Ethics Flashcards
What are the professional obligations to RICS?
Found in Appendix A of Rules of Conduct 2021
effective 2nd February 2022
Members
1) CPD
2) Cooperate with RICS
3) Provide any information requested by RICS
Firms
As above plus
1) Publish complaints procedure
2) Appropriate indemnity cover
3) Arrangements for absence/ death
4) Display business literature in accordance with RICS guidance
What is the minimum PI cover required by RICS?
Turnover up to £100,000 - Cover £250,000
£100,001 to £200,000 - Cover £500,000
Over £200,000 - Cover £1million
What is PII and why does a surveyor need it?
Professional Indemnity Insurance- to protect surveyors against financial loss resulting from claims of negligence
What is the maximum level of uninsured excess as required by RICS?
Liability less than £500,000:
Greater of 2.5% uninsured sum or £10,000
Liability over £500,000:
2.5% of the uninsured sum
When are the current Rules of Conduct effective from?
2nd February 2022
Published October 2021
What are the principles of the Bribery Act?
Bribery Act 2010
Proportionality
Top Level Commitment
Risk Assessment
Due Diligence
Communication
Monitoring
If you are a valuation surveyor, who else do you need to register with outside the RICS?
HMRC
What would you do if you were paid cash by a new client?
Can accept cash payments up to 10,000 euros. Would do extended due dilligence
What are the RICS Rules of Conduct?
- Honesty and Integrity
- Competence
- Good Quality Service
- Respect and Diversity
- Take responsibility and act in the public interest
What is the RICS client money protection scheme?
Scheme for claims where RICS regulated firms cannot pay back client money
What are the run-off cover requirements?
6 years minimum cover
RICS recommends 15 years
Consumer claims- £1million minimum cover
Commercial claims- firm to decide
What are some individual rights under GDPR?
Right to access
Right to erasure
Right to be informed
Right to object
What are the 7 principles under GDPR?
Accountability
Accurancy
Security
Data Minimisation
Purpose Limitation
Storage Limitation
Transparency, lawfulness, and fairness
What is the RICS assigned risk pool?
Cover for surveyors who cannot get insurance
What is whistleblowing?
Revealing information about an activity which is deems illegal or immoral
What is the act for negligence and what can you tell me about it?
Limitation Act 1980
States limitation period for negligence claims
6 years from date of act OR
3 years from knowledge of act, up to 15 years after act
When must a firm become RICS registered?
If 50% principle members are RICS then mandatory
If 25% principle members are RICS then optional
Must provide surveying services to the public
What information must be provided to the RICS within the annual return?
Type of business
Type of clients
Any statutory regulated work
PII cover
Complaints handling procedure
Whether client money is held
What types of cover does a surveyor need?
Professional Indemnity Insurance
Minimum level required:
Turnover up to £100,000 - cover £250,000
Turnover up to £200,000 - cover £500,000
Over £200,000 - cover £1million
WITH
- Run off cover for a minimum 6 years
- £1,000,000 for consumer claims, no limit for commercial claims
Minimum level of uninsured cover:
2.5% of sum insured
Minimum £10,000
What is the statutory compliance needed to start a practice?
- Inform HMRC
- Comply with legislation eg Data Protection 2018
- Comply with any PII/ employer insurance requirements
What RICS compliance is needed to start a practice?
- Inform RICS
- Appoint a principle
- Put a staff training plan in place
- Download RICS logo pack
- RICS approved complaint handling procedure
- Complaints log
- PII cover
- CPD logged online
What do you understand by the Data Protection Act 2018?
UK application of GDPR
What is GDPR?
EU law to provide regulation for the use of personal data by businesses and organizations
