Ethics Flashcards
questions from SOE
What action did the individual take when invited to corporate hospitality during an active tender process?
The individual opted to decline the invitation to corporate hospitality extended by one of the prospective contractors. It is crucial, as per RICS guidelines, to maintain impartiality and avoid any situations that could potentially compromise the fairness and transparency of the tender process. By declining the invitation, the individual demonstrated a commitment to upholding ethical standards and avoiding conflicts of interest. It is essential to remain vigilant in such situations to ensure compliance with RICS ethics and professional conduct standards.
what are the rules of conduct
there are two sets, one for members and one for firms
rules of conduct for firms
General Interpretation
Communication
professional behaviour
competence
training and continued professional development
complaints handling
clients money
indemnity
advertising
solvency
arrangements to cover the incapacity/death of a sole practitioner (having a locum)
use of designations
information to the RICS
cooperation
rules of conduct for members
interpretation
communication
ethical behaviour
competence
service
continuing professional development
solvency
information to RICS
cooperation
rics professional standards
professional statements- mandatory requirements
guidance notes- non-mandatory requirements
assessment of professional competence- APC
data standards
what is an rics black book
suite of guidance notes that define good technical standards
what are the 5 ethical standards
act with integrity
always provide high standard of service
act in a way that promotes trust in the profession
treat others with respect
take responsibility
example of when you have acted with integrity
- issued a report to the client with a mistake. Told the client straight away, fixed the mistake and reissued.
ensured this wouldnt happen again by have additional 4 eyes checks on all reports
what insurance requirements are there for RICS regulated firms
public liability
buildings insurance
employer liability cover
directors and officers cover
contents insurance
business interruption insurance
conflict of interest RICS information
2017- professional statement on conflicts of interest
became effective from January 2018
3 types of conflict of interest highlighted in this professional statement
party conflict- acting in a way that goes against a duty- eg acting for two parties on one project eg developer and contractor
own interest conflict-
confidential information conflict
what is the bribery act 2010
contains 4 main bribery offences
general offence of bribery
general offence of being bribed
offence of bribing a foreign public official
corporate offence of failing to prevent bribery by persons associated with relevant commercial organisations
the principles of the bribery act
proportionality- action taken should be proportionate to the risk and size of the organisation
top level commitment
risk assessment
due diligence
communication
monitoring and reviewing
regulations to do with money
money laundering and terrorist financing regulations 2019
modern slavery act 2015
types of modern slavery
forced labour
debt bondage
human trafficking
child slavery
forced and early marriage
professional indemnity insurance
all firms must be covered
merrett v babb case 2001- valuation carried out by Babb for Merrett was negligent, PII was cancelled. Merrett was able to go after Babb for the losses
minimum limits for indemnity
if turnover is less than £100,000- minimum amount of indemnity is £250,000
£100,001-£200,000- £500,000
£200,001 or more- £1,000,000
maximum level of uninsured excess
limit of indemnity- up to £500,000- maximum uninsured excess - greater of 2.5% of the sum insured or £10,000
over £500,000- 2.5% of the sum insured
run off cover
covers historic liabilities
in place for minimum of 6yrs , if deed was underhand, 12 if it was witnessed and usually lasts 15yrs
complaints handling
alternative dispute resolution
what would you do if your client wanted to pay in cash
“arcadis policy is to not take cash so I wouldn’t take cash
can take up to £10k in cash, would go with client and add to project bamk account “
what protects clients agaonst consultant negligence
professional indemnity insurance
cpd requirements post chartership
20hrs annually with 50% being formal
