ETHICS Flashcards
When was RICS founded?
1868
What is the role of the RICS?
To MAINTAIN the highest standards of education and training
To PROTECT consumers through strict regulation of professional standards
To be the LEADING source of information and advice on land, property, construction and environmental issues
What are the benefits of being an RICS member?
- Status
- Renegotiation
- Market advantage
- Knowledge
- Network
What are the principles of RICS regulation for members and firms?
- Proportionality
- Accountability
- Consistency
- Targeting
- Transparency
What are the 5 rules of conduct for members and firms?
PIRRS - Feb 2022
- members and firms should maintain their professional competence and ensure the service provided is by a competent individual who has the necessary expertise.
- Members and firms should be honest, act with integrity and ensure they comply with their obligations, including their obligations to the RICS.
- Members and firms must act in the public interest, take responsibility for their actions, act to prevent harm and maintain public confidence in the profession
- Members and firms should treat others with respect and encourage diversity and inclusion
- Members and firms should provide a good quality and diligent service.
What is the RICS ethical decision tree?
Helps surveyors assess the best way to approach a decision
- Provides a framework of qus for surveyors to ask themselves if an potential unethical decision arises
What are the benefits of regulation for firms?
- Confidence for clients
- Professionalism
- Security - firms have to have CHP and PII
What are the 3 levels of disciplinary actions?
- Action by Head of Regulation
- regulatory tribunal
- Appeal panel
Tell me the hierarchy of documents.
- International standard - MANDATORY
- Global and UK professional statements - MANDATORY
- Guidance notes - VOLUNTARY (but best practice)
- Codes of practice - Whatever is stated in the doc
What are the differing types of conflict?
- A ‘party’ conflict
- An ‘own interest’ conflict
- A ‘confidential information’ conflict
Tell me about the Conflicts of Interests RICS professional statement 2017?
Mandatory statement and rules
1. Must Identify and manage conflicts of interests and keep records of the decisions made.
- Must maintain confidentiality of confidential info unless required to disclose by the law
- Must have effective systems and controls in place to must have in place to manage their compliance.
What are your thoughts on the RICS recent investigation?
I was disappointed because this is supposed to be an industry that holds transparency and openness as high valued but I was please they had commissioned an open independent review.
What should you do before taking on any instruction?
- Check you’re competence (SUK)
- Check there are no conflicts or personal interest
- Confirm Terms of engagement
Tell me the offences under the Bribery Act 2010? and what are the fines?
- Giving a bribe
- Receiving a bribe
- Bribing a foreign official
- Failing to prevent a bribe
up to 10 year in prison and unlimited fine
What is the limit for the acceptance of cash in transactions?
10,000 euros
What are the penalties of failing to comply with money laundering regs?
- Max 14 years in prison for assisting and/or unlimited fine
- Max 5 years in prison and/or unlimited fine for tipping off a person
What are the turnover limits for PII?
£100k or less - £250,000 cover
£100,001 - £200k - £500,000 cover
£201,00 and above - £1 mill cover
Tell me how firms should handle clients money?
- Account should have the word ‘client in’
- Separate account to other accounts
- Funds must be instantly accessible
- always in credit.
- Keep accurate records of the money
Who is the CEO of RICS?
Richard Collins is the interim ceo
Who is the President of the RICS?
Clement Lau
Who is the president elect
Ann Gray
What is the RICS moto?
There is measure in all things
Tell me about the RICS registered valuer scheme?
Valuer Registration is a risk monitoring and quality assurance programme which checks compliance with the RICS Red Book.
What provider of PII does your firm have?
Zurich - £1mill cover
Who runs the RICS?
The Governing Council
What is the governance structure of the RICS? OR Do you know about the Governing Council / governance structure?
The privy council awarded the RICS a Royal Charter.
The Governing council runs the RICS and provides management and strategic direction.
The Regulatory Board, the Audit Committee and the Management Board report to the Governing council.
17 Specialist professional groups covering land property and construction.
What is a bribe?
Giving, offering, promise of an advantage such as payment/gift which is illegal or a breach of trust
Penalties for bribe?
10 years prison and/or unlimited fine
CPD requirements for members
20 hours, min 10 hours formal
Recorded and presented by to RICS by 31st Jan
Must do ethics related every 3 years