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APC 2024 > Ethics > Flashcards

Ethics Flashcards

1
Q

How does RICS ensure standards of professional conduct and practice are upheld?

A
  • Rules of Conduct (effective 2/2/22)
  • These rules apply to all members (as defined in Byelaw 5.1) and firms regulated by RICS
  • Based on ethical principles of honesty, integrity, competence, service, respect and responsibility
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2
Q

Why does the RICS have Rules of Conduct?

A
  • Framework we can all work to
  • Client knows they’re getting a minimum standard of service
  • Useful professional guide for individual members
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3
Q

List the rules of conduct

A
  1. M+F shall be honest, act with integrity and comply with professional obligations, including their obligations to the RICS
  2. M+F shall maintain their professional competence, ensuring competent individuals with necessary expertise provide services
  3. M+F shall provide a good quality and diligent service
  4. M+F shall treat others with respect, encouraging D&I
  5. M+F shall act in the public interest, take responsibility, act to prevent harm and maintain public confidence in the profession
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4
Q

Which 2 of these means the most to you and why?

A
  • Honesty and integrity - my role often puts me in a position of responsibility, so I have to act with integrity and impartiality
  • Treat others with respect, encouraging D&I it’s inspiring seeing the progress and drive to help encourage the profession within younger generations
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5
Q

Can you name 5 example behaviours to comply with Rule 1?

A
  • Don’t mislead others through my actions or omissions
  • Open and transparent about fees and services
  • Identify any potential conflicts of interest before accepting work
  • Don’t take unfair advantage of others
  • Don’t commit any financial crimes, don’t misuse client money
  • Don’t be improperly influenced by others (i.e. gifts and hospitaility)
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6
Q

Can you name 5 example behaviours to comply with Rule 2?

A
  • Members to comply with CPD requirements
  • Must ensure they have adequate knowledge, resource and ability to undertake tasks
  • Stay up to date with legislation
  • Check any subcontractors have necessary skills, knowledge and resources
  • Reflect on undertaken work and its impacts, consider how to improve to their future work
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7
Q

Can you name 5 example behaviours to comply with Rule 3?

A
  • Fully understand the client’s brief and requirements before accepting work
  • Have apt internal QA processes
  • Must appreciate the benefits and considerations for relevant technologies
  • Where possible, encourage use of sustainable technologies
  • Clear communication
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8
Q

Can you name 5 example behaviours to comply with Rule 4?

A

Must not discriminate anyone
- Must not victimise, harass or bully anyone
- Work cooperatively
- Treat others with courtesy
- Report abusive labour practices to recognised authorities
- Don’t utilise modern slavery within supply chains

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9
Q

Can you name 5 example behaviours to comply with Rule 5?

A
  • Support any clients or colleagues who have acted in good faith to report concerns
  • Must not dissuade any potential claimants
  • Must cooperate with any complaint’s investigations
  • Must manage professional finances responsibly
  • Public statements don’t undermine profession
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10
Q

Can you list the core professional obligations for members and firms detailed in the Rules of Conduct - Appendix A?

A

Members
- Comply with CPD
- Provide info promptly when requested
- Cooperate with RICS

Firms
- Provide info promptly when requested
- Cooperate with RICS
- Have complaints handling procedure
- Have adequate PI to cover previous and future work
- Put RICS designation on professional publications in accordance with the designation statement
- Ensure to cover in the event of employee’s incapacity to complete professional service
- Report to RICS any matter required under Rules for

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11
Q

Can you explain how you act with integrity?

A
  • Being trustworthy in all I do
  • Open and transparent in the way I work
  • Respecting confidential information
  • Not taking advantage
  • Not allowing improper influence of decisions (bias, conflict of interest, gifts, hospitality)
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12
Q

How do you take responsibility?

A
  • Be accountable for my actions
  • Act with skill, care and diligence
  • Ensure appropriate complaint handling procedure in place
  • If I think something isn’t right, I’m prepared to respectfully challenge and raise the matter with colleagues
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13
Q

How do you treat others with respect?

A
  • Treat everyone with courtesy, politeness, consideration
  • Never discriminate against anyone
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14
Q

How do you provide a high standard of service?

A
  • Ensure my client / others I have professional responsibility to, receive best possible advice and support
  • Acting within my scope of competence
  • Transparent about fees
  • Clear communication, allow client to make informed decisions
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15
Q

Can you explain how you promote trust in the profession?

A
  • Understanding how my actions will affect others and the environment
  • Fulfilling my professional obligations
  • Acting in trustworthy manner in both my professional and private life
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16
Q

Can you clarify what an individual should do to maintain a high ethical standard in their profession?

A
  • Keep own actions under review
  • Maintain CPD appropriate to their area of work
  • Follow advice given by professional bodies on ethical behaviour
  • Note any unethical behaviour by others and address with individuals where appropriate
17
Q

What can employers do to create an ethical environment?

A
  • Establish confidential procedures for whistleblowing (independent of normal chain of command)
  • Include ethical evaluations in formal performance appraisals
  • Include ethical standards in employee hiring, employment contracts and training
  • Make sure adequate planning, training and ethical performance monitoring when implementing change
  • Encourage staff to progress APC and become chartered with RICS
  • Promote CPD in the relevant area
18
Q

Difference between ethics and integrity?

A

Ethics = big moral picture (moral principles governing person’s behaviour)
- Integrity = more focus on personal characteristics (honest, strong moral principles and values)

19
Q

Can you explain the steps of the RICS Ethics Decision Tree?

A
  • Sufficient facts?
  • Legal?
  • In line with RICS Rules of Conduct?
  • Have you consulted with apt people, to make informed decision?
  • Clear reasoning in reaching decision?
  • Is your decision informed?
  • Would you be content for actions to be made public?

If yes to all of above, decide what action to take, act and record decision and reasoning.
Otherwise, DO NOT PROCEED

20
Q

Why did the previous Rules of Conduct Change?

A
  • Following research and consultation with RICS members, firms, and members of the public, the majority voted in favour of replacing the existing Rules of Conduct and separate Global Professional and Ethical Standards
  • Single document enabled greater clarity for RICS members and firms
  • Now greater focus on clearer example behaviours, understanding evolving technology and tackling climage change
21
Q

RICS professional standards - what are the various standards and what is their status?

A
  • Professional statements - mandatory requirements, with details of regulatory interventions if these requirements are not met (i.e. Client Money Handling)
  • Guidance notes - non-mandatory requirements, recommendations of best practice in undertaking given tasks (i.e. Life Cycle Costing)
  • APC - requirements and guidelines relating to entry into the profession
  • Data standards - ensure software programmes and technology can adopt RICS standards into their offering
  • Code of Practice - mandatory / recommended - says within the documents (i.e. code of measuring practice)
  • Standards - (i.e. IPMS)
  • Information papers - (i.e. rights of 3rd parties act, how to apply to construction contracts)
  • Consumer guides - intended for use by public - consumer guide for homeowners on Party Walls etc
  • Best practice (i.e. Cost benchmarking - clarified need to have large pool of data)
22
Q

What procedures must you follow to start up a new practice?

A
  • Contact RICS for guidance
  • Obtain company start up pack
  • Inform RICS and register for regulation
  • Appoint contact officer for all RICS communication
  • Prepare complaints handling procedure
  • Obtain Professional Indemnity Insurance cover
  • Abide by Rules of Conduct for Firms
  • Use designation ‘Regulated by RICS’ on all practice material
23
Q

What insurances would you need if you were starting up your own firm?

A
  • Professional Indemnity Insurance
  • Employer’s Liability
  • Public Liability
  • Building Insurance of office premises
24
Q

When is a firm required for regulation

A

a) Firm provides surveying services to public
b) Firm is operating in Regulated Area A (UK)
c) 50%+ of Firm’s Principals are RICS Members

25
Q

In which circumstances are Firms eligible to register for regulation

A

Rule 4.1 - eligible to register if:
a) Firm provides surveying services to public
b) 25%+ Firm’s Principals are RICS members

Rule 4.2 - eligible to register if meeting 4.1(a) and either:
a) Head of Regulation is satisfied the Firm is implementing appropriate plan to secure compliance with Rule 4.1(b) within a reasonable period of time
b) Head of Regulation is satisfied the Firm is aptly supported and supervised by another RICS-registered Firm(s) that fulfil requirements

26
Q

What are the minimum limits of indemnity for regulated firms?

A
  • Turnover <£100k -> Min limit £250k
  • Turnover £100k-£200k -> Min limit £500k
  • Turnover £200,001+ -> Min limit £1m
27
Q

Assuming your are MRICS- A friend asks for your help on a private house extension. What would you do if they ask for technical advice for free outside business hours?

A
  • My firm’s PII doesn’t cover private advice, so I would politely decline
  • Need to consider potential Conflict of Interest
  • Suggest friend contacts firm I work for in business hours to discuss a formal appointment or refer to RICS find a surveyor
28
Q

What cover do you need if you retire / cease to trade?

A

Run off Cover

29
Q

What is professional indemnity insurance run-off cover?

A
  • Form of PII covering historic liabilities of a business after it ceases to trade (covers legacy issues)
30
Q

How long should run-off cover be in place?

A

6 years after ceasing to trade

31
Q

What processes to regulated firms need to put in place when handling Clients’ Money?

A
  • Set clear segregation of duties for employees
  • Principal oversees client money accounting functions
  • Principals cannot override controls
  • Competent and knowledgable staff to process clients’ money
  • Accounting systems and data must be secure
  • Client money must be kept separate and clearly identifiable with the word ‘client’ included in bank account name
  • Clients always have access to funds
  • Must engage terms and advise client on bank details in writing
  • Account must not be overdrawn
  • Maintain client ledges, provide running balance
32
Q

What is the ‘Clients’ Money Protection Scheme’?

A
  • Money protection scheme operated by RICS
  • Contains provision for any member of the public to be reimbursed their direct loss of funds when using RICS regulated firm
  • Provided through RICS insurance policy
  • Last resort for RICS regulated firms
  • Limit of £50k per claim
  • Can pay out £10.3m per year
33
Q

What is the RICS guidance for handling client money?

A
  • Professional statement - Client Money Handling
  • Provides rules for firms and members to have appropriate controls and procedures to keep client money safe
  • Provides confidence to clients and consumers that firm is operating to high professional standards
34
Q

Key constituents to the above document?

A
  • Handling clients’ money
  • Information to clients
  • Receipts of client money
  • Payments from client account
  • Accounting records and control
  • Compliance
35
Q
A

APC 2024 (8 decks)

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