Ethics and Conflict Avoidance, Dispute Res.

Question 1

Have you been involved in a conflict avoidance situation? If not how would you deal with it?

Answer 1

I have been in situation where I identified a eprson conflict when instructed to value a residential property in Manchester for IHT purposes. The deceased was a neighbour of my friend’s parent and I had prior contact with them on a number of ocassions. I promptly informed my manager as who reassigned the case to another colleague.

What is a personal conflict of interest? Why is it important to declare?
A personal conflict of interest arises when your personal interests could interfere with your professional duties. It’s important to declare to avoid compromising your objectivity, integrity, and the trust of your clients.
What could’ve happened if you’d acted in this scenario?
Acting without declaring a conflict of interest could lead to biased advice, reputational damage, loss of client trust, or potential disciplinary action by the RICS.

Question 2

How does the VO’s conflict of interest procedure work?

Answer 2

• Upon receiving instructions I complete a conflict check to check if both the VO and myself can proceed. This is recorded and stored electronically.
• if a conflict is identified this is flagged to my line manager and client is informed.
• if I can undertake instruction impartially I will advise client and request informed consent
• if this is received I will proceed.
• if I cannot carry out instruction or informed consent is not received I will decline the instruction.

Question 3

What is the RICS recommendations regarding conflict? Name at least 3

Answer 3

Key Recommendations of the COI Professional Standard i.e. Mandatory. (Effective January 2018):

Do not proceed with work if there is a Conflict of Interest or significant risk of one unless you have Informed Consent from all affected parties.
Only seek Informed Consent if proceeding will serve the interests of all clients/parties involved.
Do not seek Informed Consent to serve your firm’s interests.
Apply the COI professional statement both at the start and throughout the work assignment.
RICS members must identify, manage, and keep records of conflicts of interest.

Question 4

What are the three types of conflict and what do they involve?

Answer 4

Party conflict- relating to work on the same or related instruction for two different parties
Own interest conflict- relating to a personal interest
Confidential Information conflict- relating to work between two parties which is confidential

Question 5

What is an information barrier?

Answer 5

Physical and or electronic separation of individuals within the same firm that prevents confidential information passing between them.

Question 6

What is informed consent?

Answer 6

Consent given willingly by a party who may be affected by a conflict of interest.

Question 7

What is the VOA Complaints Handling Procedure?

Answer 7

VOA has its own Complaints investigation team, we publish details of it and report it so clients are aware of it.
2 stages
VOA has Tier 1 (Business Stream); Tier 2 (Agency CIT); then as a govt body certain matters can be referred to an Ombudsman