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TD Mandatory > Ethics > Flashcards

Ethics Flashcards

1
Q

What is a Royal Charter?

A

a form of incorporation granted by the Privy Council. They are usually institutions that work in the public interest and which are able to demonstrate financial stability and permanence and pre-eminence in their field.

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2
Q

How is a member under obligation to act in the public interest?

A

The role of a surveyor is to provide impartial advice on key issues for business, governments worldwide and society. A surveyors actions are therefore in the public interest.

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3
Q

What are the bye laws?

A

Are a set of laws that govern the RICS.

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4
Q

What are the five ethical standards?

A
  1. Act with integrity
  2. Always provide a high level of service
  3. Act in a way that promotes trust in the profession
  4. Treat others with respect
  5. Take responsibility
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5
Q

Can you give me an example when you acted with integrity?

A

While undertaking a valuation of a high rise residential block I found out that the building had failed its Fire safety EWS1 form. I made sure to be honest and report this to my line manager and ultimately the client. As a result we had to report our valuation on special assumption that the building had passed its EWS 1 form.

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6
Q

Can you give me an example when you provided a high level of service?

A

While undertaking an inspection of a new client for rating purposes, I noticed disturbances to the occupation of the hereditament. My client was unaware that they could get relief for disturbances. Not only did I manage to submit a check on the compiled list valuation but I also as make rate savings in relation to the building works.

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7
Q

Can you give me an example when you promoted trust in the profession?

A

We act as a an agent for ratepayers - en trust us to mitigate their rate liabilities and act on their behalf professionally and in line with the term of engagement.

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8
Q

Can you give me an example when you treat other with respect?

A

Day-to-day work I make to sure to communicate in a respectable manner to my colleagues and clients by fully listening to them and not interrupting individuals.

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9
Q

Can you give me an example when you have taken responsibility.

A

I took responsibility on a large part of the creation of the comparables database when in the Rating Department. I was solely responsible for implementing certain features and directing the developers on bug fixes.

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10
Q

What is the current consultation planning on doing?

A

To simplify the ethics and code of conduct into 5 new rules. The new rules will focus on sustainability, data management and respect of others. Global.

  1. Be honest, act with integrity
  2. Ensure competence
  3. Must provide a good service
  4. Treat others with respect
  5. Act in the public interest
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11
Q

What is the decision tree? How do you use it?

A

A series of decisions to ask yourself when you are considering whether a certain scenario is ethical or not.

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12
Q

What are some of the stages of the ethics tree?

A

Is it legal?
Is it in line with the RICS ethical standards?
Would you be content for your actions to be made public?

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13
Q

Can you give me an example when you have dealt with an ethical matter?

A

Being invited to a sports match with hospitality.

I firstly discussed this with my line manager and I stated that I thought the invitation could be above the threshold where I needed pre-authorisation as per my firms gift and entertainment policy.

I completed form and sent for authorisation from my line manager and MD.
This was authorised and I sent this further to the compliance team for record keeping.

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14
Q

How do the RICS ensure that standards and quality are maintained in terms of both the conduct and advice provided by chartered surveyors?

A

RICS Rules of Conduct for members and for firms

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15
Q

Why the RICS have rules and codes of conduct.

A

Standardisation and consistency of service
Maintaining professional standards and governance
Regulation

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16
Q

If a client was prepared to pay you in advance for services you or your company was providing, how would you ensure that this was dealt with?

A

RICS code of conduct - client handling of money

Setting up a separate client account which is properly named and clearly identifiable.

Clients name on account name

Monies must be available on demand

Payment of interest is agreed with client

Records are kept

Audit obligations are met

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17
Q

If you were going to set up your own business and operate as a chartered surveyor, what insurances would you need to put in place?

A

Professional indemnity insurance
As a chartered surveyor you cannot operate without PII.
Also, employers liability insurance and third party liability insurances

18
Q

What are the PII regarding run off periods?

A

Consumer claims - Minimum of £1m of cover over a minimum of 6 years
Commercial Claims - Adequate cover for minimum of 6 years - RICS recommend for longer as claims can be made up to 15 years after the work was undertaken.
Any firm that cant obtain runoff cover - can apply to the RICS run-off pool.

19
Q

Can you advise on what a conflict of interest is?

A

A conflict arises when a member or firm’s independence and impartiality is threatened due to the existence of a conflict between two clients.

20
Q

How you would deal with a conflict of interest?

A

A three step process - CA W CM

Conflict Avoidance (CA) - is you impartiality compromised? Or could you manage maintaining transparency and openness? Decide to accept or not.

Written advice to both Parties (W)
If you wish to accept you need to set out the conflict in writing to both parties and how you are going to deal with the conflict. eg conflict barrier. Need to request written confirmation of their informed consent.

Conflict Management (CM)
Once received written confirmation, set up the information barrier. This may mean working in a new building, setting up cloud file management separately, keeping a clear audit trail.  Has to be robust.
21
Q

What is your firms code of conduct?

A 
It sets the overarching standards of behaviour that we are expected to observe. 
5 pillars 
1. Honesty & Integrity
2. Investment in our people
3. Principal led
4. Treat others with respect
22
Q

What is Fraud?

A

misrepresentation of business information and records. or the embezzlement of company/client funds.

23
Q

How does your firms Code of Conduct relate to the RICS code of conduct?

A

Both set professional behaviours that are expected.

Overarching rules of membership / being an employee

24
Q

What are the benefits of being a regulated firm?

A

CPS
Confidence - you clients have confidence of a recognised firm which is being regulated by the RICS.
Professionalism - being regulated - members have to follow professional standards where you have to give clear impartial advice.
Security - firms have a recognised complaints handling procedure, PII cover and processes in place.

25
Q

What firms are required to be regulated?

A

a firms that provides surveying services to the public
is established in the UK
at least 50% of firms members are MRICS.

26
Q

What are some of the requirements for regulated firms?

A

Must have an Responsible Principal - ensures the regulatory obligations of a firm.
Complete an annual return
Logos - Only RICS members and registered firms can use the logo. Only use Chartered Surveyors in trading name.

27
Q

What info is required for registration?

A 
BCC/PM
Types of business
nature of clients
compliant handling procedure in place 
PII details
Weather the firm holds client money.
28
Q

What are the rules of conduct for firms?

A 
BCS/CPD/CCI + ASS DIC
Professional Behaviour
Competence 
Service
CPD
Complaints H Procedure
Client Money
Indemnity
Advertising - truthful manner
Solvency - manage finances 
Succession Planning
Designator display RICS note that regulated
Info to RICS
Co-operation
29
Q

What are your firms anti bribery procedures?

A

We have a gift and entertainment policy
Anti-bribery and Corruption policy - sets out bribery act, and each employees responsibilities.
AML Policy - assess risks with M Laundering and actions to prevent ML.
Whistleblowing Procedure

30
Q

What are the bribery acts principles?

A
  1. Proportionality
  2. Top Level commitment
  3. Risk Assessment
  4. Due Diligence
  5. Communication
  6. Monitoring and review
31
Q

What are the offences under the act?

A
  1. Bribing another person
  2. Being bribed
  3. Bribing a foreign public official
  4. Failing to prevent a bribe.
32
Q

What is your company’s gift policy?

A
  1. First question to ask myself is “would I be comfortable accepting or giving a gift/entertainment that was brought to the attention of the AY executive and the public?”
  2. to assess the value of the gift/hospitality and verify the value against a reporting threshold. £120-£500 - report it to compliance, over £500 - need pre-authorisation.
33
Q

What steps are there in a conflict of interest check?

A

Run a conflict check from the CRM tool.
Checks any previous or current involvement by anyone at the firm/team.
See regarding personal interest.

34
Q

What would you do before a Conflict check?

A

CIT

Competence - SUK - Skills, Understanding, Knowledge.

35
Q

How did you consider this was not a bribe?

A

I consider it alongside my line manager that it was a one-off event and of relatively “low value”.

36
Q

What is the penalty for accepting a bribe?

A

Maximum prison sentence of 10 years and unlimited fine

37
Q

Why is it important to record a bribe?

A

guidance for monitoring
record for the future.
could identify possible bribing by client

38
Q

What does the RICS Rating Code of Practice outline? Is it a professional statement?

A

Sets out standards of practice when seeking a new instruction or are approached by a new or existing client.

  • Ratepayer must be respected when approaching client without attempts to persuade.
  • If a person is approached and decline this person must not be approached again.
  • Marketing must be professional with people given appropriate training.
  • sets out what should be in the terms of engagement, client, what services offering, compliant handling, fees, refunds.
39
Q

When pitching to a new client how did you act within the ethical standards?

A

I made sure to act with integrity and not over sell myself.
I outlined the high level of service I could offer the client.
I demonstrate work I was compiling on a neighbouring property. Demonstrating professionalism.

40
Q

Why could you not disclose the figures to the Borrower?

A

Ultimately my client is the lender. Act responsible and with integrity.
Confidential information

41
Q

What is the role of the RICS?

A
  1. Maintain highest professional standards of education and training
  2. Protect consumers through regulation of professional standards
  3. Be a leading source of information and independent advice on land, property, construction and environmental issues.

TD Mandatory (11 decks)

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