Ethics Flashcards
What is the RICS guidance on bribery?
Counter bribery, corruption, money laundering and terrorist financing RICS guidance 1st Edition FEB 19
Summarise guidance on bribery
Set of guidance for members and firms.
Bribery - must have written policy, register of gifts and expenses
- appoint a sole person to be a ‘go to’
- CJ policy - £50 less no need to register
Summarise guidance on money laundering
CJ must have policy. We have a flowchart and a risk assessment.
- must keep reports of suspicious activity
- senior sole contact
What are the global and ethical standards?
Act with integrity Promote trust in the profession Provide high level of service Treat others with respect Take responsibility for your actions
What steps would you take to set up a practice?
Inform RICS and register the new firm
Arrange insurance - professional indemnity
Set up a client account for handling moneys
Set up complaints handelling procedure
Set up staff training and CPD
What must a complaints handling procedure include?
- RICS provide a model form.
- Firms must have one under the rules for firms and it must be approved by RICS
- must have a complaints handling officer
- must hold a complaints log (show complaint and outcome)
- must also have an ADR solution and independent redress provider
What info do registered firms have to send RICS annually?
It’s called an annual return - fixed penalty if you don’t do it
- type of business and staff
- nature of clients
- training provisions
- complaints handling procedure
- PI insurance details
- info on if firm holds client moneys
What is the CJ complaints procedure?
- Send a copy of complaint to CHO
- Try and resolve locally with client
- If you can’t then client must send complaint in writing to our CHO
- CHO has 3 days to acknowledge
- 15 days to provide summary of findings
- 15 more days to provide formal final response
- if still not happy they go to an independent redress provider
What is the RICS guidance on complaints handling?
Complaings handling guidance 1st edition 2016
Key points delt with by officer and PII insurer should be notified
What are the 3 levels of action?
- action by Head of Regulation
- regulatory tribunal
- appeal panel
They can impose fines, correction actions or expel
What is the main bribery legislation?
Bribery Act 2010 - it promotes anti-bribery practices amongst businesses
What is a bribe?
Giving, offering, promising or receiving an advantage such as a payment or gift for an action which is illegal or breach of trust.
What constitutes an offence under the bribery act?
4 types:
- bribing
- receiving a bribe
- bribing a foreign official
- failing to prevent bribe
What are the 6 principles under the bribery act?
- Proportionality
- Risk Assessment
- Top level commitment
- Due Diligence
- Monitoring @ review
- Communication
