Ethics Flashcards
When must a firm register with the RICS?
When providing surveying services to the public
When operating in a regulated area
when 50% of the principals are RICS members.
What are the RICS rules of conduct and can you give me examples of each?
- members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS
e.g transparency in fees, conflicts of interest, keeping client money safe.
- members and firms must maintain their professional competency, and ensure that services are provided by competent individuals who have the necessary expertise
e.g carrying out work you are competent to act on.
- members and firms must provide good quality and diligent service
e.g strong communication, carry out work in a timely manor
- members and firms must treat other with respect and encourage diversity and inclusion.
e.g do not bully, develop an inclusive environment, equal opportunity.
- 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.
e.g reporting dangerous situations, responding to complaints
What are the RICS Rules on paying in Cash?
RICS does not prohibit clients paying in cash, but it raises high money laundering risks and is discouraged.
Taking cash is risky, and requires enhanced due diligence.
Anything over £10 may trigger HMRC registration.
Cash must be recorded, receipt provided and banked efficiently.
Arnolds Keys have a £3k limit.
How does ethics and conduct affect the environment we live and work in?
Sustainable development decisions
fair treatment of others
compliance with laws
long term thinking
What are the principals of the Bribery Act 2010
Proportionate Procedures
Top level commitment
Risk Assessment
Due Diligence
Communication and training
Monitoring
What is the RICS uninsured excess limit?
The greater of 2.5% of the sum insured or £10,000 up to £500k
What is the difference between the Bribery Act, Proceeds of Crime Act and Money Laundering Regulations?
The Bribery Act stops people from giving or taking bribes
The Proceeds of Crime deals with money or assets gained from crime.
The money laundering regulations are the to set rules of business to help spot and report money laundering (id checks, risk assessments)
What was the Merritt and Babb case law?
Run off cover
former professionals can still be sued even after they stop practising.
What are the requirements of the the RICS on PI Insurance?
Sets out levels of minimum cover
Maximum levels of uninsured excess
Run off cover 6 years
Should include cover for current and past employees
Is there any talk of changes to CPD
Possible increase to 30 hours
