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APC > Ethics > Flashcards

Ethics Flashcards

1
Q

When was the RICS Founded?

A

1868

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2
Q

What does the RICS Stand for?

A

Royal Institution of Chartered Surveyors

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3
Q

When did the RICS Receive its royal charter?

A

1881

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4
Q

What is the role of the RICS?

A
  • Regulate and promote the profession
  • Maintain the highest educational and professional standards
  • Protect clients and customers through a strict code of ethics
  • Provide impartial advice, analysis and guidance
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5
Q

What is the RICS Motto, and what does it mean?

A

Est Modus in Rebus
There is measure in all things

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6
Q

Where is the RICS headquarters

A

12 Great George Street, Parliament Square, London

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7
Q

Who is the president of the RICS?

A

Tina Paillet

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8
Q

What is the RICS Governing Council?

A

The highest governing body, setting our global strategy and ensuring RICS fulfills its Royal Charter obligations

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9
Q

What is a royal charter?

A

A Royal Charter is an instrument of incorporation, granted by The Monarch, which confers independent legal personality on an organisation and defines its objectives, constitution and powers to govern its own affairs.
The royal charter requires the RICS to promote the usefulness of the profession for the advantage of the UK public and in other parts of the world.

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10
Q

What is the RICS Matrics?

A

Division of the RICS dedicated to the student members and chartered surveyors under the age of 35 or those with less than 10 years experience

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11
Q

What is lionheart?

A

an independent charity specifically designed for past, present and future RICS professionals and their families

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12
Q

When must you, as a business, register with the RICS?

A

A Firm is required to register for regulation by RICS if:
- the Firm provides surveying services to the public
- the Firm is operating in Regulated Area A
- at least 50% of the Firm’s Principals are RICS Members

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13
Q

What do firms need to have in place before registering with the RICS?

A
  • A Complaints Handling Procedure
  • Suitable levels of insurance: PI, Employer’s Liability, Public Liability
  • 25% of partners/directors are members of the RICS
  • Systems for handling clients’ money
  • Abide by the RICS Rules of Conduct
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14
Q

What are the RICS bye laws?

A

provide the power for Head of Regulation and Regulatory Tribunal to make disciplinary and regulatory decisions including issuing disciplinary penalties and costs

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15
Q

What is a conflict of interest?

A

A situation where a member or firms ability to act impartially has been compromised

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16
Q

What are the types of conflict of interest?

A
  • Party Conflict
  • Confidential information conflict
  • Own interest conflict
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17
Q

What is a party conflict?

A

a situation in which the duty to act in the interests of a client or other party in a professional assignment conflicts with a duty owed to another client or party in relation to the same or a related professional assignment

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18
Q

What is a confidential information conflict?

A

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

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19
Q

What is an own interest conflict?

A

a situation in which the duty to act in the interests of a client in a professional assignment conflicts with the interests of that same RICS member/firm

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20
Q

Can you proceed with work even if a conflict of interest is identified? If so, how?

A

Yes, so long as informed consent has been given by all the parties potentially affected, is not against the law, and is in the best interest of all parties

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21
Q

What is a Chinese fire wall?

A

Physical or electronic separation between members of the same firm to prevent passing of confidential information

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22
Q

What is a bribe?

A

offering, promising, giving or accepting any financial or other advantage

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23
Q

What are the 4 bribery offences under the bribery act 2010

A
  • Bribing another person
  • Being bribed
  • Bribing a foreign public official
  • Failure by a corporation to prevent bribery
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24
Q

What is money laundering?

A

The concealment of money obtained illegally

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25
Q

What are some signs of money laundering

A
  • Secretive or suspicious behaviour
  • Paying in cash
  • Complex offshore structures
  • Wanting to rush through processes
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26
Q

What can you use to make an ethical decision?

A

The RICS decision tree

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27
Q

What are the components of a complaints handling procedure?

A
  • provide an RICS approved method of alternative dispute resolution
  • Maintain a complaints log
28
Q

When were the new rules of conduct effective from?

A

2nd February 2022

29
Q

What is appendix A in the New Rules of Conduct?

A

Appendix A: Professional Obligations to RICS

30
Q

What is Rule no.1?

A

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

31
Q

What is Rule no.2?

A

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

32
Q

What is Rule no.3?

A

Members and firms must provide good-quality and diligent service

33
Q

What is Rule no.4?

A

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

34
Q

What is Rule no.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

35
Q

What sanctions are at the RICS disposal?

A
  • Fixed penalty notice
  • Regulatory compliance order/Consent order
  • Regulatory sanctions
36
Q

When can a fixed penalty notice be given?

A
  • Failure to comply with the requirement regarding CPD
  • Failure to comply with the obligation to provide information to the RICS
  • Failure to pay fees
37
Q

What is a regulatory compliance order/consent order?

A

A formal written agreement between the RICS and the Regulated member, stating:
- The member will take or refrain from taking certain actions in the future
- The member will pay a fine or cost where appropriate

38
Q

When would a regulatory compliance order/consent order be used?

A

In response to a failure to comply with the rules of conduct, but where:
- The breach was not so serious that a public hearing would be needed to protect the public or their interest
- The member admits to their wrongdoing and is willing to cooperate with the RICS in future

39
Q

What is a regulatory sanction?

A

A member of the tribunal, or the tribunal as a whole can impose sanctions from a warning to expulsion from the RICS

40
Q

What is the RICS

A

a global professional, standards and regulatory body existing to secure the advancement and usefulness of the profession for the public advantage

41
Q

What is the structure of the RICS?

A

Overseen by the Privy council, the Governing Council then oversees 2 arms:
- The RICS Board
- The Standards and Regulation Board

42
Q

What is the Governing Council?

A

the highest governing body, setting RICS’ global strategy and ensuring RICS fulfils its Royal Charter obligations

43
Q

How many members are on the Governing council?

A

29, including the President

44
Q

What is the RICS Board?

A

The main purpose of The Board is to direct RICS affairs under delegated authority from Governing Council. The Board is comprised of non-members (independent), members of RICS, and RICS Executives.
They oversee the various committees

45
Q

What RICS Committees are there?

A
  • Audit, Risk Assurance, and Finance Committee
  • Membership Services Committee
  • Knowledge and Practice Committee (under which sits the 18 professional groups)
  • Nomination and remuneration committee (Deals with votes)
46
Q

What is the Standards and Regulation Board?

A

It has exclusive responsibility for exercising RICS’ regulatory functions, including strategy, governance, structure, policy and operational oversight in the public interest.

47
Q

What regulatory functions does the Standards and Regulations Board oversee?

A
  • Professional Standards
  • Entry and admission
  • Education and Qualification standards
  • Regulatory operations
  • Dispute resolution
  • Regulatory tribunal
48
Q

What does the Regulatory Tribunal do?

A

It independently determine regulatory cases including disciplinary cases against RICS Members and Firms. It is operated at arm’s length from the rest of RICS Regulation regulatory operations, to ensure its independence as an effective and fair regulatory decision-making body.

49
Q

What standard document types does the RICS Publish?

A
  • Professional Standards
  • Practice Information
50
Q

What are Professional Standards?

A

These are the documents which set requirements for competent and ethical practice e.g. our existing professional statements and guidance
They are MANDATORY

51
Q

What is Practice Information

A

These documents provide advice or practice support to RICS members and firms.

52
Q

What is the ‘Black Book’?

A

A suite of best practice guidance notes and technical standards for Quantity Surveying and Construction professionals

53
Q

What are some of the Black Books?

A
  • Valuing Change.
  • Retention.
  • Acceleration.
  • Construction Insurance.
  • Cash Flow Forecasting.
  • Appropriate Contract Selection.
  • Developing a Construction Procurement Strategy
54
Q

What types of modern slavery are of most concern in the construction industry?

A
  • Forced labour
  • Bonded labour
  • Human trafficking
  • Child labour
55
Q

What is run-off cover?

A

insurance for claims made against a firm after it has stopped doing business

56
Q

What are the requirements for Members under Appendix A

A
  • Members must comply with the CPD requirements set by RICS.
  • Members must cooperate with RICS.
  • Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
57
Q

What are the requirements for Firms under Appendix A

A
  • Firms must publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by RICS, and maintain a complaints log.
  • Firms must ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
  • Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
  • Firms must cooperate with RICS.
  • Firms must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
  • 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.
  • Firms must report to RICS any matter that they are required to report under the Rules for the Registration of Firms.
58
Q

What are the RICS requirements about PI?

A
  • Must be on an each and every basis; or aggregate with round the clock reinstatement
  • Must use RICS minimum policy wording or greater
  • Must be underwritten by an RICS approved insurer
  • Must be fully retroactive
  • Must cover past and present employees
  • Excess can be up to 2.5% of the sum insured (or £10k if <£400k is insured)
  • Must have the minimum level (for turnover of £100k; <£200k; >£200k the minimum is £250k; £500k; £1m)
59
Q

When should you inform your insurance of a complaint?

A

When one has been formally issued in writing

60
Q

Why did the RICS rules of conduct change?

A

To consolidate and simplify the rules into one key document

61
Q

What are the 5 principles of better regulation?

A

Proportionality
Accountability
Consistency
Targeting
Transparency

62
Q

What are the two types of client money account?

A
  • A separate client money account
  • A general client money account
63
Q

What are RICS requirements for client money accounts?

A
  • Ensure they all include the word ‘Client’ and the name of the client firm
  • Ensure the bank knows the account is for client money and can thus not withdraw money for sums owed by the firm
  • Ensure the money is always available
64
Q

What is the minimum run off cover requirement?

A

£1m in all over 6 years, but greater may be appropriate depending on the undertakings of the firm

65
Q

How can insurance be underwritten?

A

Each and every basis, or in aggregate

66
Q

What are the 6 principles of bribery prevention?

A
  • Proportionate Procedures
  • Top Level Commitment
  • Risk Assessment
  • Due Diligence
  • Communication
  • Monitoring and Review
67
Q

What must RICS firms submit annually

A

An annual return, outlining:
- their turnover
- number of complaints received an dhow they were resolved
- any legal proceedings
- details about PI

APC (17 decks)

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