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APC Revision > Ethics > Flashcards

Ethics Flashcards

1
Q

What are the 5 Rules of Conduct?

A
  1. Members and firms must be honest and act with integrity and comply with personal obligations including obligations to the RICS
  2. Members and firms must maintain their professional competence and jobs must be undertaken by competent individuals with the necessary expertise
  3. Members and firms must provide a high quality and diligent service
  4. Members and firms must treat others with respect and encourage Diversity and Inclusion
  5. Members and firms must act in the public interest, take responsibility for the actions, act to do no harm and maintain public confidence in their profession
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2
Q

Why have the Rules of Conduct been updated?

A

To create a simpler, easier to understand structure.
To provide clear examples
To place more focus on diversity and inclusion

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3
Q

What are the key areas of the Bichard Review 2022?

A
  1. Renewed focus on acting in the public interest through amending the Royal Charter
  2. A more clear and accountable governance structure
  3. Self-regulation through more independence to regulatory functions
  4. Renewed focus on member engagement including more support to regional boards
  5. More focus on diversity and inclusion
  6. Independent review every 5 years to ensure the RICS is complying with the Royal Charter
  7. Take more leadership on global issues such as sustainability and climate change
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4
Q

What report preceded the Bichard Review?

A

The Levitt Review 2021

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5
Q

Examples of how you would use the Ethics Decision Tree to aid your decision on taking a job?

A

Do I have all the necessary information?
Is it legal?
Does it comply with the RICS Code of Conduct?
Would I be happy for this job to become public knowledge?

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6
Q

Tell me about the RICS Professional Statement on Money Laundering and bribery?

A

The RICS Professional Statement on Countering Bribery and Corruption, Money Laundering and Terrorist Financing (2019) sets out the mandatory requirements for RICS members and firms in relation to bribery, money laundering and terrorist financing

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7
Q

Tell me about the Governance Structure of the RICS

A

President of the RICS is Anne Gray
CEO is Justin Young
The RICS is bound by its Royal Charter
There are over 20 people on the Governing Council which runs the RICS, providing strategic and management direction
There are 17 specialist groups covering land, property and construction

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8
Q

What are the 3 main roles of the RICS?

A
  1. To maintain the highest standards of education and training
  2. To protect consumers through strict regulation of professional standards
  3. To be the leading source of information and independent advice on land, property, construction and associated environmental issues.
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9
Q

5 benefits of being an RICS Member?

A

1.Knowledge
2.Recognition
3.Status
4.Market Advantage
5. Network

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10
Q

Current number of RICS Members?

A

137,500

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11
Q

What do you have to do when starting a company and what information do you need to provide?

A

Let the RICS know by filling out a Firm Details form
Information needed:
1. Business type and staffing details
2. Name of Responsible Principal
3. Statutory Regulated Activities
4. Nature of Clients
5. Complaints handling procedures
6. Professional Indemnity Insurance
6. Handling client’s money

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12
Q

Who undertakes disciplinary procedures?

A

The Standards and Regulatory Board

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13
Q

What guidance is there for social media use? and what does it state

A

Use of social media: Guidance for RICS members 2021
RICS likely to investigate concerns about social media posts if they involve:
-Dishonesty
-Racism
-Discrimination
- Abusive or threatening behaviour
-Bullying or harassment

RICS is not likely to investigate:
- Posts that are critical of another organisation rather than individuals

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14
Q

What are the rules for calculating fees?

A

You must be competitive, cannot undercut
Must be transparent
Fees should be market-based
Avoid price fixing or collusion

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15
Q

What are the 3 types of conflict?

A

Personal Conflict -relating to a personal interest
Party Conflict - relating to work on the same or related instructions for 2 different parties
Confidential Information Conflict - relating to work between two parties that is confidential

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16
Q

What is the difference between conflict avoidance and conflict management

A

Conflict avoidance is when you do not accept the instruction
Conflict management - the instruction is accepted and steps are put in place to manage with, with written informed consent from both parties.

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17
Q

What would you find in a Terms of Engagement?

A

Confirmation of fee, timescales, payment of expenses, and that a copy of Savills complaint handling procedure is available upon request.

18
Q

Three Steps to follow prior to beginning work on an instruction?

A
  1. Check you are professionally competent
  2. Check there are no conflicts of interest
  3. Confirm terms of engagement in writing ad get written approval from the client
19
Q

For what reasons would it be appropriate to decline an instruction?

A
  • Where there is a conflict of interest
    -When you do not have sufficient facts
  • The client will not sign TOE or complete AML checks
  • The client is on the UK Gov Sanctions list
    -Would you be happy for the job to be public knowledge?
20
Q

What is a conflict interest?

A

When your independence and impartiality is threatened due to the existence of a conflict between two clients

21
Q

What RICS guidance is there on Conflicts of Interst

A

RICS Global Professional Statement on Conflicts of Interest 2017 (came into effect 1st Jan 2018)
States that a member must not advise a client where doing so would cause a conflict

22
Q

How many women directors are at Savills?

A
23
Q

What are the 3 Levels of Disciplinary Action?

A
  1. Action by Head of Regulation
  2. Disciplinary Panel
    3.Appeal Panel
24
Q

What are the 4 actions the Head of Regulation can take?

A
  1. Serve a Fixed Penalty Notice
    2.Make a Regulatory Compliance Order
    3.Refer the matter to a single member of the Regulatory Tribunal for consideration
    4.Refer the matter directly to the Disciplinary Panel
25
Q

What is the Savills Complaints Handling Procedure

A
26
Q

What is the minimum procedure for complaints handling?

A
27
Q

Who handles your dispute resolution scheme

A
28
Q

What are the 6 principles of the Bribery Act?

A

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

29
Q

Who is the Bribery Act policed by?

A

The Serious Fraud Office

30
Q

What are the Accounting Regulations?

A

GAAP and IFRS
Generally Accepted Accounting Principles and International Financial Reporting Standards

31
Q

Something about accounting covenant strength

A
32
Q

What are the 6 key principles of the Bribery Act 2010

A
  1. Proportionality
  2. Top level engagement
  3. Risk assessments
  4. Due diligence
  5. Communication
  6. Monitoring and review
33
Q

What is the governance structure of the RICS?

A

RICS bound by its royal charter
Managed by the governing council which is 21 members
Chaired by the current president who is Anne Gray
Governing council is responsible for the management and strategic direction of the RICS
There are also various regional boards. I am aware of the current review of the governance structure following the Bichard review

34
Q

What are the three levels of Disciplinary Action?

A
  1. Head of Regulation
  2. Disciplinary Panel
    3.Appeals Panel
35
Q

What action might the Head of Regulation take?

A
  1. Fixed Penalty Notice
  2. Regulatory Compliance Order
  3. Refer to member of Regulatory Tribunal
  4. Disciplinary Panel
36
Q

What is a Regulatory Compliance Order

A

Written order to cease and desist by a certain date. Also an agreement to pay a fine.

36
Q

What is a fixed penalty?

A

Fine or Caution

37
Q

What penalties can the disciplinary panel provide?

A

Fine
Reprimand
Regulatory Compliance Order
Removal from RICS
Publish results of hearing in MODUS, on RICS website and in local newspaper

38
Q

What are the rules for quoting fees?

A

No price fixing, aggressive undercutting or collusion with other firms
Must quote at market level on an ad hoc basis
You are free to negotiate after initial quoting as long as in professional manner
Must be transparent about any referral feels and also consider if referral fees relate to Bribery Act 2010

39
Q

What is the RICS guidance on Complaints?

A

RICS Guidance Note : Complaints Handing, 2016

Firms must have a written CPH policy
CPH policy must be provided at same time as Terms of Business
Firms must notify insurers asap if there is a claim for negligence
Complaints log
Alternative Dispute Resolution mechanism in the CPH

40
Q

Talk me through Stage 1 of the Complaints Handling Procedure

A

Must present the CPH policy to the complainant if we owe them a duty of care
Procedures must be clear transparent and implemented impartially
Complaints must be acknowledged within 7 days and investigated within 28
Details of the Complaints Handling Officer must be provided as the first point of contact
Complaint must be made in writing
Procedures and strict timescale for the investigation of the complaint should be recorded

41
Q
A

APC Revision (7 decks)

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