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Project Management APC 23 > Ethics > Flashcards

Ethics Flashcards

1
Q

What is the CIS and why is it used?

A

Construction Industry Scheme (CIS). Contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC).

The deductions count as advance payments towards the subcontractor’s tax and National Insurance.

Contractors must register for the scheme if they employ subcontractors or if a company spends more than £3m a year on construction.

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2
Q

What would you look for to confirm an operative on site is competent?

A

CSCS card - Construction Skills Certification Scheme.

This is a leading skills certification scheme in the UK to provide that individuals working on construction sites have the appropriate training and qualifications for the jib they do on site.

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3
Q

What is a professional standard?

A

A new category of core material that is due to replace the status of the current RICS material include codes of practice, professional statements and guidance notes.

They include a combination of mandatory and guidance information.

Supported by practice information

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4
Q

What are the RICS rules of conduct?

A
  1. Act with honesty and integrity
  2. Maintain professional competency
  3. Provide a good level of service.
  4. Respect and encourage diversity & inclusion
  5. Act in the public interest and take responsibility for actions.
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5
Q

What are the offences under the Bribery Act 2010?

A
  1. Bribing
  2. Receiving a bribe
  3. Bribing a foreign public offical
  4. Failing to prevent a bribe
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6
Q

What are examples of money laundering red flags?

A
  1. An unwillingness to provide identification documents.
  2. Changes to parties invovled in a transaction.
  3. Unexpected urgency of transaction
  4. Unusual currency
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7
Q

How do you undertake due diligence on a new client?

A

I customer due diligence through:
- Verifying their identity through a passport or driving licence.
- Check the company name and registered office and see if this matches the companies house details.
- Obtain information on the purpose and intended nature of the business relationship and proposed funding arrangements.

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8
Q

(L2) Why is it important to ensure equal information when issuing an RFP?

A

This is to ensure all parties are issuing their proposal based on the same information and understanding of the job in hand.

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9
Q

What is the role of the RICS?

A
  1. To maintain the highest standards of education & training.
  2. To protect consumers through strict regulation of processional standards.
  3. Be the leading source of information and independent advice on land, property, construction and associated environmental issues.
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10
Q

What was the Bichard review and what was its purpose?

A

“Clarify the purpose of the RICS, including its responsibility to act for the public advantage; make recommendations on its governing structure to deliver that purpose; and provide proposals for the incoming leadership and governing body on the future culture and strategy of the institution.”

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11
Q

What are the benefits of being an RICS member?

A
  1. Status
  2. Recognition
  3. Market advantage
  4. Knowledge
  5. Network
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12
Q

Why were the rules of conduct updated in in 2021?

A

They were updated to provide a single set of rules to apply to both members and firms, providing a simple structure with clear example behaviours for each rule. Focusing on respective & diversity and inclusion, evolving technology and global challenges.

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13
Q

What are your professional obligations as an RICS member and firm?

A

Members must:
- comply with CPD
- Cooperate with the RICS
- Promptly provide information when requested.

Firms must:
- Publish their complaints handling procedure
- Ensure Professional Indemnity insurance
- Issue their annual return and appoint a responsible principle
- Have appropriate arrangements in place to continue work in the event of incapacitation
- Comply with the RICS

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14
Q

What is the ethics decision tree? Name some steps

A

This is a framework of questions to help members act when potentially face with an unethical situation.

Steps include:
- Is it legal
- Have you consulted a colleague
- Have you got appropriate information to make the decision
- Would you be happy for your actions to be published in the news paper?

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15
Q

What are the RICS disciplinary procedures?

A
  1. Fixed penalty notice
  2. Regulatory compliance order
  3. Action by a disciplinary panel
  4. Appeal panel
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16
Q

What must you consider if handling client money?

A
  • Client money must be kept in separate accounts
  • Client must be noted in the name
  • Monies must be available on demand
  • Payment of interest must be agreed in advance with the client
  • Signatories must be agreed in advance. Two signatories must be required.
  • Annual audits must be completed by a charted accountant
17
Q

What must you do when starting a new practice to comply with the RICS?

A
  • Inform the RICS
  • Appoint a Responsible Principle
  • Register for RICS regulation
  • Arrange PI insurance
  • Set up client money handling procedures
  • RICS approved complaints handling procedure
  • Appoint a complaints handling officer
  • Issue your RICS annual return

Statutory Compliance:
- Bribery Act 2010 compliance
- Financial services compliance
- Equality Act 2010
- Asbestos register
- Health & safety at work act 1974
- Inform HMRC for VAT and tax registration

18
Q

What must you do when closing a firm?

A
  • Inform the RICS & clients
  • Return any client money
  • Inform the insurers and obtain run off cover for a minimum of 6yrs.
  • Retain client files for a minimumof 6 years
19
Q

What defence could be used if accused under the Bribery Act?

A

You can show that adequate procedures are in place for all staff to follow.

20
Q

What are the penalties for the Bribery Act?

A

10 Years in prison or an unlimited fine.

21
Q

What are your legal obligations under the Terrorist Financing and Transfer of Funds Regulations 2017?

A
  1. A money laundering risk assessment must be completed
  2. A money laundering reporting officer must be allocated.
  3. Training must be provided to staff and internal controls in place.
  4. Comply with new customer DD checks.
  5. High risk factors such as political status or high risk countries must be considered.
22
Q

What is the RICS Manifesto?

A

The RICS manifesto sets out a ten-point roadmap, which includes points focussed on creating safe, sustainable, and affordable homes for all, building safety, and future skills for a sustainable built environment, among many other important factors.

Key asks within the manifesto include:

Increase supply of rented homes to meet demand and slow rent rises
Deliver a joined-up quality and sustainability strategy
Review skills shortages to tackle targets
Hit housing targets with a housing delivery strategy
Action the recommendations from the recent RICS Decarbonising UK Real Estate that call for reform to how building performance and EPCs are presented.
Develop the much-needed National Fire Strategy as called on by industry to raise competency, standards and mitigation. This must include the UN-endorsed International Fire Safety Standards (IFSS) Common Principles.

It includes proposals to address the nation’s housing shortage, improve both sustainability and fire safety, address the persistent skills gap in construction, unlock investment, and deliver more benefits to communities.

23
Q

What are the RICS UN Sustainability Goals

A

There are 17 UN Sustainable development goals.

  1. Health & wellbeing
  2. Gender equality
  3. Industry, innovation and infrastructure
  4. Economic growth
  5. Sustainable cities and communities
  6. Responsible consumption and production
24
Q

What is a Locum?

A

A locum is effectively another professional who is appointed to ‘stand in’ for the surveyor if they are unable to work, e.g. in the event of an accident/illness, unforeseen circumstances, prolonged absence.

Typically, a locum will be another Chartered Surveyor, although they could also be aa solicitor or accountant by trade

25
Q

6 key principles of bribery ?

A
  1. proportionality
  2. top level commitment
  3. risk assessment
  4. due diligence
  5. communication
  6. monitoring and review
26
Q

What are the Key provisions under the Terrorist Financing and Transfer of Funds Regulations 2017?

A
  1. Risk assessment to be undertaken
  2. Implement systems, policies and procedures
  3. Provide staff training
  4. Due Diligence undertaken
  5. Consider requirements for a PEP
  6. Assess high risk factors and needs for additional due diligence such as high risk countries.
27
Q

RICS Professional Standard Countering Bribery, Corruption, Money Laundering and Terrorist Financing 2019

A
  • Mandatory requirements for anti bribery, money laundering and terrorist financing
  • Guidance setting out good practice
  • Glossary of terms
28
Q

L3 What stage was the structural engineer engaged?

A

At the briefing stage - during the first site inspection .

29
Q

How did you ensure the structural engineer was competent?

A

Tendered the role to three parties and requested they submit case study examples of works completed previously. The appointed party had worked on the estate before and had a prior knowledge of the building.

30
Q

How do you ensure you are upholding the RICS professional standards in your personal lift?

A
  1. Honesty + integrity
  2. Professional competence - Ensuring to know the limits of my PI insurance and not undertaking pro-bono work
  3. Good quality of service
  4. Respect and promote diversity and inclusion
  5. Promote confidence in the profession - Within my person life abide by the law
31
Q

What due diligence would you undertake on the following?
1. PLC
2. Publicly accountable body
3. Private limited company
4. Sole trader

A
  1. PLC - Review details on the London Stock exchange
  2. Publicly owner - review government website
  3. Review details on companies house
  4. Review passport and personal documents
32
Q

When would you undertake enhanced due diligence?

A

This would be undertaken on transaction going to / from a high risk country or a PEP.

If a significant DD check is needed specialist third party services can be instructed.

33
Q

What is the RICS business plan?

A

Published for 2021-2022

  • Focus on resilience post pandemic
  • Governance, purpose and strategy

1 - Trusted by our stakeholders and society. We aim to improve stakeholder trust and confidence in RICS.

2 - RICS qualifications in demand
Our primary goal is to ensure RICS qualifications remain relevant for the next, more diverse generations and that increased numbers of members use RICS to meet their knowledge
and/or training needs.

3 - Influential thought leader
We wish to be the profession’s leadership voice on sustainability, data and technology, and
diversity and inclusion.

4 - Involved and engaged members
We want to increase member participation in our communities and increase engagement beyond renewal of professional subscription fees.

5 - Sustainable 21st century professional body. We aim to improve our financial sustainability and enhance the transparency of our
governance, while improving the overall satisfaction of members and the engagement of
our people.

Project Management APC 23 (15 decks)

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