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Lydia's APC > Ethics and RICS Matters > Flashcards

Ethics and RICS Matters Flashcards

1
Q

What are the 5 Rules of Conduct?

A
  1. Be honest, act with integrity and comply with professional obligations including obligations to the RICS
  2. Maintain professional competence and ensure services are carried out by competent individuals with the necessary expertise
  3. Good quality and diligent service
  4. Treat others with respect and encourage diversity and inclusion
  5. Act in the public interest, take responsibility for their actions, act to prevent harm and maintain public confidence in the profession
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2
Q

What are the RICS data standards?

A
  • Current version supersedes previous separate standards, now one single schema
  • Allows users to share and capture data on land, property, real estate and infrastructure assets
  • Supports and references a wide range of international standards
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3
Q

What should be included in a Complaints Handling procedure?

A
  • Name and contact details of who to contact with a complaint
  • Response time - should be 28 days max
  • Should inform PI immediately
  • Should be recorded
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4
Q

What is RBA’s complaints handling procedure?

A
  • Contact Billy (MD) or Liz - contact details given
  • They will acknowledge in 1 working day and aim to deal with the complaint in 10 working days
  • If dissatisfied, can contact Billy directly and if still not resolved, may wish to get third party advice such as the Citizens Advice Bureau.
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5
Q

What are the types of Conflict of Interest

A
  • Party conflict
  • Own interest conflict
  • Confidential information conflict
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6
Q

What are professional standards?

A

Set requirements or expectations of RICS members and firms about how they provide services and outcomes of their actions, word must is mandatory but word should is guidance but expected

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7
Q

What is practice information?

A

Guidance / information to support the practice, knowledge and performance of RICS members and firms

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8
Q

What are the RICS Client Money Protection Schemes for?

A

RICS firms who handle Clients money

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9
Q

What are the rules for handling Clients money?

A
  • Must be in a separate bank account labelled Client
  • Must have access to the account at all times
  • RICS firm has exclusive control over at a bank or building society
  • Does not contain sums other than the amount the Client has paid into it
  • Does not hold office money in it
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10
Q

Why can’t surveyors deal with VAT claims?

A

Complex area beyond our expertise, would need to contact a specialist to deal with VAT claims who is qualified in the area

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11
Q

How did you maintain objectivity through the tender process?

A
  • Ensure all tenderers received the same information including tender queries, responses and tender addenda
  • Presented my recommendation to the Client based on full analysis of all factors such as cost, programme, proposed site logistics, finances etc
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12
Q

Why did you decline lunch from the tendering Contractor?

A
  • Conflict of Interest
  • Could be considered a bribe which could effect my impartiality during the tender process
  • Reported to my Manager, if it occurred again it would be serious and raise red flags about the company
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13
Q

What Rule of Conduct does not disclosing confidential information fall under?

A
  • Acting with integrity
  • Maintaining professional competence
  • Providing good quality and diligent service
  • Maintaining public confidence in the profession
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14
Q

What is the RICS Motto and what does it mean?

A

Est modus in rebus - there is measure in all things

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15
Q

When was the RICS founded?

A

1868

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16
Q

When did the RICS receive Royal Charter?

A

1881

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17
Q

Who is the President of the RICS?

A

Tina Paillet

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18
Q

Who is the President Elect of the RICS?

A

Justin Sullivan

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19
Q

What is the mission statement of the RICS?

A
  • To promote and enforce standards
  • To qualify and equip members to provide the highest standards of professional service
  • To lead solutions to the major challenges facing the built environment through professional expertise
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20
Q

How is the RICS structured?

A
  • Self regulated
  • Governed by Bye-Laws
  • Privvy Council
  • Governing council agree and manage the strategy
  • Standards and Regulation Board, Management Board and Audit Committee implement the strategy set by the Governing Council
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21
Q

What are the 5 principles of better regulation?

A
  1. Proportionality
  2. Accountability
  3. Consistency
  4. Transparency
  5. Targeting
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22
Q

What is the difference between ethics and rules?

A

Ethics - set of moral values
Rules - framework we work to

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23
Q

How many global professional and ethical standards are there?

A

Up to 2nd Feb 2022 there were 5, they were consolidated into the New Rules of Conduct 2022

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24
Q

Why did the Rules of Conduct change?

A
  • Previous rules had been in place since 2007
  • Research took place with the majority voting in favour of replacing existing and separate Global Professional and Ethical Standards
  • Provides single document to give clarity on rules
  • Greater focus on example behaviours, as well as evolving technology and tackling climate change
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25
Q

What are the professional obligations of members?

A
  • Comply with CPD requirements
  • Cooperate with the RICS
  • Provide promptly all information reasonably requested by the Standards and Regulation Board
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26
Q

What are the professional obligations of firms?

A
  • Cooperate with the RICS
  • Provide promptly all information reasonably requested by the Standards and Regulation Board
  • Have a complaints handling procedure
  • Have appropriate levels of PI to cover previous and current work
  • Display on business literature that they are regulated by the RICS
  • Report to the RICS any matter they are required to report under Rules for Registration for Firms
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27
Q

Why do the RICS have Rules of Conduct?

A

Provide framework to work to and provide Clients with comfort on level of service they are getting. They are also a useful professional guide for members.

28
Q

What is the procedure for a breach of a Rule of Conduct?

A
  • Not every breach will lead to a proceeding
  • Formal investigation by Head of Regulation of RICS is the first step
  • RICS can request information and/ or visit to investigate compliance
  • Members must fully cooperate with enquiries
29
Q

How can a disciplinary proceeding be triggered?

A
  • Someone complaining
  • Allegation by client or third party
  • Information received and established by the RICS
30
Q

What 3 actions can be imposed after investigation?

A
  • Fixed penalty
  • Consent order
  • Disciplinary panel
31
Q

What are fixed penalties?

A

A fine

32
Q

What are consent orders?

A
  • Written agreement between the RICS and a member/ firm concerning a disciplinary issue on a breach of the RICS rules of conduct
  • May require the member to take corrective actions or pay a fine or costs
33
Q

When is a disciplinary panel applicable?

A
  • Used for more serious breaches
  • Panel held in public
  • Burden of proof is on the RICS
34
Q

What sort of breaches would expulsion be suitable for?

A
  • Criminal offences
  • Fraud
  • Misappropriation of Clients money
  • Gross incompetence
35
Q

What procedures must you follow if starting up a new practice?

A
  • Complaints handling procedure
  • Appropriate PI insurance
  • Contact RICS to get starter pack
  • Inform the RICS and register for regulation
  • Use ‘Regulated by RICS’ on practice material/ company literature
  • Abide by Rules of Conduct for Firms
36
Q

What insurances do you need for starting your own firm?

A
  • PI
  • Public liability
  • Employers liability
  • Insurance of an office premises
37
Q

What information do registered firms have to send the RICS annually?

A

Annual returns, carried out online, includes number of staff, nature of clients, complaints handling, PI, training provision, whether they hold clients money

38
Q

What processes do firms have to put in place when holding Clients money?

A
  • A Principal oversees the client money accounting functions
  • Accounting systems must be secure
  • Client money must be kept separate and labelled ‘Client’
  • Client must always have access to the funds
39
Q

What are the types of Client money accounts?

A

General - hold money for more than one client
Discrete - hold money for one single client

40
Q

What is meant by the term Negligence?

A

Breach of duty of care resulting in damage / harm, duty is owed using reasonable skill and care to clients and 3rd parties.

41
Q

What is Merritt vs Babb case law?

A
  • Individual surveyor was sued for negligence by a former client as the firm was no longer in existence and there was no run off cover in place, the individual was sued for damages successfully.
42
Q

What is the limitation period under hand and and as a deed?

A

Under hand - 6 years
As a deed - 12 years

43
Q

What must a complaints handling procedure include?

A
  • RICS provides a model form
  • Must include a redress mechanism
  • Details must be provided to the Client with the Terms of Business
  • Name and contact details of investigating person must be stated
  • Complaints must be investigated in 28 days
  • All complaints must be recorded
  • Must advise PI insurers immediately
44
Q

What is an independent redress scheme?

A
  • Designed to address small issues which would be disproportionate to take to court
  • If the scheme judges in favour of the complaint, it is binding
  • If it judges in favour of the firm, the complainant can take the matter to court
  • RICS firms must specify which redress scheme to use - ombudsman, arbitration or sometimes adjudication
45
Q

What do you do if you receive a letter of complaint?

A
  • Acknowledge receipt and send to the complaints handling officer as per the complaints handling procedure
  • Inform PI insurers immediately
46
Q

What is the Clients money protection scheme?

A
  • Operated by the RICS
  • Contains provision for members of the public to be reimbursed their direct loss of funds when using an RICS firm
  • Provided through an RICS insurance policy
47
Q

What is the purpose of joint names on an account?

A

For the purpose of dual authorisation

48
Q

What are the CPD requirements?

A
  • Record appropriate lifelong learning
  • On request by the RICS, provide evidence of CPD to maintain and improve levels of competence
49
Q

How many hours CPD must members do?

A
  • 20 hours in total, 10 hours must be formal
  • Must carry out the professional module every 3 years
50
Q

How many hours CPD must structured apprentices do?

A

48 hours, at least 24 hours formal

51
Q

What sort of activities are included as CPD?

A
  • Must have a clear learning objective relating to my role
  • Formal CPD could be webinars, seminars, online training with structured assessments
  • Informal could be private reading, on the job shadowing etc
52
Q

What does PII stand for?

A

Professional indemnity insurance

53
Q

What is the purpose of PI insurance?

A

To provide financial cover in the event a client suffers financial loss as a result of breach of professional duty

54
Q

Benefits for the professional of PII

A
  • Protected from financial losses
  • The firm doesn’t have to meet the claim from their own assets / resources
55
Q

Benefits for the Client of PI insurance

A
  • They are able to recover their losses
56
Q

On what basis is PI insurance underwritten in the UK?

A

Claims made basis - insurance policy in place at the time of the claim is responsible rather than when the breach occurred.

57
Q

What are the requirements regarding PII set out by the RICS?

A
  • Sets out minimum levels of indemnity
  • Sets out maximum levels of uninsured excess
  • Must be run off cover in place for 6 years
  • Policy must be on an each and every basis
  • Should cover past and present employees including directors and partners
58
Q

What are the minimum levels of indemnity?

A
  • Turnover less than £100k: £250k
  • Turnover £100,001 to £200,000: £500k
  • Turnover over £200,001: £1m
59
Q

What are the maximum levels of uninsured excess?

A

Turnover in preceding year £10m or less - greater of £10,000 or 2.5% of insured sum
Turnover over £10m - no max level of uninsured excess

60
Q

How can you avoid PI claims?

A
  • Keep full records of meetings and conversations
  • Record recommendations and advice given
  • Use proper letters of engagement, scope of services and terms of engagement
  • Don’t advise on a specialism outside your field
  • Use RICS guidelines
  • Avoid poor management and excessive workloads
61
Q

How can you limit liability when agreeing terms of appointment with a Client?

A
  • Base service of reasonable skill and care rather than fitness for purpose which is more onerous
  • Run off cover must be in place
  • Reduced liability period if under hand rather than as a deed
62
Q

What are the main elements included within a Fee Proposal

A
  • Scope of services
  • Terms and conditions
  • Exclusions
  • Assumptions
63
Q

What are conflicts of interest

A
  • When a person in a position of trust has competing personal or professional interests which make it difficult for them to fulfil their duties impartially
  • Chartered surveyors have an obligation to make clients aware of this and if necessary, decline work opportunities where a conflict exists.
64
Q

What are the offences under the Bribery Act?

A
  • Make a bribe
  • Receiving a bribe
  • Bribery of a foreign public official
  • Failure of a corporate entity to prevent bribery on its behalf
65
Q

What are the 6 principles of prevention companies should put in place to prevent Bribery?

A
  • Due diligence
  • Communication
  • Risk assessment
  • Top level commitment
  • Monitoring & Review
  • Proportionate Procedures

Lydia's APC (7 decks)

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