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APC - 2023 > Ethics > Flashcards

Ethics Flashcards

1
Q

what is the definition of Ethics?

A

applying the right moral principles to decisions and actions to produce posititve outcomes.

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2
Q

What might happen if a member contravenes the rules?

A

anything from:
- caution
- fine
- conditions/ Extra CPD
- removal of registration and expulsion

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3
Q

Why do we have the rules of conduct?

A

Rules to set out the standards of professional conduct and practice expected of members and firms registered for regulation by RICS

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4
Q

How many Bye Laws and Regulations are there?

A

10 Bylaws and 10 regulations

Regulation 5 = conduct (rules of conduct for members and firms)

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5
Q

what other professional bodies may involved with code of practice?

A

CAAV Central Association for Agricultural Valuers

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6
Q

What do you do/refer to if you have an ethical dilemma?

A

Use the RICS Ethical decision tree.

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7
Q

you witness inappropriate behaviour during a project team meeting, what do you do?

A

depends on what is appropriate, may want to talk to victim and challenge offender. if not sure ask boss, if senior, may challenge in a respectful way

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8
Q

who or what do the rules of conduct relate to?

A

members and firms

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9
Q

why did the rules of conduct change? and when?

A

Due to societal and governance issues
2nd Feb 2022

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10
Q

A client accidently overpays you by £50, what would you do?

A

give it back. As per Rule 1: honesty

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11
Q

CPD amount for qualified member?

A

20 hours (10 hours of formal learning)

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12
Q

May some members be required to do more CPD hours per year?

A

Yes, some members may be required tro if they have been in breach of the Rules or Obligations set by RICS

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13
Q

how often are qualified members required to complete ethics CPD?

A

every 3 years

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14
Q

How do you measure your clients satisfaction?

A
  • Regular communication
  • KPIs
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15
Q

You hear a fellow member has posted offensive info, what should you do?

A

need to check, more info it depennds, report to RICS or maybe a hate crime report to the police

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16
Q

give an example of when you have faced an ethical issue/conflict of interest and how you’ve dealt with it?

A

L to W 33KV:
I knew the landowner so asked my collegue to carry out this work on my behalf without my involvement.

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17
Q

Given your example for a COI, what would be required to continue your work on this project?

A
  • Transparency with client
  • A Informed Consent form
  • Records of this COI
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18
Q

When would you carry out a COI check for a retained client?

A

Annually
or when doing work outside of the management agreement

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19
Q

give an example of Professional standards and Practice Information?

A

Practice Information (Guidance for best practice) - “easement and wayleaves”

Professional Standards (Mandatory) - Conflict of interest.

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20
Q

List some Professional Standards.

Are you aware of any Pro Standards that are coming into effect soon?

A
  • Rules of Conduct
  • Surveying Safely
  • Conflict of Interest

“Responsible use of Artifiical intelegnece” Professional Standard (Expected July 2025)

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21
Q

How many rules of conduct and what are they?

A

5
Rule 1 - honesty and integrity
Rule 2 - professional competence
Rule 3 - good quality diligent service
Rule 4 - respect, inclusivity diversity
Rule 5 - act in public interest, responsibility

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22
Q

Can you tell me what you understand by the Principles of Better Regulation?

A

(TPACT)
Transparent
Proportional
Accountable
Consistent
Targeted

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23
Q

What is a Bye-Law?

A

a rule adopted by an organisation in order to regulate its own affairs and the behaviour of its members

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24
Q

Give an example of one of the RICS Bye-Laws.

A

Byelaw 2 - membership and registration

Byelaw 5 - conduct

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25
Q

Explain what the new RICS Rules of Conduct aim to achieve - what do they replace?

A

5 new rules for firms and members with examples
aim to address global risks and opportunities:
- simplify structure
- clear examples each rule
- respect diversity inclusion

replace Rules of Conduct for Firms and for Members and the Global Professional & Ethical Standards.

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26
Q

When did the new RICS Rules of Conduct take effect?

A

2nd Feb 2022

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27
Q

Who do the RICS Rules of Conduct relate to?

A

all members and firms globally

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28
Q

Give an example behaviour for each of the rules of conduct?

A

Rule 1 - honest and integrity - don’t be influenced by others
(gifts) or by own self interest
Rule 2 - professional competence - only carry out work you
have the knowledge and skills to do
Rule 3 - good quality diligent service - communicate with clients clearly and in a way they understand
Rule 4 - respect, inclusivity diversity - respect others and treat fairly
Rule 5 - act in public interest, responsibility - respond to complaints promptly openly and professionally.

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29
Q

What are the 7 core professional obligations of RICS firms?

A

Firms - 7
1 - publish complaints handling procedure inc alternative dispute provider, maintain complaints log
2 - PI cover
3 - if sole principle, need arrangement for work to continue
4 - cooperate with RICS
5 - promptly provide info requested by Standards and Regulation Board
6 - show the firm regulated by RICS
7 - report any matter under Rules for the Registration of firms

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30
Q

What are the 3 core professional obligations of RICS members?

A

Members - 3
1 - CPD requirements (members)
2 - cooperate with RICS (members)
3 - provide info to Standards and Regulations Board (members)

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31
Q

What disciplinary procedures can the RICS impose?

A
  • Fixed penalty notices
  • Consent orders
  • Interim measures
  • Panel hearings
  • Expulsion from the institution.
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32
Q

What actions can be taken as part of RICS disciplinary procedures?

A
  • Regulatory Compliance Order (Member accepts liabiltity)
  • Regulatory Tribunal
  • Referred to Disciplinary Panel for a public hearing.
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33
Q

What do you understand by the term professional practice?

A

The applpication of appropriate conduct and quality work within the profession

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34
Q

What money laundering regulations or legislation are you aware of?

A

Money Laundering and Terrorist Financing 2019

Proceeds of Crime Act (2002) POCA

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35
Q

What is a red flag of money laundering?

A
  • Large cash payments
  • Unexplained payments from a third party
  • Use of multiple or foreign accounts
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36
Q

What bribery legislation are you aware of?

A

Bribery Act 2010

An offence for a person in the UK to pay or receive a bribe, either directly or indirectly.

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37
Q

What are the 6 principles of the Bribery Act?

A
  1. Procedures
  2. Commitment
  3. Risk Assessment
  4. Due Diligence
  5. Communication and Training
  6. Monitoring and Review
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38
Q

What are some offences under the bribery act?

A
  1. Accepting a Bribe
  2. Offering a Bribe
  3. Facilitating a bribe
  4. Bribing an foreign public official
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39
Q

Who enforces the bribery act?

A

The Serious Fraud Office (SFO)

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40
Q

What is a bribe?

A

offering, promising, giving, accepting or soliciting of an advantage as an inducement for an action which is illegal, unethical or a breach of trust.

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41
Q

What are the penalties for accepting a bribe?

A

corporates = unlimited fines

individuals = jail sentence of up to 10 years or unlimited fine or both

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42
Q

What are the penalties for being involved in money laundering?

A

Proceeds of Crime Act 2002 - jail sentence of up to 14 years or a large fine

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43
Q

What constitutes an offence under the Bribery Act 2010?

A

offer/ promise/ give something, directly/ indirectly, to another person, intending that a person is rewarded for, or made to, perform an activity improperly.

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44
Q

Can you tell me about the RICS requirements in relation to PII? (Professional Indemnity Insurance)

A

turn over limits:
less than £100,000 = £250,000 cover

£100,001 - £200,000 = £500,000 cover

more than 200,001 = £1 mill cover

  • buy from specialist insurer recommended by RICS (Hiscox)
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45
Q

What constitutes an offence under the current money laundering regulations?

A

possession, concealment, conversion, transfer or making of arrangements relating to the proceeds of crime. This is not limited to money or cash

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46
Q

How long should you keep anti money laundering records for?

A

5 years beginning from the date the relationship ends

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47
Q

What is Professional Indemnity Insurance (PII)?

A

liability insurance that covers businesses when a third party claims to have suffered a loss as a result of professional negligence.

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48
Q

When did the Bribery Act 2010 come into force?

A

1 July 2011

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49
Q

What is a PII aggregation clause?

A

governs what happens if there is more than one claim under the same policy in the same year

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50
Q

What does ‘claims made’ mean in terms of PII?

A

the policy in place at the time the claim is made by the client will provide cover.

If a claim for an action in 2022 is claimed for in 2024, it is the 2024 policy that will cover this action now the 2022 cover.

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51
Q

Is a PII excess usually paid for per claim?

A

yes, usually

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52
Q

In a negligence claim, what would help to show that you acted with consideration and due process?

A

Set terms of engagement for the sole purpose intended and should exclude liability for losses incurred as a result.

Keep well-recorded file notes of all meetings and of any advice that is offered to the client.

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53
Q

If you were providing services outside of your usual scope to a client, what might you need to do in relation to your PII cover?

A

check cover covers it and see if it brings you above a threshold

54
Q

What is run off cover? and RICS requirements?

A

required when a firm/member ceases to trade.
on a claims-made basis and fully retroactive, covers historic work carried out by firm.
commercial claims - firms need cover for 6 years
consumer claims - firms need cover for 6 years with an aggregate limit of £1m.

55
Q

What changes did RICS recently make to the Minimum Approved PII Wording?

A

1 April 2021
to obtain improved fire safety cover in their PII.

56
Q

What precedent has case law set in terms of keeping adequate site notes (and therefore providing a defence in a PII claim)?

A

Hart v Large

57
Q

Explain PII requirements relating to fire safety cover and cyber cover.

A

clarifying the cyber cover that a PII policy includes.
more fire safety cover and can do 4 storeys or less

58
Q

How much would FG be liable to pay for a claim made for a COI or neglegence?

A

Depends on:
- What is in the Terms of Business
- Level of negligence
- what is covered in PII cover

59
Q

How long can a PII claim arise after the work is undertaken?

A

Limitation Act 1980 and the Latent Damage Act 1986

up to 6 years after work completed

60
Q

What is the Assigned Risks Pool (ARP)?

A

If a firm is rejected PII cover - RICS has a market facility for these firms to have cover. This is managed by Miller Insurance Services LLP

61
Q

What is the Assigned Risks Pool (ARP)?

A

professional indemnity insurance (PII) the RICS has a market facility for UK RICS regulated firms that are unable to obtain PII
all RICS registered firms are eligible for terms

62
Q

Explain your understanding of the RICS Guidance Note Risk, Liability and Insurance (1st Edition).

A

DELETE
guidance on mitigating/avoiding risks and liabilities with surveying work.

63
Q

Explain why you might agree a liability cap.

A

to limit the amount of damages that can be claimed by a client in the event of loss, even in the event of a negligent act.
helps firms to manage risk around the provision of surveying services.

64
Q

How would you set out third party reliance in Terms of Engagement?

A
  • be specific as to who the permitted third parties are
  • advice may only be relied upon by the named client
65
Q

What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?

A
  • The scope of the work
  • The basis on which the fee will be calculated
  • The liability cap
66
Q

What is an annual return?

A

snapshot of certain company information at the anniversary of the limited company’s incorporation.

67
Q

What are some of the key principles about Complaints Handling Procedures (CHP).

A

managing complaints in an appropriate manner
key principles of an effective CHP are being:
Fit for purpose
Understood
Available
Readily shared
Reviewed regularly

68
Q

When and how can the RICS be involved in a complaint about a firm or member?

A

a client can complain to RICS about service/professionalism
RICS only investigate if in public interest to take disciplinary action to protect public, rather than to punish the professional or firm.

69
Q

Why is CPD important?

A

boost skills and knowledge, confidence, professional credibility, creative in new challenges

70
Q

What are the roles of RICS?

A
  • Global leading professional body promoting the highest standards in the property industry
    -Gold standard of professional regulation
71
Q

What are the 5 principles of better regulation?

A
  • transparent
  • proportional
  • accountable
  • reliable
  • enforceable
72
Q

What is the name of the RICS guidance on bribery and money laundering and when is it effective from? what status it holds?

A

Professional Statement - Countering bribery and corruption, money laundering and terrorist financing, effective 1 September 2019

Soon to be replaced in 2025

73
Q

Tell me about the RICS’ guidance on dealing with Conflicts of Interest.

A

March 2017 effective january 2018
professional statement that supports the rules of conduct
1 sets out mandatory rules
2 set out principles as to how RICS expects regulated firms and members to apply the professional statement.

74
Q

What is double dipping (dual agency)?

A

working for both the buyer and seller

75
Q

Why is double dipping (dual agency) an unacceptable practice?

A

ethical robustness of taking fees from both sides of a transaction

76
Q

How would you close down a regulated firm?

A
  • Deal with any outstanding money in client accounts (in line with the RICS Professional Statement Client Money Handling)
  • Notify your professional indemnity insurer to arrange run-off cover (on a claims made basis)
  • hard copy and electronic files + keep for as long as needed (up to 15 years under the Limitation Act 1980).
  • Inform RICS and fill in the firm deregistration form
77
Q

What are some of the key principles of RICS Professional Statement Countering bribery and corruption, money laundering and terrorist financing guidance?

A

split in 3 parts (mandatory, good practice and supplementary guidance)
BRIBERY AND CORUPITON
Firms and members must….’Not offer or accept, directly or indirectly, anything that could constitute a bribe
Have plans to comply with applicable laws and have knowledge
report anything
act with due diligence
MONEY LAUNDERING AND TERRORIST FINANCING
not be involved
systems and training
report
verify identity

78
Q

What are the current RICS rules for registration of firms? when did they change?

A

1 April 2020
regulation -
Firms must register for regulation if provide surveying services to public, operate in UK + at least 50% of the Firm’s Principals are RICS Members

79
Q

Who is a ‘qualified member’ of RICS?

A

qualified member = AssocRICS, MRICS or FRICS

80
Q

What is a phoenix firm?

A

firms which close in a disorderly way and then rapidly re-establish themselves as a new trading entity

81
Q

What are the registration eligibility criteria? + what if they cant comply? RICS rules for registration of firms

A

Registration eligibility criteria are amended so firms have to have at least 25% of RICS qualified Principals
if cannot meet, can implement plan to secure compliance or be supervised by another RICS Regulated Firm

82
Q

Who is a Responsible Principal?

A

Firms must designate a Responsible Principal who provides oversight, accountability and engagement with RICS standards and regulation

83
Q

What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?

A

Use of the RICS logo is restricted to Regulated Firms only

84
Q

Tell me about the restrictions to the use of the designation ‘Chartered Surveyors’ by firms.

A
  • term ‘Chartered Surveyors’ restricted to trading names only of firms
  • Regulated Firms must include prescribed text in their terms of engagement to explain what being Regulated by RICS means to clients
85
Q

What is a locum and who might need one?

A

a professional appointed to ‘stand in’ for the surveyor if they are unable to work, e.g. accident/illness, prolonged absence (e.g. holiday or a sabbatical) or death.

86
Q

How could a sole trader set up their CHP using a locum?

A

a locum may be appointed by a sole practitioner as their complaints handling officer to ensure Complaints Handling Procedure can be run fairly + impartially.

87
Q

What RICS guidance relates to handling client money?

A

RICS Professional Statement, Client Money Handling (1st Edition, October 2019) Effective from 1 January 2020

88
Q

Explain your understanding of the RICS Scheme Rules relating to client money protection.

A

Client Money Protection - regulation - 1 April 2019 apply from 1 jan 2020
scheme rules take precedent over prof statement
- RICS operates a Client Money Protection Scheme (CMPS)
- scheme provides protection, as a last resort, where RICS Regulated firm is unable to repay a client’s money, up to the limits and exceptions set out in the scheme rules.

89
Q

What are the main client money protection schemes available to firms?

A

client money protection schemes for
- surveying services
- property agents (resi letting and management)
- TDS deposits

90
Q

When were these last updated? (rics scheme rules)

A

1 april 2019 apply from 1 jan 2020

91
Q

What is the current compensation limit? rics client money protection scheme

A

£50,000 per claim, which must be made within 12 months of a loss occurring.

92
Q

What does the annual regulatory review fee relate to? rics client money protection scheme

A

Firms who hold clients’ money pay an annual regulatory review fee, depending on the number of directors or principals the firm has.

93
Q

Name some different types of client accounts:

A
  • General Client money accounts
  • Residential Agency Activity Accounts
  • Client Ledgers
94
Q

What might client money include?

A

Payment of general costs
Rent
Service charges
Interest credited to a client account
Arbitration fees
Client money held but due to be paid to contractors

95
Q

what is office money

A

Money belonging wholly to the RICS-regulated firm

96
Q

What are some of the key principles of the RICS Professional Statement relating to client money protection?

A

1 jan 2020
mandatory requirements
- hold client money in an exclusively controlled client account
- account only contains client money paid into it
- Not hold office money in client account
- Ensure the account name includes the word ‘client’ and the name of the firm and an identifier e.g client or property name
- regular reconciliations

97
Q

Explain the key themes from the RICS Futures 2020 Report.

A

outline a number of areas the global professional body will focus on to ensure it continues to fulfil its mission to deliver confidence, act in the public interest, and support its professionals.

98
Q

Explain the potential implications of the Hart v Large case.

A

advising on and identifying defects

emphasises importance of
-being clear and advising on survey level and scope of inspection
- recommend further investigation
- updating advice after new info provided?

99
Q

Explain your understanding of precedent set in Burgess v Lejonvarn.

A

didnt pay for services so no contract was made but professional has a duty to use reasonable skill and care and could be liable for negligence if not given to required standard

100
Q

What is the new maxim of RICS in relation to compliance?

A

‘responsible business, responsible employer’.

101
Q

What do RICS set out as good practice for the use of social media in their Regulation document (June 2021)?

A

30 June 2021
take responsibility for our online presence and ensure that we remain professional and respectful in what we post.

102
Q

Explain your understanding of the RICS Levitt review.

A

independent review
investigate info in press that RICS ‘tried to supress a internal report into its finances in 2018/2019 and then unfairly dealt with those who sought to explore the issue’
- wrongful dismissal

103
Q

what is the Bichard review?

A

to review the Institution’s purpose, governance and strategy.

104
Q

what is whistleblowing?

A
  • raising concerns about malpractice, mistreatment, suspected wrong doing or danger at work.

Including: health and safety concerns, financial inaccuracies or breaches of regulation among others.

105
Q

Explain what the Pandora Papers are and the ethical issues raised within them.

A

leak of almost 12 million documents that reveals hidden wealth, tax avoidance and, in some cases, money laundering
- conflict of interest, legal not always ethical

106
Q

Explain some of the recommendations of the Bichard Review.

A
  • RICS Matrics should give younger members a stronger voice in the Institution, including by allowing to sit on Governing Council.
  • improve its technology.
107
Q

How do professional integrity and professional ethics differ?

A

integrity - honest and fair individualistic come from within
ethics - outwardly rules and regulations, imposed

108
Q

What is modern slavery and how would you identify red flags of it?

A
  • Appear to be under the control of someone else and reluctant to interact with others.
  • Have few personal belongings, wear the same clothes every day or wear unsuitable clothes for work.
  • Not be able to move around freely, and they may not have access to personal identification.
109
Q

Explain the implications of the Sanctions and Anti-Money Laundering Act 2018.

A

allow the UK to impose economic and other sanctions, and money laundering and terrorist financing regulations, following exit from the EU.

110
Q

What is the Sanctions List and why should you be aware of it?

A

which people, entities and ships are designated or specified under regulations made under the Sanctions and Anti-Money Laundering Act 2018

111
Q

Why was the Register of Overseas Entities introduced?

A

1 August 2022 - russian invasion Ukraine to tackle global economic crime.

112
Q

What are the six RICS values published as a result of the Levitt review?

A

HICSRR
honesty
integrity
competence
service
respect
responsibility

113
Q

Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022.

A

new powers for Companies House, tightens up rules for Limited Partnerships and introduces new intelligence gathering powers for law enforcement

114
Q

How do you ensure that you comply with bribery legislation?

A
  • keep declarations of interest up to date
  • gifts told to line manager and all recorded in gift registered whether accepted or not
  • appropriate CPD
  • bribery act 2010
    RICS prof statement Bribery Corruption money laundering terrorist financing - feb 2019
115
Q

How do you ensure you comply with money laundering regulations?

A

understand the ML officer in the EA
request ID
Dunn and bradstreet , companies house check
- cpd
comply with employer policy
RICS prof statement Bribery Corruption money laundering terrorist financing - feb 2019

116
Q

Who is FG’s money laundering person?

A

Alistair Dunn

117
Q

How do you ensure you comply with your firm’s bribery and gifts policy?

A
  • generally do not accept gifts/hospitality
  • can accept diaries and calendars and working lunch
  • declare to manager if offered
  • all gifts recorded in gift register
  • CPD
118
Q

Tell me about an instance of when you have been offered a gift or hospitality by a client.

A
119
Q

Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge.

A

Rule 2 - Competence.
- discuss with line manager and internal colleagues
- discuss with client scope of instruction
- decline if out of scope of competence

120
Q

Tell me about an instance of when you have handled client’s money.

A
  • Yorkshire Green - FG Pot
  • held in a client money account
  • client and name of firm
  • RICS client money handling 2019
  • regular reconciliations
121
Q

How would you keep client’s money securely and safely held?

A
  • held in separate client account.
  • account only has client money in it - not office money.
  • account = ‘client’ name of firm.
  • only use money for client and with written consent
  • pay promptly
122
Q

Tell me about how you would handle a client complaint.

A

Refer to Complaint Handling Procedure:
- Complaint received and reviewed by the firm, acknowledged within 7 days and responded to within 21 (28) days.

Refer to RICS complaint policy.

123
Q

Who is FG’s Complaints handler ?

A

Sanjay Patel

124
Q

Tell me about your understanding of your firm’s process for escalating a complaint to Alternative Dispute Resolution (ADR).

A
  1. Complaint raised to complaint team.
  2. Escalated to manager who review and addresses client again.
  3. if not satisfied with manager then: Ombudsman
125
Q

Tell me about a conflict of interest check you have carried out.

A

Using our COI check page I would Identify and manage COI in accordance with Professional Standards: Conflicts of Interest 2017.

  • This keeps a record of decisions and obtains informed consent.
126
Q

What is the most recent review done by RICS? And when was it done?

A

The RICS Bichard review. In Dec 2021

127
Q

What did the Bichard review say?

A

Recommendations about:
- Structure of RICS
- Improved customer experience.
- Changes to add more board standards, add a regulation board and a management board.

128
Q

Why must a chartered surveyor remain solvent?

A

To limit risk, by ensuring advice or judgement is not affected.
Also reduces likelihood of being bribed.

129
Q

Which board delivers independent professional regulation within the RICS?

A

The Standards and Regulation Board

130
Q

What are the 7 principles of GDPR?

A
  1. Lawfulness and Transparency
  2. Purpose Limitation
  3. Data Minimization
  4. Accuracy
  5. Storage limitation
  6. Integrity and Confidentiality
  7. Accountability
131
Q

What legislation covers diversity/ inclusivity ?

A

The Equality Act 2010

132
Q

What are the 9 protected characteristics under the equality act?

A
  1. Age
  2. Disability
  3. Gender reassignment
  4. Marriage status
  5. Pregnancy
  6. Race
  7. Religion
  8. Sex
  9. Sexual Orientation

APC - 2023 (11 decks)

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