Ethics

Question 1

Within how many days does the head of compliance respond to a formal complaint?

Answer 1

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

Question 2

What is step 2 for formal complaints?

Answer 2

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

Question 2

What is step 3 for formal complaints?

Answer 2

If the claimant is not satisfied, they will be invited to enter into negotiations

Question 3

What is step 4 for formal complaints?

Answer 3

If agreement cannot be reached, go to mediation
- Property Ombudsman
- Centre for effective dispute resolution

Question 4

What do you/do you not do when you have receieve a formal complaint

Answer 4

Inform the complainant that you have informed your insurance company
If made orally - ask them to write

Question 5

What do you/do you not do when you have receieve a formal complaint

Answer 5

Inform the complainant that you have informed your insurance company
If made orally - ask them to write

Question 6

What legislation governs Bribes?

Answer 6

Bribery Act 2010, came into force July 2011

Question 7

What does the Bribery Act tell you about bribes?

Answer 7

Follow the 6 principles

Question 8

What are the 6 principles of the bribery Act 2010?

Answer 8

1. Proportionality
2. Top level commitment
3. Risk assessment
4. Due diligence
5. Communication
6. Monitoring and review

Question 9

What is a bribe?

Answer 9

a financial, or other reward, offered to someone to influence them to perform duties improperly/illegal

Question 10

What is Berrys bribery procedure?

Answer 10

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

Question 11

What is RICS Professional Statement with regards to bribery?

Answer 11

Countering bribery and corruption, money laundering and terrorist financing - February 2019

Question 11

What does RICS Professional Statement; Countering bribery and corruption, money laundering and terrorist financing say about bribery?

Answer 11

• Follow internal protocol
• Members should declare gifts, hospitality and donations/sponsorship etc.
• Attend company training

Question 12

Had you been instructed to accept the offer made by the person offering the bribe, what would you have done?

Answer 12

I would have had to report this to senior management and the head of compliance and take their instruction on this.

Question 13

Ultimately, where should a bribe be reported to?

Answer 13

Serious Fraud Office (SFO)

Question 14

What is the legislation for money laundering?

Answer 14

Money laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

Question 15

What is required for AML checks?

Answer 15

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

Question 16

Process of AML/What happens if identify potential person of interest

Answer 16

• 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

Question 17

What are the levels of Professional Indemnity Insurance?

Answer 17

• 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

Question 18

What is Berrys’ PI Cover?

Answer 18

£10million and provided by MFL

Question 19

What do you need to do if setting up your own firm

Answer 19

1. Register with RICS - if providing surveying services or at least 50% of the firms principals are RICS members
2. Have an AML policy
3. Have a complaints handling policy
4. Have a client money handling policy
5. Have a power of attorney
6. If more than 5 employees, need a written health and safety policy
7. Have adequate PI cover

Question 20

How long are client documents retained for?

Answer 20

7 years