Ethics And Rules Of Conduct Flashcards
What date is the latest version of the Rules for Registration of Firms?
1ST April 2020
Why does RICS Branding/Logo Guidance relate to the Registration of Firms?
Only regulated firms may use the RICS logo
What RICS status does the ‘registration of firms’ document hold?
It’s a Regulation
What is the status of a Practice Statement?
Mandatory for RICS members and firms
What edition is the RICS Professional Statement on ‘Countering Bribery and Corruption, money laundering and terrorist financing’?
1st Edition February 2019
What is an assigned risk pool?
A facility provided by RICS for firms that can’t get PII
What is run off cover?
For when firms close/employees leave. It provides insurance cover for 6 years.
What is the Run Off Pool?
Equivalent to the Risk Pool but for run off cover.
What are the 5 Global Professional and Ethical standards?
- Act with Integrity
- Provide a High Standard of Service
- Promote Trust in the Profession
- Treat Others With Respect
- Take Responsibility for your Actions
What is a conflict of interest?
Anything that impedes or may be percieved to impede on an individuals or firms ability to act impartially & at the best interest of the client.
Name some of the approved ombudsmen bodies for complaints handling?
Centre for Effective Dispute Resolution Property Redress Scheme Financial Ombudsmen Service Local Government Ombudsmen Adjudicators Office
What edition of the RICS document ‘Conflicts of Interest’ are we on?
What document status is it?
1st Edition dated March 2017
Professional statement
What is informed consent?
How would you go by getting informed consent?
Informed consent can only be sought where the RICS member or firm is satisfied that proceeding despite the conflict of interest is:
a) in the interests of all those who are or may be affected and
b) is not prohibited by law
and that the conflict will not prevent the member or regulated firm from providing competent and diligent advice to those that may be affected.
What are the three parts of the ‘Conflicts of Interest’ professional statement?
Part 1 - Professional Statement - conflicts of interest and confidentiality
Part 2 - General Commentary Notes
Part 3 - Supporting Commentary Notes
Detail the RICS Governance Structure
Privy Council
Governing Council
Regulatory Tribunal, Standards and Regulation Board, Management Board, Audit Committee, Nominations Committee and Presidential Nominations Committee.
Then, Finance Committee, Wold Regional boards and Market Advisory and Remuneration committee.
What is Lionheart?
A charity for RICS professionals from APC to retirement
Provide financial support, health and wellbeing, counselling and work related support. Legal Advise
How many hours CPD do you need to record each year once qualified?
20 hours per year
What is the RICS moto?
There is measure in all things
When was RICS founded?
1868
Royal charter granted
1881
RICS President?
Kathleen Fontana
What are the RICS presidents current objectives?
Sustainability
Dealing with Covid
SME’s and working remotely.
What is a fixed RICS penalty
Fine given for non compliance with the rules
Main principles of the bribery act?
And consquences?
Don’t offer or accept a bribe
Knowing about it
Receiving a bribe
Bribing a foreign government official
Up to 10 years in prision