Ethics Flashcards
Within how many days does the head of compliance respond to a formal complaint?
Write to complainant within 7 days of receiving complaint & outline their understanding of the complaint and the issues which lead to it
Complainant is invited to make any comments
What is step 2 for formal complaints?
Internal investigation carried out and complainant is written to within 28 days, outlining the outcome of the investigations and actions that will be/have been carried out as a consequence
What is step 3 for formal complaints?
If the claimant is not satisfied, they will be invited to enter into negotiations
What is step 4 for formal complaints?
If agreement cannot be reached, go to mediation
- Property Ombudsman
- Centre for effective dispute resolution
What do you/do you not do when you have receieve a formal complaint
Inform the complainant that you have informed your insurance company
If made orally - ask them to write
What do you/do you not do when you have receieve a formal complaint
Inform the complainant that you have informed your insurance company
If made orally - ask them to write
What legislation governs Bribes?
Bribery Act 2010, came into force July 2011
What does the Bribery Act tell you about bribes?
Follow the 6 principles
What are the 6 principles of the bribery Act 2010?
- Proportionality
- Top level commitment
- Risk assessment
- Due diligence
- Communication
- Monitoring and review
What is a bribe?
a financial, or other reward, offered to someone to influence them to perform duties improperly/illegal
What is Berrys bribery procedure?
Do not tolerate and if found to be in breach of policy = disciplinary actions
1. decline bribe
2. inform line manager and head of compliance - decide on best path forwards
- do not inform client
What is RICS Professional Statement with regards to bribery?
Countering bribery and corruption, money laundering and terrorist financing - February 2019
What does RICS Professional Statement; Countering bribery and corruption, money laundering and terrorist financing say about bribery?
- Follow internal protocol
- Members should declare gifts, hospitality and donations/sponsorship etc.
- Attend company training
Had you been instructed to accept the offer made by the person offering the bribe, what would you have done?
I would have had to report this to senior management and the head of compliance and take their instruction on this.
Ultimately, where should a bribe be reported to?
Serious Fraud Office (SFO)
What is the legislation for money laundering?
Money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
What is required for AML checks?
Proof of identity - e.g. passport or drivers licence
Proof of 3 years of address - Bank statement or utility bill (no more than 3 months old), drivers licence (if not used for ID
Process of AML/What happens if identify potential person of interest
- online checks
- send to compliance for approval (if purchaser, need to include source of funds and why purchasing)
- if comes back as potential risk - ask online software providers for evidence
- forward to compliance and money laundering officer
- if MLRO/ compliance officer not happy - complete Suspicious Activity Report for National Crime Agency
MUST NOT INFORM CLIENT - TIPPING OFF
What are the levels of Professional Indemnity Insurance?
- If turnover is less than or equal to £100,000 the minimum cover required is £250,000
- If turnover is between £100,001 - £200,000 the minimum cover required is £500,000
- If turnover is more than £200,000 the minimum cover required is £1 million
What is Berrys’ PI Cover?
£10million and provided by MFL
What do you need to do if setting up your own firm
- Register with RICS - if providing surveying services or at least 50% of the firms principals are RICS members
- Have an AML policy
- Have a complaints handling policy
- Have a client money handling policy
- Have a power of attorney
- If more than 5 employees, need a written health and safety policy
- Have adequate PI cover
How long are client documents retained for?
7 years
