Conduct rules, Ethics and professional practice Flashcards
Tell me what the 5 professional & ethical standards are.
Act with Integrity always provide a high level of service, act in a way that promotes trust In the profession, take responsibility, respect others.
Tell me about a key principle of the Rules of Conduct for Firms.
Part 1 - General (1. Interpretation, 2. Communication), Part 2 - Conduct of business (3. Professional behaviour, 4. competence, 5. service, 6. CPD, 7. CHP, 8. Client money, 9.PII), Part 3 - Admin (10. Advertising, 11. solvency, 12. Locum, 13. use of designation, 14. Info to RICS, 15. Corporation)
Tell me about a key principle of the Rules of Conduct for Members.
Part 1 - General (1. Interpretation, 2. Communication), Part 2 - Personal and professional standard (3. Ethical behaviour, 4. competence, 5. service, 6. CPD, 7. Solvency, 8. info to RICS, 9. Corporation)
What money laundering regulations or legislation are you aware of?
Money laundering regulation 2017. Anti-money laundering act 2018.
What bribery legislation are you aware of?
Bribery act 2010.
Six principals of prevention (1. procedure, 2. top level commitment, 3. risk assessment, 4. due diligence, 5. communication/ training, 6. monitor and review)
What is a bribe?
An exchange of value for an Improper cause.
What constitutes an offence under the Bribery Act 2010?
Bribing a public officer, facilitation payments, failing to prevent a briber by a commercial organisation.
What constitutes an offence under the current money laundering regulations?
Concealing, arranging and possession
What is Professional Indemnity Insurance (PII)?
Insurance cover against a professional negligence.
Can you tell me about the RICS requirements in relation to PII?
£100k cover Is £250k, £101 - 200k cover Is £500k and £201 - above cover Is £1m.
Tell me what you understand about Complaints Handling Procedures (CHP).
Rule nr 7 for firms (mandatory). A firm should try to resolve It first otherwise provide the client with access to redress.
Why is CPD important?
Because It Is mandatory (rule nr 6) for RICS members.
Tell me about the RICS’ guidance on dealing with Conflicts of Interest.
1st edition 2017. three types of conflict of Interest 1. Party conflict, 2. own Interest conflict, 3. confidential Information.
Informed consent can be sought from the clients.
What can you tell me about RICS guidance relating to bribery, corruption or money laundering?
1st edition 2019, It contains mandatory requirements for firms and members.
What status does it hold?
professional standard and guidance.
Who is a Responsible Principal?
Responsible Principal In accordance with RICS rules for registration (April 2020) Is a person who ensure the firm Is compliance with RICS standards.
What is a locum and who might need one?
Rule 12 of the RICS rules for firms. It Is arrangement to cover death or Incapacity of a sole practitioner when a firm only have a sole practitioner.
What do the RICS Rules of Conduct say about client money?
Rule 8 of RICS rules for firms. A firm shall preserve the security of client’s money.
Explain your understanding of the RICS Scheme Rules relating to client money protection.
Mentioned in RICS professional standard and guidance Client money handling 1st edition. firms holding client’s money needs to be registered with appropriate RICS schemes.
One for surveying service.
Another for property agents.
What are some of the key principles of the RICS Professional Statement relating to client money protection?
List out mandatory requirements for firms and members holding client’s money such as client’s account, no other payment except client’s money, not hold office money in clients account, word client and firm name Is written in the account title etc.
How do you ensure that you comply with bribery legislation?
Up to date training, following my company’s policies on gifts and hospitality, informing senior colleagues/ directors of any Incidents.
Tell me about an instance of when you have been offered a gift or hospitality by a client.
Northampton PET-CT: Contractor offered me Invitation to a sporting event which I politely declined and Informed my line manager as It could be perceived as a bribe.
Tell me about a conflict of interest check you have carried out.
I always check client matters, contacts and job-related Information that could lead to a conflict of Interest.
How did you ensure compliance with the Trust rules
By checking contractor’s RAMS and construction phase plan to ensure they have Included the Trust rules. Also, by checking with the Trust If they have any complaints.
Give me an example of when you have acted with integrity?
Northampton PET-CT, I politely declined contractor’s gift of hospitality due to the proportionality and timing of the gift.
Give me an example of when you have acted with Trust?
I avoid giving advice when not sure, for example, quantification of risks. St Peters MRI project, I highlighted to my client that I will not be able to advise on the quantification of risks until I have discussed with project QS who will assess these risks In detail to advise on cost affects.
Give me an example of when you have acted with respect to others?
Plas Dwr S278 Works, I would always double check with the Contractor before Issuing rejection for the programme or their CEN In order for them to be aware that I am going to Issue rejection and discuss the reasons etc.
Give me an example of providing high level of service?
I always tailor my services to the client needs remaining within our agreed scope of works, for example, on Leicester PET-CT, I Issued weekly dashboard reports to the client to assist in their Internal meetings.
Give me an example of taking responsibility?
Example of taking responsibility would be Issuing certificate of completion, making good certificate or Take over certificate.
On Leicester PET-CT site, I issued a non- completion certificate to the contractor taking responsibility that they have not completed the works on contract completion date.
Tell me about how you treat clients with respect.
Clear terms of engagement (TOE) and communications with the client. I always Include our CHP within the TOE.
If a prospective purchaser offered you a financial incentive to accept their offer, explain how you dealt with this.
I will politely decline and Inform my line manager as It could be perceived as a bribe.
What would you do if you became suspicious that a client was involved in money laundering?
I will double check my suspicions and If still in doubt, I will discuss with my line manager.
At Northampton, explain why you declined the offer of hospitality.
Because of the timing and proportionality of the offer which could have been perceived as a bribe.
At Reigate, why did you advise against the free report?
Because there was potential own Interest conflict as defined within RICS guidance conflict of Interest 2017 edition.
