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KR RICS APC - Project Management pathway revision flashcards > Ethics > Flashcards

Ethics Flashcards

1
Q

Rule 1

A

Members and firms must be honest, act with integrity and comply with their
professional obligations, including obligations to RICS.

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2
Q

Rule 2

A

Members and firms must maintain their professional competence and ensure
that services are provided by competent individuals who have the necessary
expertise

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3
Q

Rule 3

A

Members and firms must provide good-quality and diligent service.

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4
Q

Rule 4

A

Members and firms must treat others with respect and encourage diversity and
inclusion.

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5
Q

Rule 5

A

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

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6
Q

What and when did the rules of conduct change?

A

New rules took effect in 02nd Feb 2022.
They changed from rules which had previously been in place since 2007, they were updated to provide a single document to give greater clarity to RICS firms & members.
There is now clearer focus on example behaviours , understanding evolving technology and tackling climate change.

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7
Q

Professional obligations of RICS members?

A

1 - Members must comply with the CPD requirements set by the RICS which required 20 hours of CPD for each calendar year, 10 hours of which must be formal.

2 - Members must co-operate with RICS.

3 - Members must promptly provide all information reasonably requested by the standards and regulations board, or those exercising delegated authority on it’s behalf.

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8
Q

Professional obligations of RICS firms?

A

1 - Firms must publish a complaints handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log.

2 - Firms must ensure that all previous and current professional work is covered by adequate and appropriate PII that meets the standards approved by RICS.

3 - Firms with a sole principal must make an appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from inability to work.

4 - Firms must co-operate with RICS.

5 - Firms must promptly provide all information reasonably requested by the standard and regulation board, or those exercising delegated authority on it’s behalf.

6 - 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.

7 - Firms must report to RICS any matter that they are required to repot under the Rules for the registration of firms.

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9
Q

What are regulations?

A

Rules, procedured and processes for members and firms,

The regulations add further detail to the bye-laws and sets out the difference classes of membership and contains further details of when fees are payable etc.

There are 10 regulations in total.

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10
Q

When was RICS founded?

A

1868

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11
Q

RICS motto

A

‘Est Modus in Rebus’ which in Latin translates to ‘There is measure in all things’.

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12
Q

RICS leadership team - Governing council

A

Governing council is the highest governing body and sets RICS global strategy and ensured RICS fulfils its Royal Charter obligations

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13
Q

RICS president

A

Tina Paillet FRICS

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14
Q

RICS President elect

A

Justin Sullivan FRICS

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15
Q

RICS Chief executive

A

Justin Young

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16
Q

RICS mission statement

A

To qualify and equip their members to offer the highest standards of professional service.

To promote and enforce standards.

To lead solutions to the major challenges facing the built environment through the professional expertise.

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17
Q

How is the RICS governed

A

Royal charter being granted by the privy council in 1881.

The RICS is self regulated and internally monitored meaning that it is not regulated by the Government or external parties.

The Bye-Laws determining how the RICS is regulated.

The governing council manage and agree the strategy for the RICS.

The regulatory board, audit committee and management board are beneath the governing council and execute the strategy set by them.

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18
Q

Five principles of better regulation

A

Proportionality
Accountability
Consistency
Targeting
Transparency

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19
Q

Why have rules of conduct?

A

To provide a framework and set standards that we can all work to and so the client knows what they are getting.
Also a useful professional guide for individual institutions.

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20
Q

Senior Vice President

A

Nicholas Maclean FRICS

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21
Q

What are the RICS PII max uninsured excess requirements?

A

Updated and in effect from April 2022.

Introduced changes to the max uninsured excess of PII.

For companies with a turnover in excess of £10M there is no max of uninsured excess.

less than £10M the max uninsured excess is the greater of £10k or 2.5% of the insured sum.

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22
Q

Limitation periods for under hand and deed forms of contract.

A

Under hand 6 years

12 years as a deed

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23
Q

Minimum levels of indemnity?

A

Turnover £100k or less = £250k
Turnover £100-200k = £500k
Turnover £200k+ =£1M

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24
Q

Merrit VS BABB

A

2001 case highlights the importance of run off cover

A surveyor was sued for negligence by a former client.

The surveying firm was no longer in existence therefore the individual surveyor was perused for damages successfully.

Highlighted the need for run off for all previous employees.

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25
Q

Purpose of PII

A

Provide financial cover in the event a client suffers financial loss as a result of a breach of professional duty.

The professional is protected from financial losses.

The firm does not have to meet the claim out their own assets and resources.

Ensure the firms clients do not suffer financial loss.

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26
Q

On what basis is PII underwritten in the UK?

A

On a claim made basis.

The insurance policy in place at the time of the breach is discovered responsible for providing the indemnity not the insurance in place when the breach occurred.

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27
Q

Requirements for PII set by RICS?

A

Be on an ‘each and every claim Basis’

RICS sets out the min levels of indemnity

RICS sets out the max levels of uninsured excess

Runn off cover must be in place for at least 6 years

Policy wording is written on a full civil liability basis

Be fully retroactive

Must cover for past and present employees

Be underwritten by a listed insurer

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28
Q

Setting up a practice
Professional obligations of firms

A

1 - Firms must publish a CHP which includes dispute resolution provider approved by RICS and maintain a complaints log.

2 - Firms must ensure that all previous and current professional work is covered by adequate and appropriate PII that meets the standard approved by RICS.

3 - Firms with sole principal must make arrangements for their professional work to continue in the instance of their incapacity, death, inability to work.

4 - Firms must co-operate with RICS.

5 - Firms must promptly provide all information reasonably requested by the standards and regulation board or those exercising delegated authority on its behalf.

6 - 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.

7 - Firms must report to RICS any matter that they are required to repot under the Rules for the registration of firms.

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29
Q

Setting up a practice
complaints handling procedure

A

The RICS provide a model form

The process must include a redress mechanism

Details of the policy must be issued to the client with the terms of business

It must be clear quick transparent and impartial and free of charge within the first stage.

Names and contact details of the nominated investigating person must be stated

The complaint must be investigated within 28 days

All complaints their progress must be reported

We must note the need to advise PI insurers of a complaint immediately

The process must have 2 stages
Stage 1 - Needs to be consideration of the complaint by a senior member of the firm or the complaints handling officer
stage 2 - If the issue is not resolved, the complain is referred to an independent third party with the authority to award redress. The complaint may be expected to contribute to costs at this stage.

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30
Q

Procedures for setting up a practice

A

Contact the RICS for guidance and obtain a company start up pack

inform the RICs and register for regulation

Appoint a contact officer for all RICS communication

Prep a CHP

Obtain PII

Abide by the rules of conduct for firms

Use the designation regulated by RICS on all practice material

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31
Q

What information do registered firms need to send to RICS annually?

A

Annual return and carried out online, failure results in a penalty.

it includes: type of business and staffing, nature of clients, training provision, PI details, whether the firm holds client money, CHP & records

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32
Q

Handling client money

RICS regulated firms that operate a client account must

A

Set clear segregation of duties for employees

A principal oversees the client money in accounting functions

Principles cannot override controls

Competent and knowledgeable staff are to process clients money with cover provided for long term absence

Accounting systems and data must be secure

Client money must be kept septate and clearly identifiable wit the word client included in the bank account names

Client must always have access to funds

We must agree to the terms and advise the client on the bank details

The account must not be overdrawn

We must maintain client ledgers and provide a running balance

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33
Q

RICS organigram

A

Privy council, boards, professional groups

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34
Q

RICS documents hierarchy

A

Professional standards
These are the documents which set requirements for competent and ethical practice e.g. our existing professional statements and rules of conduct

Practice information
These documents provide advice or practice support to RICS members and firms eg existing guidance notes

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35
Q

RICS rules of conduct

RICS documents hierarchy definition

A

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

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36
Q

International standards

RICS documents hierarchy definition

A

High-level standard developed in collaboration with other
relevant bodies.

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37
Q

RICS professional statement

RICS documents hierarchy definition

A

Mandatory requirements for RICS members and regulated
firms

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38
Q

RICs Guidance Note

RICS documents hierarchy definition

A

A document that provides users with recommendations or an approach for accepted good practice as followed by
competent and conscientious practitioners.

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39
Q

RICS code of practice

RICS documents hierarchy definition

A

A document developed in collaboration with other
professional bodies and stakeholders that will have the
status of a professional statement or guidance note.

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40
Q

RICS jurisdiction notice

RICS documents hierarchy definition

A

This provides relevant local market information associated with an RICS international standard or RICS professional statement.

This will include local legislation, associations and professional bodies as well as any other useful information that will help a user understand the local requirements connected with the standard or statement.

This is not guidance or best practice material, but rather information to support adoption and implementation of the standard or statement locally

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41
Q

Party conflict of Interest definition

A

a situation in which the duty of an RICS member or a regulated firm to act in the interests of a party in a professional assignment conflicts with a duty owed to another party in relation to the same or a related professional assignment

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42
Q

reason for avoiding conflicts of interest

A

The most important reason for avoiding conflicts of interest is to prevent anything getting in the way of your duty to advise and represent each client objectively and independently, without regard to the consequences to another client, any third party, or your own interests and that the clients and in turn the public can be confident you are doing so

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43
Q

Own Interest Conflict interest definition

A

a situation in which the duty of an RICS member (working independently or within a non-regulated firm or within a regulated firm) or a regulated firm to act in the interests of a client in a professional assignment conflicts with the interests of that same RICS
member/firm (or in the case of a regulated firm, the interests of any of the individuals within that regulated firm who are involved directly or indirectly in that or any related
professional assignment

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44
Q

Confidential Information conflict definition

A

a conflict between the duty of an RICS member or firm to provide material information to one client, and the duty of that RICS member or firm to another client to keep that same information confidential

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45
Q

Three types of conflict of interest

A

Party conflict
Own conflict interest
Confidential information conflict

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46
Q

Confidential Information definition

A

confidential information, whether held or disseminated electronically, verbally or in hard copy

Confidential information refers to sensitive or proprietary data that is disclosed under an agreement restricting its use and disclosure to unauthorized parties.

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47
Q

Information Barrier definition

A

the physical and/or electronic separation of individuals
(or groups of individuals) within the same firm that prevents confidential information
passing between them

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48
Q

‘Informed Consent definition

A

Consent given willingly by a party who may be affected by a Conflict of Interest, that party having demonstrated to the RICS member
– is entirely transparent about any material factors and
– is sure that the party affected understands what they are doing concerned that the party understands:

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49
Q

Can you tell me about the Levitt report?

A

’- A review commissioned by Governing Council in Jan 2021 to examine governance issues that followed an internal audit of the Institution’s treasury management function in 2018.
- Made 18 recommendations, including to carry out an independent review on RICS’ governance, purpose and strategy (Bichard Review).

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50
Q

Can you tell me about the Bichard review?

A

’- Will make firm recommendations on the purpose and governance structure of RICS
- Provide advice on values, culture and strategy for an incoming leadership team and Governing Council to take forward

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51
Q

How would you go about closing down a RICS firm?

A

’- Inform RICS, clients, employees, and insurers
- Return client’s money
- Recommend where existing clients can go to see out their business
- Retain project information for min. 6 years, or 12 years if under deed

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52
Q

What are the penalties that RICS can enforce?

A

’- Fixed penalty notice/caution
- Regulatory compliance order
- Disciplinary Panel

RICS Regulation - Sanctions Policy Guidance to RICS Disciplinary, Registration and Appeal Panel Rules 2019

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53
Q

What is the assigned risk pool?

What is the run-off pool?

A
  • Firms that are unable to obtain run-off cover from their insurer or the open market will be able to apply for coverage to the run-off pool
54
Q

Are you aware of any case law around PII?

A

‘Merritt v Babb
- The Court of Appeal decision involved an RICS member being personally sued for work he undertook following the bankruptcy of his employer and the subsequent cancellation of a PII policy

55
Q

What is employer’s liability insurance?

A

’- Responds to claims by employees for injury or illness caused as a result of the work they do for the company
- The limit of indemnity provided must be for a minimum amount of £5,000,000 in respect of any one claim

56
Q

What is public liability insurance?

A

’- Responds to claims by third parties such as members of the public or employees of another company working on site for injury to persons or damage to property caused by the activities of a company

57
Q

What is the RICS black book?

A

’- A suite of guidance notes that define good technical standards for quantity surveying and construction professionals

58
Q

What are the requirements around RICS logos and designations?

A

’- Can only be used by RICS regulated firms
- ‘Regulated by RICS’ must be displayed on letterheads, website, and terms of engagement
- ‘Regulated by RICS’ is for firms only, not members
- Members can use the logo on email signatures, business cards etc.
- The logo cannot be altered in any way other than that shown in the accompanying guidelines Regulation document

59
Q

What would you do if a client asked you to lower fees?

A

’- The scope of service must be lowered proportionally
- Cannot reduce fees simply to gain work as it devalues the industry and creates unfair competition
- Against Rule of Conduct 1 (act with honesty and integrity)

60
Q

What is client money?

A

‘Defined in the RICS GN as any money that is:
- Held by a firm on behalf of another person
- Not immediately due to the firm, but is owed to them in the near future

61
Q

What are red flag indicators when dealing with client money?

A

’- If they request to pay in cash
- Poor credit history
- Politically-exposed Person (PEP)
- Client based in a high-risk country
- Unexplained or irregular movement of money

62
Q

What are the RICS requirements for client bank accounts?

A

’- Firm and client have exclusive access
- Must not contain any other monies from other sources
- Contain the word ‘Client’ and the name of the client’s firm
- Must be immediately available, unless otherwise agreed
- Interest arrangements must be agreed with the client
- Account cannot be overdrawn

63
Q

What information must be given to the client regarding their client bank account?

A

’- Details of the account
- How interest is dealt with
- Advise on the client money protection scheme
- How unidentified funds are dealt with
- Firm’s client money handling procedures

64
Q

What is the client money protection scheme?

A

’- Designed to protect and reimburse clients if a RICS firm mishandles their money
- RICS firms who handle client money must sign up to the scheme
- Firms have a duty to ensure they pay money back by any means possible (including using insurance and selling assets)
- The scheme can make up the difference where the firm cannot pay

65
Q

What is the RICS Professional Statement regarding client money?

A

Handling client money

66
Q

What is bribery?

A

Giving someone an advantage in return for a reward

67
Q

What is corruption?

A

’- The misuse of public office or power for private gain, or misuse of private power in relation to business practice and performance

68
Q

What is money laundering?

A

Disguising money to appear as from a legitimate source

69
Q

What is a Politically Exposed Person (PEP)?

A

’- Individuals and the family members of such individuals, entrusted with prominent public functions by any country or international organisation
- Important to identify PEPs with regards to financial criminal activity
- PEPs who relinquish office or their relatives who cease being family members (e.g. through divorce) are no longer treated as PEPs 12 months after this occurs

70
Q

What is terrorist funding?

A

Soliciting funds to support terrorist acts or organisations

71
Q

What are the four categories of offences with regards to bribery?

A

‘1. Offering, promising or giving a bribe
2. Requesting, agreeing to or accepting a bribe
3. Bribing a foreign public official
4. Failure to prevent a bribe

72
Q

What are the 6 bribery principles?

A

’- Proportionate procedures P
- High-level Commitment C
- Risk assessment R
- Communication C
- Due diligence D
- Monitoring and review M

73
Q

What are some bribery red flag indicators?

A

’- Any dealings in cash
- Proceeding regardless that there are conflicts of interest
- Working in high-risk countries where bribery is more common-place that it is in the UK
- If the client continues to accept poor standards of work and ignores complaints
- Where PEPs are involved (Politically Exposed Persons)

74
Q

What are the RICS requirements re. money laundering?

A

’- Must not facilitate or be complicit in money laundering or terrorist financing
- Must have systems or training in place to comply with the law
- Never accept cash payments for fees
- The banking system provides a level of protection
- Due diligence on new clients
- Be aware of politically exposed persons (PEPs)

75
Q

When have you accepted a gift?

A
76
Q

What are some examples of more subtle bribes?

A

’- The offer of repeat business … in return for skewing a report/ not reporting a defect
- The offer of gifts/hospitality … in return for skewing a report/ not reporting a defect

77
Q

What is a facilitation payment?

A

’- A small bribe known as a ‘grease payment’ or a ‘speed payment’ typically solicited to facilitate or expedite the performance of a routine transaction or service to which the person or company making the payment is legally entitled to receive
- Different to a bribe in that the payments are offereed in return for a service that the person is entitled to receive. Whereas, bribers are offered in return for something they are not entitled to

78
Q

What is the key legislation to consider for this competency?

A

‘RICS Royal Charter 1881
RICS Bye-Laws
RICS Regulations
RICS Standing Orders
RICS Rules of Conduct 2022

RICS Regulation - PII Requirements 2022
RICS Regulation - Client Money Protection (Scheme) 2019
RICS Regulation - Guidelines for the personal use of the RICS logo and designation.. 2022
RICS Regulation - Rules for the use of the RICS logo and designation by firms 2022
RICS Regulation - Rules for the registration of firms 2022
RICS Regulation - Sanctions Policy Guidance to RICS Disciplinary, Registration and Appeal Panel Rules 2019
RICS Regulation - Use of social media: guidance for RICS members 2021

79
Q

What is Appendix A of the Rules of Conduct?

A

’- Sets out core professional obligations for members and firms

80
Q

What is the requirement for CPD?

A

’- 48 hours during APC process
- 20 hours once chartered

81
Q

What is the Royal Charter?

A

’- Awarded by the Privy Council; granting incorporation and independent legal personality
- Creates a level of consumer protection and an example of prestige for the organisation
- Allows self governance
- Sets a objectives and a precedent for the surveying profession
- Granted in 1881

82
Q

Can you describe the RICS structure?

A

Governing Council
RICS board & Standards & Regulations Board
Committee’s - Nomination & renumeration, Audit, risk & assurance committee
steering groups & professional groups

83
Q

What is RICS Lionheart?

A

’- RICS charity providing support, counselling, well-being packages etc. to members and their families

84
Q

What is RICS Matrics?

A

’- Provides support and networking activities
- Mainly aimed at younger/newer members/candidates

85
Q

What are the four levels of RICS membership?

A

’- Non-chartered members
- Honorary member (HonRICS)
- Associate (AssocRICS)
- Member (MRICS)
- Fellow (FRICS)

86
Q

Why do you want to become chartered?

A

’- Instil trust in the profession
- Provide a better service to my clients
- Personal development and career progression
- To give back to the next generation by providing APC support and becoming an APC assessor
- Status - Your professional credentials provide unrivalled client and market confidence
- Recognition - Promotion of your professional excellence to governments and markets
- Market advantage - RICS status and standards give you a competitive advantage
- Knowledge - International practice standards, professional guidance, CPD and knowledge sharing
- Network - Access to 134,000 RICS professionals worldwide.

87
Q

Who are “professionals”?

A

’- They have specialised skills and knowledge which is maintained through CPD.
- They tend to belong to a professional body that enforces a code of ethics.
- They have strong duties to clients and the public as well as significant power to impact clients and the public.
- And their effective working relationships with clients are dependent on client trust.

88
Q

What are the RICS bye-laws?

A

’- High-level laws on how RICS needs to operate to fulfil the Royal Charter

  1. Application and Definitions (who the laws apply to and definitions of terms used)
  2. Membership and Registration (who can/who to apply, and firm registration)
  3. Designations (use of FRICS/MRICS)
  4. Contribution to Funds (fees, subscriptions etc.)
  5. Conduct (must comply with rules and regs.)
  6. Governing council, officers & staff
  7. Subordinate boards, committees and groups
  8. procedure for general meetings
  9. Accounts and audit
  10. General
89
Q

Ethics decision tree

A
  • Do you have sufficient facts on the issue
  • Is it legal?
  • Is it inline with the RICS rules of conduct?
  • Have you consulted with the appropriate people to make an informed decision?
  • Do you have clear reasoning in reaching your decision?
  • Is your decision informed?
  • Would you be content for your actions to be made public in the newspapers of on the internet?
90
Q

Money Laundering and terrorist financing Regulations (MLR) 2022 update

A
  • Proliferation financing
  • Amending applicable assets
  • Discrepancy reporting
  • Suspicious activity reports
91
Q

Money Laundering and terrorist financing Regulations (MLR) 2022 responsibilities

A
  • Customer due diligence
  • Risk assessment
  • Nominated officer
  • Training employees
  • Policies
  • Record keeping
92
Q

RICS guidance & regulation on bribery

A
  • Bribery Act 2010
  • Money Laundering and terrorist financing Regulations (MLR) 2022
  • RICS professional statement (RICS countering bribery and corruption , money laundering and terrorist financing)
93
Q

RICS professional statement (RICS countering bribery and corruption , money laundering and terrorist financing)

Mandatory rules

A
  • DO not accept, be complicit in bribery or money laundering
  • Have knowledge of laws and requirements
  • Report suspicious activities
94
Q

Standing orders

A

Governance for bye-law 6 - Governing Council, officers and staff.

Including elections, emergency decisions & conduct

95
Q

Disciplinary procedures are for

A
  • Complaints / concerns
  • Misconduct
  • Professional incompetence
  • Breaches of bye-laws
  • Criminal conviction
96
Q

Fixed penalty notice would be the result of

A
  • Not adhering to CPD requirements
  • Complying with professional obligations
  • paying fees

1st time you get a caution, if it re-occurs in 10 years you’d also get a fine

97
Q

Regulatory compliance order

A

Agreement between RICS and a member they are liable for a regulatory shortfall
- Agree to sanction up to £2k
Caution
- Conditions on membership

98
Q

Regulatory compliance tribunal

A
  • Non compliance with regulatory order by a single member or a disciplinary panel
    Outcomes can be a fine, caution, expulsion, revoke membership
99
Q

What should be included in a CHP?

A

Any CHP should include the following as a minimum:
* Information about who the appointed person within the firm is who deals with complaints.
* A request that complaints are made in writing.
* The stages of the CHP.
* The timescale for considering the complaint within the firm.

100
Q

What is Arcadis’ CHP?

A
  • Complaint submitted to Office Director of the office complainant has been working with.
  • Upon receipt of written complaint, Office Director will contact in writing within 7 days to confirm internal investigation initiated by Arcadis Partner
  • Within 21 days, Office Director writes to inform outcome of internal investigation and inform of actions proposed or taken
  • If dissatisfied with aspect of complain handling or outcome of investigation an refer to independent third party such as Surveyors Arbitration Scheme Operated by Chartered Institute of Arbitrators if falls within their scope.
101
Q

What is the RICS’ CHP?

A
  • Stage 1 –
    Tell us about the issues you have experienced via the complaints form on the RICS website.
    We will acknowledge a complaint within five working days and provide a full response to you within fifteen working days.
  • When you get in touch with us, we will aim to resolve your complaint at the first point of contact. Your assigned contact will keep you regularly updated on the progress of your complaint until the matter is resolved. All complaints received by other routes (e.g. a letter to the President) will be re-routed to this complaints handling database, so that we can ensure the complaint is captured and tracked to resolution.
  • Stage 2 –
    Escalation If you are not satisfied with our response to your complaint, you can ask to speak with one of our managers quoting your unique case reference number. Our manager will review the case notes and you will be contacted within 48 hours of your complaint being escalated.
  • Stage 3 –
    Review for appeal If you are not satisfied - you may be able to make an appeal for certain complaint matters and should seek advice from your complaint contact.
    You will need to submit a written declaration that you wish to do so within 28 days of the date of the outcome.
102
Q

RICS structure

A
  1. Privy council
    1. Governing council
      Includes: president, president-elect, senior vice president and senior independent governor)
    2. Standards & regulation boards and regulators tribunal (separate to RICS)
      (includes RICS members and independent non members)
    3. RICS board (same level as above)
      (includes RICS members and independent non members, RIC member team)
    4. Audit risk assurance and finance committee
    5. Nominations & renumeration committee
    6. World regional boards
103
Q

Responsibilities for each in the RICS structure

A
  1. Privy council - Maintain royal charter
    1. Governing council - Sets RICS strategy
    2. Standards & regulation boards - Exercise regulatory functions
    3. RICS board - Deliver business plan
    4. Audit risk assurance and finance committee - Monitor finance and risk control
    5. Nominations & renumeration committee - Recruitment and payment strategy
    6. World regional boards - Deliver strategy and advise on research and activities
104
Q

Considerations when deciding if you can accept a gift

A
  • Compliance with rules of conduct
    • Timing Is it a bribe
    • Use of the Ethics decision tree
    • Consideration to the culture
    • Value of the gift, and could it be donated
105
Q

RICS recommendations regarding gifts

A
  • Proportionality
    • Value
    • Impartiality
    • Timing
106
Q

Key principles of AUK’s gifts and hospitality rules

When you can accept

A

Must only be accepted as a business courtesy

When based on a practice acceptable in the culture and industry

When in compliance with laws

107
Q

Key principles of AUK’s gifts and hospitality rule don’ts

A

Must not be accepted if they are of a value which may influence a business decision

Lead to a relationship of dependency

Create the appearance of impropriety

108
Q

GDPR
What is affected

A

In the UK, the introduction of the General Data Protection Regulation (GDPR) under the Data Protection Act 2018 has affected the way businesses handle data. Be aware of this and its impact on you and your day-to-day business activities.

109
Q

GDPR principles

A

Lawfulness, fairness, and transparency

Purpose limitation

Data minimisation

Accuracy

Storage limitations

Integrity and confidentiality

Accountability

110
Q

GDPR - Non compliance fine

A

The ICO under their March 2024 guidance clarified in line with the UK Data Protection Law, fines for non compliance will be relative to the offence but a maximum of the higher of £17,500,000 or 4% of the concerned undertaking’s total worldwide turnover.

111
Q

personal data

A

any information through which someone can be directly or indirectly recognised, such as name, identification number, location data or online identifier.

112
Q

GDPR principles explained

A

Lawfulness, fairness, and transparency - Having a legal basis being transparent and acting in the persons best interest

Purpose limitation - Only process personal data for the purpose it was intended for

Data minimisation - Only gather and keep the exact amount of data that is needed

Accuracy - Take responsible measures to have the most accurate data possible

Storage limitations - Don’t store personal data you don’t need anymore

Integrity and confidentiality - Only people who are processing the data should have access to it

Accountability - The data processor is responsible for complying with the GDPR

113
Q

RICS Matrics UK

A

RICS Matrics is our early career community designed to support students, apprentices, trainees and those who are newly qualified (up to 10 years), as they move into the industry. It gives the community a platform to influence the profession, as well as an opportunity to network and gain support as they go through the assessment.

114
Q

Please explain your understanding of how the RICS define Professional Standards vs. Practice Information?

A

Amended Following the Birchard Review

Professional Standards -
set out requirements or expectations for RICS members and regulated firms with a focus on baseline expectations for competence and ethical behaviour. They contain mandatory requirements that surveyors must follow, where the word ‘must’ is used with best practice that surveyors should follow, where the word ‘should’ is used.

 Practice Information –
set out supporting guidance to advise surveyors in delivering specific services or working in specific areas of practice. The guidance is not mandatory and does not provide explicit recommendations. Practice Information can refer to processes, toolkits,
checklists, insights, research and technical information or advice.

115
Q

How has Brexit effected the UK Property & Construction industry?

A

Movement of people is now restricted with free movement having ended on 31st December
2020 and from 1st January 2021 the UK has a new global immigration system.

 Employers are now required to register as sponsors in order to recruit from abroad.

supply of labour being more restricted this has led to labour cost increases and a reduction in the availability of labour.

The price of goods moving across the border has increased

material shortages and price increases

cost increases and availability issues in particular in the cost of:-
 Steel.
 Plastic components.
 Cement.
 Plasterboard.
 Skilled and non-skilled labour.

116
Q

Are you aware of any RICS guidance notes on Brexit?

A

RICS has provided a number of position statements highlighting its concerns and issues with
Brexit on a sector-by-sector basis.

The position statement highlights; Encouragement of growth and diversity of the construction workforce; EU membership provides access to a number of EU funding streams; calling for the UK Government to act to keep EIB funding or introduce a new lending mechanism,

117
Q

Are you aware of some of the aims highlighted within the RICS Business Plan for 2024?

A

Incorporating the Levitt Report Recommendations -
open, transparent regarding decision making & financial decisions)

Immediate financial priorities -
Continue to support the profession as economies recover from Covid-19; Utilise any surplus in cash generation; Reduce RICS’ need to access external financial support

Corporate Objectives -
Maintain and increase demand for RICS qualifications; ensure members remain involved and engage with increased participation in RICS; be recognised as a sustainable 21st century professional body with improved financial
sustainability

118
Q

What is the RICS current strategy?

A
  • RICS is currently operating under the future foundations strategy.
    • The vision: A natural and built environment that is sustainable, resilient and inclusive for all
    • Mission: Inspire members, Advance knowledge, Uphold standards
    • Strategic goals: Lead and influence on sustainability, Attract a diverse next generation, Strengthen
      trust in the profession, Enhance member value and engagement
119
Q

When should or shouldn’t you obtain informed consent

A

Only if you are satisfied that all of the relevant clients’ (or other parties’) interests will be served by you doing the work (as opposed to another firm doing it).

120
Q

Must you proceed if you have informed consent

A

The fact that the affected parties are willing to give Informed Consent does not mean
that the RICS regulated firm or individual RICS member working independently or within
a non-regulated firm has to proceed. The effect of the professional standard is that in
every case, the RICS regulated firm or individual RICS member working independently
or within a non-regulated firm must still exercise professional judgment and decide
whether it is the correct thing to do and be sure that they will not cause professional
embarrassment to the regulated firm or individual RICS member by proceeding where
there is a Conflict of Interest.

121
Q

What is run off cover

A

protection to professionals or businesses for claims made after their professional liability insurance policy has expired or been cancelled.

122
Q

When I exemplified rule 1

A

Highlighted on AEMP when additional tender activities were required that they were not included in the TSP scope or fees and would be of additional cost. Confirmed the cost and made my client aware prior to undertaking the work.

123
Q

When I exemplified rule 2

A

Maintain my CPD

Only undertake work within the TSP scope that is within my competence & skill set

124
Q

When I exemplified rule 3

A

Highlighted when the AUK fire team was not providing a good quality service in a timely manner and identified what we could do to better the service to the client internally.
Also communicated with the client that as the PM I was not content in issuing the current version to the client as I was not content with it.

Highlighted on AEMP when additional tender activities were required that they were not included in the TSP scope or fees and would be of additional cost. Confirmed the cost and made my client aware prior to undertaking the work.

125
Q

When I exemplified rule 4

A

Respect - highlighted poor client behaviours, or in maintaining and encouraging inclusive behaviours

work co-operatively with everyone, do not discriminate and where possible accommodate individuals requirements, i.e avoiding meetings around school pick up time

126
Q

When I exemplified rule 5

A

Supported a colleague and provided my own account of events to support the claim when they reported concerns

When posting on social media or liaising with the AUK marketing team to post something via the AUK LinkedIn I ensure it is inline with the AUK social media guidance, the RICS guidance and that I have the consent from all parties including clients

127
Q

What is uninsured excess

A

refers to a specific amount or level of risk that an insured party agrees to bear themselves before insurance coverage comes into effect.

128
Q

When you should decline work from a client / considerations you must make?

A
  • Is it legal
  • Am I competent / Is the team competent
  • Do I have the required insurances such as PII
  • Is there a conflict of interest
129
Q

A data subject (“individual”) has the following rights under the GDPR and Data Protection Acts 1988-2018:

A

the right to be informed
the right of access
the right to rectification
the right to erasure/right “to be forgotten”
the right to restrict processing
the right to data portability
the right to object
rights in relation to automated decision making and profiling

130
Q

Are you aware of any curent conversations around CPD?

A

In February 2023 the Standards and Regulation Board (SRB) established a CPD Framework Steering Group to lead a review of RICS’ existing continuing professional development framework which has been in place for over a decade. Comprising RICS members and independent professional learning specialists, the key objective of the Steering Group was to recommend any revisions to RICS’ current CPD framework and, potentially, the creation of a post qualification recertification or reassessment programme to provide a CPD framework which is more supportive of members’ lifelong learning, is comparable with current public and professional expectations of professionals and provides more effective assurance.
Changes will be imposed no sooner than Jan 2026

131
Q

Why do you do CPD

A
  • widen your knowledge and expertise
  • Ensure you are up to date with changes in the industry
  • Ensures you are maintaining your knowledge relating to your role and specialism
132
Q

RICS professional groups - How many are there and can you name any?

A
  • 17
    *
  • Building Control
  • Building Surveying
  • Commercial Property
  • Dispute Resolution
  • Environment and Resources
  • Facilities Management
  • Geomatics
  • Machinery and Business Assets
  • Management Consultancy
  • Minerals and Waste Management
  • Planning and Development
  • Personal Property/Arts and Antiques
  • Project Management
  • Quantity Surveying and Construction
  • Residential Property
  • Rural
  • Valuation

KR RICS APC - Project Management pathway revision flashcards (22 decks)

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