Ethics Flashcards
Name a time you followed the rules of conduct?
I ensured a competitive bid for our Landscape Architect ensuring I followed Clarion’s requirement for 3 separate tenders.
What is a Chinese Wall?
A Chinese Wall is used when there could be a conflict of interest between two separate departments in a business. It means that no information will be shared between the departments which could break confidentiality. I advised my Director of a S106 vs Land Led Bid and agreed a Chinese wall with our partnerships department.
What is Clarion’s Gift Policy?
Nothing can be accepted over 10 pound
Gifts must be included on the gift register
Must not be taken in between tendering
What are the Rules of Conduct?
Rule 1
Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
Rule 2
Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
Rule 3
Members and firms must provide good-quality and diligent service.
Rule 4
Members and firms must treat others with respect and encourage diversity and inclusion.
Rule 5
Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
What are the obligations for firms under the Rules of Conduct?
- Firms must publish a complaints-handling procedure, which includes an alternative dispute
resolution provider approved by RICS, and maintain a complaints log. - Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
- Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
- Firms must cooperate with RICS.
- Firms must promptly provide all information reasonably requested by the Standards and
Regulation Board, or those exercising delegated authority on its behalf. - Firms must display on their business literature, in accordance with RICS’ published policy on designations, a designation to denote that they are regulated by RICS.
- Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
What are the obligations for members?
- Members must comply with the CPD requirements set by RICS.
- Members must cooperate with RICS.
- Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
What does the Bribery Act 2010 Cover?
It only covers bribery and no other forms of white collar crime.
What are the six principles of the Bribery Act?
1 Proportionality: The action you take should be proportionate to the risks you face and
to the size of your business. So you might need to do more to prevent bribery if your
organisation is large, or if you are operating in an overseas market where bribery is
known to be commonplace, compared to what you might do if your organisation
is small, or is operating in markets where bribery is not prevalent.
2 Top Level Commitment: Those at the top of an organisation are in the best position
to ensure their organisation conducts business without bribery. If you are running
a business, you will want to show that you have been active in making sure that your
staff (including any middle management) and the key people who do business with
you and for you understand that you do not tolerate bribery. You may also want to get
personally involved in taking the necessary proportionate action to address any bribery
risks.
3 Risk Assessment: Think about the bribery risks you might face. For example, you
might want to do some research into the markets you operate in and the people you
deal with, especially if you are entering into new business arrangements and new
markets overseas
4 Due Diligence: Knowing exactly who you are dealing with can help to protect your
organisation from taking on people who might be less than trustworthy. You may
therefore want to ask a few questions and do a few checks before engaging others to
represent you in business dealings.
5 Communication: Communicating your policies and procedures to staff and to
others who will perform services for you enhances awareness and helps to deter
bribery by making clear the basis on which your organisation does business. You may,
therefore, want to think about whether additional training or awareness raising
would be appropriate or proportionate to the size and type of your business.
6 Monitoring and Review: The risks you face and the effectiveness of your procedures
may change over time. You may want, therefore, to keep an eye on the antibribery steps you have taken so that they keep pace with any changes in the bribery risks you face when, for example, you enter new markets.
When was the RICS founded?
1868
Who is the president of the RICS?
Clement Lau
When was the Royal Charter granted?
1881
What is a Royal Charter?
A Royal Charter is an instrument of incorporation, granted by The Queen, which confers independent legal personality on an organisation and defines its objectives, constitution and powers to govern its own affairs.
What is the role of the RICS?
The role of the RICS is to be the leading source of information and independent advice on land, property, construction and associated environmental issues, and maintain the highest standards of education and training
It must also protect consumers through strict regulation of professional standards as under its Royal Charter, RICS is required to maintain the usefulness of the profession for the public advantage
Why do you want MRICS Status?
Status
Professional Recognition
Professional standards
Market Advantage
Network
What are the three levels of disciplinary action?
1.Action by Head of Regulation
2.Disciplinary panel
3.Appeal Panel
What actions can the Head of Regulation impose?
1.Fixed Penalty -levied based upon the delay in time -used only for breaches related to not supplying information to RICS
2.A consent order -low level breaches of the Rules –a written document that sets out what the member or firm must take/not take in a specified time period.
3.Action by Disciplinary Panel -used for more serious breaches of conduct -penalties available
What penalties can be given by the Disciplinary Panel?
•Consent order as above
•Impose an unlimited fine
•Impose conditions upon future continued RICS Registration
•Suspension
•Expulsion
•Costs+Admin to be paid
•Require publication in the RICS business magazine or website
Under RICS Countering Bribery, Corruption, Money laundering and terrorist financing (2019) PS what must members do?
• not offer or accept, directly or indirectly, anything that could constitute a bribe
• ensure that they have adequate knowledge of bribery and corruption to be able to comply with the requirements of this professional statement
• have plans in place to comply with applicable laws governing bribery and corruption, and ensure that these are followed
• report any activity they are aware of that breaches anti-bribery and corruption laws to the relevant authorities
• act with due diligence to perform periodic written evaluations of the risks that face the firm and that may lead to the facilitation of bribery or corruption
• retain information detailing how the firm has met the requirements of this professional statement.
In relation to money laundering and terrorist financing RICS members/regulated firms must:
• not facilitate or be complicit in money laundering or terrorist financing activities
• have systems and training in place to comply with these laws, and ensure these are followed
• report any suspicions of money laundering or terrorist financing activities to the relevant authorities
•evaluate and review periodically the risks that prospective and existing business relationships present in terms of money laundering or terrorist financing
• verify the identity of their client by undertaking basic identity checks
•take appropriate measures to understand the client and the purpose of the transaction
• ensure that their responses to the risks identified are appropriate, including conducting appropriate checks on clients andcustomers
• use reliance only where there is an appropriate level of confidence in the quality of the information provided by the thirdparty
• record and retain information detailing how the firm has met the requirements of this professional statement.
When can Informed Consent be sought?
a) in the interests of all of those who are or may be affected and
b) is not prohibited by law, and that the conflict will not prevent the member or regulated firm from providing competent and diligent advice to those that may be affected.
What must RICS members do relating to Conflict of Interest?
a) identify and manage Conflicts of Interest in accordance with this professional statement and
b) keep records of the decisions made in relation to whether to accept (and where relevant, to continue) individual professional assignments, the obtaining of Informed Consent, and any measures taken to avoid Conflicts of Interest arising.
What are the objectives of Client Money Handling 2019 (PS)?
Objectives to ensure RICS members/firms understand their obligations to ensure:
• client money is kept safe
• client money accounts are used for appropriate purposes only and
• RICS-regulated firms have the appropriate controls and procedures to safeguard client money.
What do RICS regulated firms have to do under CMH (PS)?
•RICS-regulated firms that hold client money must register with either the RICS Client Money Protection Scheme for Surveying Services OR Property Agents
•Hold money in account they have exclusive control over
•Immediately available, disclosure or all commissions, receipts etc
Explain the purpose of professional indemnity insurance and public liability insurance?
Public liability is tailored for claims by members of the public for injury, illness or damage while professional indemnity covers claims by clients for professional mistakes or negligence.
What are the three most recent CPD events that you have attended and what did you gain from them?
Daylight/Sunlight & RoL (Avison Young) - further understanding of the differences between Rol / Daylight and Sunlight and the recent update under BRE.
Review of Clarion’s internal Investment Policy reviewing hurdle rates - review of our current hurdle rates / grant rates
Community Infrastructure Levy Review – Lichfields - reviewing CIL and how to calculate this and possible future changes
