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Jordan Cornish APC > Ethics > Flashcards

Ethics Flashcards

1
Q

What does RICS stand for?

A

Royal Institution of Chartered Surveyors

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2
Q

What is the RICS’ moto?

A

Est Modus Rebus – there is measure in all things

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3
Q

What is the RICS membership number?

A

6491162

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4
Q

What are the Roles of the RICS?

A

Regulate – the profession Maintain – the highest professional and educational standards Promote – the profession Protect – clients and consumers through a strict code of ethics Provide – impartial advice

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5
Q

Who is the current president of the RICS?

A

Timothy Neal FRICS

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6
Q

Who is the president elect of the RICS?

A

Kath Fontana FRICS

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7
Q

Who is the CEO of the RICS?

A

Sean Tompkins

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8
Q

What is the RICS HQ Address?

A

RICS Headquarters Parliament Square 12 Great George Street, London, SW1P 3AD

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9
Q

What year was the RICS founded?

A

1868 – 150th anniversary last year

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10
Q

What is the structure of the RICS?

A

Privy Council – grands and awards royal charter Governing Council – sets direction and strategy Regulatory board – administers regulation Management Board – day to day performance and business plan

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11
Q

What are the 5 Ethical Standards?

A

Service – always provide a high standard Trust – promote trust within the profession Integrity – Act with integrity Respect – treat others with respect Responsibility – Take responsibility and accountability for your actions

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12
Q

What are the RICS Core Values?

A

Always provide a high level of Service Act in a way that promotes Trust in the profession Act with Integrity Treat others with Respect Take Responsibility

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13
Q

How many rules of conduct are there for members and firms?

A

Members – 9 (2 March 2020) Firms – 15 (2 March 2020)

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14
Q

What are the Rules of Conduct for Members?

A

RICS General Rules Interpretation Communication – Communicate with the RICS Personal and Professional Standards Ethical Behaviour – Act with integrity and avoid conflict of interest Competence – Members shall carry out work with due skill and care Service – Carry out work in a timely manner with proper regard for standards of service CPD – comply with the RICS’ requirements in terms of CPD Solvency – Ensure personal and professional finances are managed appropriately Information to the RICS – submit information in a timely manner if requested Cooperation – cooperate fully with RICS staff and Regulatory board

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15
Q

What are the Rules of Conduct for Firms?

A

RICS General Rules - Part 1 Interpretation Communication – Communicate with the RICS Conduct of Business - Part 2 Professional Behaviour – Act with integrity and avoid conflict of interest Competence – Members shall carry out work with due skill and care Service – Carry out work in a timely manner with proper regard for standards of service CPD – comply with the RICS’ requirements in terms of CPD Clients’ Money – Preserve the security of clients’ entrusted to its care Indemnity – Ensure all previous and current work is covered by PII Firm Administration - Part 3 Solvency – Ensure personal and professional finances are managed appropriately Cooperation – cooperate fully with RICS staff and Regulatory board Complaints Handling – Operate a CHP and maintain a log Information to the RICS – submit information in a timely manner if requested Advertising – Promote its professional services only in a truthful manner Arrangements to cover the incapacity or death of a sole practitioner Use of Designations – Must display on business literature the designation to the RICS

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16
Q

What are the 5 Principles of Better Regulation?

A

Proportionality – Policy solution must be proportionate to the perceived problem or risk and justify the compliance costs imposed. Accountability – Regulators must be able to justify their decisions and be subject to public scrutiny to promote fairness. Consistency – Regulators must adopt a common sense approach and that rules and standards must be consistent and implemented fairly. Targeting – Regulators and regulations should be focused and avoid side effects or the scattergun approach. Transparency – Regulators should be open and keep regulations simple and user friendly.

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17
Q

What must a Complaint’s Handling Procedure be according to the RICS?

A

Fit for purpose – reflecting the size and structure of the business It must be available and understood by all staff It must be regularly reviewed at a senior level It must be agreed with PII brokers / providers – should not compromise the PII cover

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18
Q

What is the RICS’ CHP?

A

Acknowledge receipt of complaint within 7 days Response within 28 days

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19
Q

What is AECOM’s CHP?

A

AECOM have an escalation procedure, which see the complaint making it through various levels of authority before going redressing to a third party. With a time frame of 14 days to resolve and 21 days to conclude the complaint.

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20
Q

What would you do if setting up your own firm?

A
  • Inform the RICS of your intentions - Obtain PII cover - Obtain Employers Liability Insurance - Prepare a CHP - Set up financial accounts including client’s money - Abide by the RICS rules for members and firms - Use appropriate RICS designations - Notify companies house / HMRC
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21
Q

If you are a sole trader what is required in case you cannot perform your duties?

A

Should employ the services of a Locum Practitioner

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22
Q

What is the Bribery Act 2010?

A

UK law making bribery and corruption illegal for companies working in the UK and also making them liable for failing to prevent such acts by those working for or on behalf of. 10 years in jail and removed from the RICS

23
Q

What are the key principles of the Bribery Act?

A

Proportionate Procedure – preventative procedures must be proportionate to the bribery risks faced by the organisation Top Level Commitment – Top level management of an organisation but be committed to preventing bribery, fosters a positive culture Risk Assessment – the organisation must carry out periodic risk assessments to assess its exposure to internal and external risks of bribery Due Diligence Communication (incl. training) – the organisation seeks to ensure its prevention policies are embedded and understood Monitoring and review – the organisation monitors and reviews procedures designed to prevent bribery and implement improvements where necessary

24
Q

What does the Money Laundering Regulations of 2017 refer to?

A

Focus on domestic large investors / influencers, previously it was only overseas. Appointing a Money Laundering Regulation Officer Customer Due Diligence – customer should be treated as a client and ensure due diligence

25
Q

What is a conflict of Interest? RICS answer then normal.

A

A situation in which the duty of a RICS member to act in the interest of a client or other party in a professional assignment conflicts with the interests of that same RICS member. Anything that may impede or be perceived to impede an individuals or firms ability to act with impartiality and in the best interest of the client.

26
Q

What is required if a client confirms a conflict of interest is not a problem?

A

Informed Consent form – RICS provides a template - can’t use this for an own interest conflict though

27
Q

What is PII?

A

Professional Indemnity Insurance – Covers a firm for a claim for financial loss in case of negligence or error Minimum is based on the firm’s turnover the previous year.

28
Q

What is AECOMs level of PII?

A

Depends on the project value

29
Q

What are the RICS’ advised levels of PII based on turnover?

A

£100k or less – Minimum limit of £250k £100k to £200k - Minimum limit of £500k More than £200k - Minimum limit of £1m

30
Q

What basis is PII underwritten?

A

Claims made basis – the insurance policy that is in place when the breach is discovered that is claimed, NOT the policy that was in place when the breach occurred.

31
Q

What are the RICS’ required hours for CPD?

A

Candidate – 48 hours Member – 20 hours

32
Q

What is Merrett v Babb

A

Court case 2001 Babb had carried out a valuation as an employee for a company for a house purchased by Merrett Valuation found to be negligent Babb’s company had since ceased existence Court ruled Merrett could pursue Babb for the losses Big issue of Run Off Cover – RICS requires firms to obtain run off cover for a minimum of 6 years.

33
Q

What is the benefit of RICS Status?

A

Status – demonstration of highest professional and ethical standards Recognition – embedded professionalism, provides public confidence Market Advantage Networking – 118,000 professionals worldwide, RICS connects professionals and clients

34
Q

Who is the RICS’ preferred broker of PII?

A

Howden and Windsor

35
Q

What does the data protection act 1998 mean?

A

Gives individuals the right to control information stored about themselves

36
Q

Has the DPA been updated?

A

Updated in 2018 to in include the General Data Protection Regulation

37
Q

What does the update to DPA mean?

A

Regulates the collection, storage and use of personal data Companies are responsible for the data they manage and must do so responsibly Individuals can demand to see what information companies hold on them Can only hold personal information for a proportionate / justified time period

38
Q

What are the RICS requirements for PII?

A

Sets out minimum levels Maximum levels of uninsured excess Run off cover needs to last at least 6 years Needs to cover past and present employees, directors and partners

39
Q

What are the RICS’ requirements for levels of uninsured excess of PI?

A

Under £500k – 2.5% of sum of insured or £10k Over £500k – 2.5% of sum of the insured

40
Q

What is run off cover?

A

Ensures firms, members and their customers are not exposed in the period after a firm ceases trading. Minimum of 6 years

41
Q

What are Aecom’s KPIs?

A

No H&S incidents on site Make payments on time

42
Q

What’s Aecom’s 2020 business plan?

A

People, Excellence, Growth, Innovation

43
Q

What are the different types of conflict of interest?

A

Party conflict - cant act for a client and 3rd party with impartiality - adjudicating on a case involving a client Own Interest conflict - have a personal interest with that of a client - cant get informed consent Confidential information conflict - shared interest of 2 clients so cant represent either to the high standard required by the RICS

44
Q

What are the GDPR fines?

A

max fine of 20million euros or 4% of global turnover

45
Q

What does AECOM stand for?

A

Architecture Engineering Consulting Operations Maintenance

46
Q

What are AECOMs core values

A

Safeguard Collaborate Inspire Anticipate Deliver Dream

47
Q

What research regarding Teamwork are you aware of?

A

Belbin - 9 key team roles Teamworker Coordinator Specialist Implementer Finisher

48
Q

What is the RICS publication linked to Conflict of Interest?

A

Conflicts of Interest - 1st Edition 2017 RICS Professional Statement - Mandatory

49
Q

What happens if someone wishes to make a cash payment of over £10,000?

A

must register the person as a high value dealer this role requires additional due diligence

50
Q

What are the RICS’ advised levels of PII based on turnover?

A

£100,000 or less £250,000 £100,001 to £200,000 £500,000 £200,001 and above £1,000,000

51
Q

What are the RICS’ requirements for levels of uninsured excess of PI?

A
  • Up to and including £500,000 = The greater of 2.5% of the sum insured, or £10,000 - Over £500,000 2.5% of the sum insured
52
Q

What is run off cover?

A

Run-off cover is insurance for claims made against a law firm after it has stopped doing business. It makes sure that: - clients can be compensated for claims made after a firm has closed - retired partners of the firm have financial security and won’t be personally liable for any claims

53
Q

What are the RICS rues for run off cover?

A

For a consumer (any natural person acting for purposes outside their trade, business or profession) claims, the requirement is for a limit of £1,000,000 in all for a period of six years from the expiry date of the policy in force at the time of cessation.

Jordan Cornish APC (17 decks)

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