Ethics (Additional)

Question 1

Benefits of becoming a member

Answer 1

• 1. Status - RICS credentials command respect from Clients and peers
• 2. Recognition - RICS standards provides public confidence and drives demand for services.
• 3. Knowledge – CPD and best practice to help maintain the highest levels of professionalism
• 4. Networking - RICS connects you to other professionals and Clients in local / global markets.
• 5. Career Development – APC/MRICS allows you to improve your career potential and value

Question 2

G&T Statistics

Answer 2

Turnover in 2020/21 – £202m (decreased by 6.5%)
Profit in 2019/20 - £66.8m (increased due to falling overheads)
Imelda Moffat – Complaints Handler
Data Protection Officer – Oyster

Question 3

RICS Presidential Team

Answer 3

President – Clement Lau
President Elect – Ann Gray
Senior VP – Tina Paillet

Question 4

Dealing with a Conflict of Interest

Answer 4

• 1. Declare the conflicts to both / all appropriate parties as soon as possible
• 2. Offer to stand down from acting for any party and continue only if requested to do so
• 3. If any part objects, step away from the instruction
• 4. With written Informed Consent from the parties, make a final decision whether to proceed

Question 5

Measures to protect commercially sensitive information (Information Barrier)

Answer 5

• 1. Strictly enforced staff confidentially
• 2. Exclusivity of staff working for each Client, including support teams
• 3. Physical separation of staff
• 4. Security of documentation and record keeping – servers and physical and data storage

Question 6

Setting up a new practice

Answer 6

• Register firm with Companies House
• Have Employers Liability Insurance in place
• Have adequate Professional Indemnity Insurance in place
• Have a complaints handling procedure in place, with approved ADR mechanism
• Appropriate processes in place to ensure staff are adequately trained and competent
• Sole practitioners or firms that have 50% or more RICS members as partners or directors and offer surveying services to the public are required to sign up to be regulated by RICS
• RICS provide start up packs for company guidance

Question 7

What happens to PI Insurance in the death or incapacity of a sole practitioner?

Answer 7

It is important that the professional indemnity insurers are notified of the death as soon as possible as failure to notify them could potentially invalidate the cover provided.

It may be possible and advisable to have run-off cover for two years after the date the practice ceases. A decision will need to be made whether or not to continue with such insurance cover – this will be affected by whether or not the practice is continuing in some format and the perceived risks.

Question 8

What is Ethics?

Answer 8

The term is derived from the Greek word ethos which can mean custom, habit, character or disposition.

Ethics is a system of moral principles. They affect how people make decisions and lead their lives

Question 9

What happens to PI Insurance when a sole practitioner retires?

Answer 9

You will need run-off cover to protect you against a claim for work previously done.