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Ethics, Rules of Conduct and Professionalism > Conduct and Professionalism > Flashcards

Conduct and Professionalism Flashcards

1
Q

Are you aware of any RICS Regulation on the use of social media accounts?

A

Use of Social Media: Guidance for RICS Members (Version 1 effective June 2021)

Overarching principle
Standards expected of members do not change because they are communicating through social media rather than face-to-face or traditional media.

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2
Q

Say you attend a work social event and witness two junior colleagues acting in a way which could bring your firm into disgrace. What would you do in this situation?

A

I would speak with them immediately and take steps to prevent reputation damage to the firm. I would then address their actions formally during working hours.

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3
Q

How can a disciplinary proceeding be triggered?

A
  • Someone complaining to the RICS
  • An allegation by a client or third party
  • Information received or established by the RICS
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4
Q

What 3 actions can be imposed after the end of the (RICS disciplinary) investigation stage?

A
  • Fixed penalty
  • Consent order
  • Disciplinary panel
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5
Q

What are fixed penalties (at RICS)?

A

A fine by the RICS

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6
Q

What are consent orders?

A
  • A written agreement between RICS and a member or firm concerning a displinary issue on a breach of the RICS rules.
  • It can require the member to take certain corrective actions, or restrain them from taking certain actions for a specified period of time and may require them to pay a fine or costs.
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7
Q

When is a disciplinary panel applicable?

A
  • Used for more serious breaches of conduct.
  • The panel will usually be held in public.
  • The burden of proof is on the RICS.
  • A balance of probabilities approach will be adopted.
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8
Q

What sort of breaches would expulsion be suitable for?

A
  • GROSS, PERSISTENT or WILFULL failure to comply with an RICS rule of conduct.
  • Examples include fraud, conviction of a serious criminal offence or gross negligence.
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9
Q

What procedures must you follow if you are starting up a new practice?

A
  • Contact the RICS for guidance and obtain a company start-up pack.
  • Inform the RICS and register for regulation.
  • Appoint a contact officer for all RICS communication.
  • Prepare a complains handling procedure.
  • Obtain Professional indemnity insurance cover.
  • Abide by the Rules of Conduct for Firms.
  • Use the designation ‘Regulated by RICS’ on all practice material.
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10
Q

Would you advertise your new company in the press?

A

Yes as long as it is in a trustful and responsible manner (in line with the Rules of Conduct).

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11
Q

What insurances would you need if you were starting up your own firm?

A
  • Professional indemnity insurance
  • Employer’s liability
  • Public liability
  • Building’s insurance of an office premises
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12
Q

What sort of information do registered firms have to send to the RICS annually?

A

An ANNUAL RETURN - is carried out online.

Failure to do so = FIXED PENALTY

Includes:
- Types of business and staffing
- Nature of clients
- Training provision
- Complaints handling procedures details and records
- PI insurance details
- Whether the firm holds client money

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13
Q

What processes do regulated firms need to put in place when handling client’s money?

A

Preserve the security of clients’ money which does not belong wholly to the company.

RICS regulated firms that operate a client account must:
- Set clear segregation of duties for employees
- A Principal oversees the client money accounting functions
- Principles cannot override controls
- Competent and knowledgeable staff are to process clients’ money with cover provided for long term absence
- Accounting systems and data must be secure
- Client money must be kept seperate and clearly identifiable with the word ‘client’ included in the bank account name
- Clients must always have access to funds
- We must agree the terms and advise the client on bank details
- The account must not be overdrawn
- We must maintain client ledgers and providing a running balance

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14
Q

What are the different types of client money accounts?

A
  • General accounts hold money for more than one client
  • Discrete accounts reference a single named client
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15
Q

What is meant by the term Negligence?

A

Negligence = The failure to provide a duty of care that is owed to the client.

  • A duty of care is owed to all clients and 3rd parties using “reasonable skill and care”
  • If it is breached due to negligence, a claim may arise resulting in damages being paid or a Professional Indemnity Insurance claim.
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16
Q

Tell us about the Merrit V Babb case law?

A
  • The case dates back to 2001 and highlights the importance of having run-off cover in place.
  • A surveyor was sued for negligence by a former client.
  • The surveying firm was no longer in existence therefore the individual surveyor was pursued for damages successfully.
  • This caused a big shock in the industry and highlighted the need to ensure that run-off cover is in place for all previous employees.
17
Q

What limitation periods are associated with underhand and deed forms of contract?

A
  • 6 years when executed under hand
  • 12 years when executed as a deed
18
Q

What must a complaints handling procedure include?

A
  • RICS provides a model form
  • The process must include a redress mechanism
  • Details of the policy should be issue to the client with the Terms of Business
  • It must be clear, quick, transparent and impartial and free of charge within the first stage
  • Names and contact details of the nominated investigating person must be stated
  • The complaint must be investigated within 28 days
  • The complaints, their progress and outcomes must be recorded
  • We must note the need to advise PI insurers of a complaint immediately
  • The process must have two stages as a minimum: Stage 1 is where there needs to be consideration of the complaint by a senior member of the firm or the complaints handling officer; Stage 2 if the issue is not resolved, the complaint is referred to an independent third party
19
Q

What is an independent redress scheme?

A
  • Consumer scheme designed to handle small issues that would be disproportionately expensive to take to court
  • If the scheme judges in favour of the complainant, it is binding
  • If it judges in favour of the firm, the complainant can escalate the matter to court
  • RICS firms must specify which redress scheme they want to use, it could be an obudsman, arbitration or sometimes adjudication
  • If the complaint relates to a large amount of money or if the complainant wishes so, he can take the matter to court
20
Q

What is the ‘Clients’ Money Protection Scheme’?

A
  • A money protection scheme operated by RICS
  • It contains provision for any member of the public to be reimbursed their direct loss of funds when using an RICS regulated firm
  • Provided through an RICS insurance policy
21
Q

What do you do if you recieve a letter of complaint?

A
  1. Acknowledge receipt
  2. Forward it to my firm’s complaint handler as per our complaint handling procedure, providing additional information as required.
  3. I would also ensure that our Professional Indemnity insurance provider is informed immediately.
22
Q

What is the purpose of the joint name on a client account?

A

For dual authorisation

23
Q

What are the main elements included within a fee proposal?

A
  • Terms and conditions
  • Scope of services
  • Exclusions
  • Assumptions
24
Q

If you put together a fee proposal, but a couple of month later you realise that you have under forecasted your resources, would you go back to the client and ask for more money?

A
  • If project requirements such as the services, scope or value of hte project has increase then I would go back to the client and request a fee increase.
  • If the scope of works had remained the same, this highlights a mistake within our fee bit and the additional work would need to be carried out without reducing the level of service being offered and without requesting additional fees from the client
25
Q

Once you and your client agreed the services that are to be provided verbally, what would you do next?

A

Follow up with a formal letter which includes the terms and conditions, fees and scope of services that are to be provided.

26
Q

If the client gives you a lump sum fee before going on holiday, what would you do?

A

I would place the funds in a separately-identified client account and agree a drawdown of monies against the services being provided with the client

Ethics, Rules of Conduct and Professionalism (12 decks)

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