funding, what would you do?
The client would need to pay the agreed fee or negotiated to reduce the scope of services.
Who are your clients?
An individual or firm to who you or your firm provide a service to.
How do you establish your clients’ objectives?
The client brief
What influences how a fee is calculated?
- Time spent multiplied by an hourly rate
- Percentage of compensation received
- a fixed fee agreed on a scope of works
What is a KPI?
Key Performance Indicator
Enables a team to monitor performance and make smart decisions.
How are KPIs used?
- Goal measurement
- Providing information and feedback
- Education
- Staff morale
- Consistency and continuity
When have you demonstrated successful communication with your client?
Covid - booking jobs/H&S
Advising outside SLA
What do you understand about client care?
- process of understanding client’s requirements and complaints.
How will you identify and utilise the systems and processes for managing client care?
- complaints procedure
- satisfaction questionnaires
- Client feedback meetings
- Lessons learned workshops
How do you act on feedback from a client?
- Listen
- Understand their needs
- Take actions required
- Communicate updates
What is the RICS Client’s money protection scheme?
client’s protection to compensate for the losses of money
- Gives protection to members of the public by making funds available for their reimbursement when all other avenues have been exhausted.
- The RICS firm repay the losses via insurance or its assets.
How do you create a good relationship and build trust?
- Communication
- listening and delivering
- Providing clear and reasoned advice
What would you do if you were ask to survey the structure of a building
I would act within my area of expertise and act with integrity and appoint a competent professional.
What does Countering bribery and corruption, money laundering and terrorist financing 1st edition include?
3 parts
1) Mandatory requirements for anti-bribery and corruption/anti-money laundering/terrorist financing.
2) Guidance - good practice
3) Supplementary guidance
What are the mandatory requirements of Countering bribery and corruption, money laundering and terrorist financing in relation to bribery and corruption?
In relation to bribery and corruption RICS-regulated firms must:
- BRIBE - not offer or accept a bribe
- PLANS -in place to comply
- REPORT -activity that breaches anti-bribery and corruption laws
- EVALUATE - perform periodic evaluations of risks that may lead to the bribery/corruption
- RETAIN - information detailing how firm met the requirements of this professional statement.
RICS members must comply with the above and:
- KNOWLEDGE - ensure that they have adequate knowledge of bribery and corruption to comply with this professional statement
What are the mandatory requirements of Countering bribery and corruption, money laundering and terrorist financing in relation to money laundering and terrorist financing?
Firms and Members must:
- FACILIATE - not facilitate money laundering or terrorist financing
- TRAINING - have systems/training to comply with these laws
- REPORT - report any suspicions of money laundering or terrorist financing activities
- EVALUATE - evaluate/ review risks that business relationships present to money laundering or terrorist financing
- CHECKS -conduct checks on clients and customers
- RELIANCE - use reliance only where there is an appropriate level of confidence in the quality of the information
- IDENTITY - verify the identity of client by undertaking identity checks and identify purpose of the transaction
RECORD - retain information detailing how the firm has met the requirements of this professional statement.
What are the three types of CoI?
- Party
- Own interest
- Confidential information
What is a party conflict?
Where duty of RICS member/firm acting for a client
conflicts with
duty owed to another client in the same transaction/assignment.
Own interest conflict?
Duty of RICS member/firm for a client
conflicts with
their own interests
Confidential information conflict?
Conflict of 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 the information confidential.
When can informed consent be sought?
where the RICS member/firm is satisfied that proceeding despite a Conflict of Interest is:
(a) in the interests of all of those who are or may be affected
(b) is not prohibited by law,
and that the conflict will not prevent the member/firm from providing competent and diligent advice
Client money handling 1st edition, October 2019
- firm should preserve the security of clients’ money
- firms holding clients money must ensure they are registered with the appropriate appropriate RICS scheme:
- e.g RICS Client Money Protection Scheme for Surveying Services
Client money - mandatory requirements
Rule 8 of Rules of conduct for firms
Must:
- HOLD - Hold client money in an account that only the RICS firm has access to
- ONLY - Hold only client money
- TITLE - Title of account – ‘includes client’ and ‘name of firm’
- IMMIDIATE - Funds must be immediately available
- PROMPTLY - Ensure client money paid into account promptly
- RECORDS- Keep records and accounts
- COMPLEY - Comply with anti-money laundering legislation, rules, regs
Systems and Procedures Managing Process of Client Care
Terms of Engagement
CoI
High Standard of Service
Complaint Handling Procedure
NBS CHP
Respond within 7 days advising the case is being investigated
Full response within 21 days
- advise actions taken as a result of your complaint
Includes (ADR)
- The Property Ombudsman Service
Complaint log
PII turnover and minimum level of indemnity
£100k or less - £250k
£100,001 to £200k - £500k
£200,001 and above - £1,000,000
Tell me about the different stakeholders you have come across in your role.
- Employer
- Applicant/purchaser
Tell me about how you have tailored your client care to one of these stakeholders.
- Owe a duty of care to the applicant as well as the lender
- Therefore ensured to report all serious defects as the purchaser may not commission their own survey
Why is it important to you to set objectives?
- Ensure client satisfactions
- Ensure met the aims of the instruction
Tell me about your duty of care towards your clients.
- Duty of care to Nationwide/ Lender
- Duty of care to the purchaser (under Yianni v Evans and Simith v Bush)
- implied duty of care towards the purchaser,
How have you defined your scope of services within the limits of your competence and PI insurance?
- Have a mandate set for capital valuations
- Do not undertake work outside level of competence/experience
How do you set fees?
- Fee scale is set by Nationwide
- Tied to the capital value of the subject
How have you used standard forms of appointment?
- Standards terms of engagement are used for each instruction
What insurance requirements are you aware of (both legal and RICS)?
- PII
- Public liability insurance
- Employers liability insurance
- Business buildings insurance
What KPIs might you agree with a client to monitor performance?
- Feedback document
- SLA
- Timeframe
- Financial
