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RICS APC > Ethics, Code of Conduct & Professionalism > Flashcards

Ethics, Code of Conduct & Professionalism Flashcards

1
Q

When was the RICS founded?

A

15th June 1868

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2
Q

When was the RICS incorporated with the royal charter?

A

26th August 1881

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3
Q

What is the address of the RICS’ headquarters

A

Great George Street, London

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4
Q

Whit is the RICS’ motto?

A

Est Modus In Rebus (There Is Measure In All Things)

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5
Q

What is the purpose of the RICS?

A

To regulate and promote the profession and maintain the highest educational and professional standards that protects both clients and consumers via a strict code of ethics and providing a high standard of impartial advice.

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6
Q

What are the benefits of RICS membership?

A

Status - Professional credential give unrivalled client confidence

Recognition - Promotion of your professional
excellence

Market advantage – RICS status and standard gives competitive advantage

Knowledge – International practice standards and professional guidance

Network – Access to 140,000 worldwide members

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7
Q

Who are the key persons within the RICS?

A

CEO - Richard Collins

President - Ann Gray

President Elect - Tina Paillet

Senior Vice President - Vacant

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8
Q

What is the main aim of the RICS president?

A

To drive engagement and inspire change in the built envirionment

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9
Q

What is a royal charter?

A

An instrument of incorporation granted by The King, giving independent legal personality on an organisation (becomes a single legal entity) giving it the power to govern its own affairs. It reflects a high status for a body or corporation.

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10
Q

What is the RICS’ structure?

A

Privy Council – grants and awards charter, formal body of advisors to the Sovereign and comprises non-RICS members, mainly politicians who are present or former members of the House of Commons

Governing Council – sets the top level strategy and chaired by the current president. Made of RICS members and responsible for delivering the requirements of the Royal Charter

Standards and Regulatory Board – formulates and delivers the regulatory policy objectives of the RICS. Meetings are chaired by a non-member to demonstrate the regulation is independent from the interest of its members. Enforces highest standards.
Management Board – Governing Council delegates day to day operational accountability of RICS to the

Management Board. Approves the business plan and made up of nominated members, non-members and executive staff

Audit Committee – responsible for reviewing internal systems and risk management whilst monitoring standards and quality service

Regulatory Tribunal – Provides RICS with an effective fair and independent judicial body. Responsible for dealing with the regulatory tribunal rules made my the standards and regulation board

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11
Q

What is an example of other RICS initiatives?

A

Lionheart – independent charity run by members for past and present members.

RICS Matrics - Group designed for aspiring or recently chartered members of the RICS

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12
Q

What are the 6 ethical principles the RICS abide by?

A

Honesty, Integrity, Competence, Service, Respect and Responsibility

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13
Q

What is rule of conduct nr. 1 for the RICS?

A

Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

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14
Q

What is rule of conduct nr. 2 for the RICS?

A

Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

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15
Q

What is rule of conduct nr. 3 for the RICS?

A

Members and firms must provide good-quality and diligent service.

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16
Q

What is rule of conduct nr. 4 for the RICS?

A

Members and firms must treat others with respect and encourage diversity and inclusion.

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17
Q

What is rule of conduct nr. 5 for the RICS?

A

Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.

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18
Q

What are the rules of conduct for the RICS?

A
  1. Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
  2. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
  3. Members and firms must provide good-quality and diligent service.
  4. Members and firms must treat others with respect and encourage diversity and inclusion.
  5. Members and firms must act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession.
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19
Q

What are two examples for meeting rule of conduct nr. 1?

A

1.2 Members and firms do not allow themselves to be influenced improperly by others (as a result of, for example, giving or receiving work referrals, gifts, hospitality or payments) or by their own self interest.

1.4 Firms have effective processes to identify actual and potential conflicts of interest, to enable appropriate decisions to be made on whether to accept work, and to keep records of decisions made about actual and potential conflicts of interest.

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20
Q

What are two examples for meeting rule of conduct nr. 2?

A

2.1 Members and firms only undertake work that they have the knowledge, skills and resources to carry out competently.

2.2 Members and firms supervise any employees undertaking work for them and ensure that these employees have the necessary knowledge, skills and resources to do their tasks competently.

21
Q

What are two examples for meeting rule of conduct nr. 3?

A

3.1 Members and firms understand clients’ needs and objectives before accepting any professional work.

3.5 Members and firms undertake their work in a timely manner; with due care, skill and diligence, and in accordance with RICS technical standards.

22
Q

What are two examples for meeting rule of conduct nr. 4?

A

4.1 Members and firms respect the rights of others and treat others with courtesy.

4.3 Members and firms do not bully, victimise or harass anyone

23
Q

What are two examples for meeting rule of conduct nr. 5?

A

5.3 Members and firms ensure that public statements made by the firm, or in which members are (or could be) identified as members of the profession, do not undermine public confidence in the profession.

5.6 Members and firms cooperate with investigations into complaints or concerns, and provide information where it is reasonably requested and they can do so lawfully.

24
Q

What is Appendix A of the Rules of Conduct?

A

Professional Obligations of RICS

25
Q

Give three examples of the professional obligations to the RICS

A
  1. Members must comply with the CPD requirements set by the RICS
  2. members must co-operate with the RICS
  3. Firms must publish a complaints-handling procedure, including alternative dispute resolution provides (approved by RICS)
26
Q

What are the RICS rules for registration of firms?

A

Firms required to register if at least 50% of directors are MRICS

Firms eligible to register if 25% of directors are MRICS

Responsible principal – registered firm must have a responsible principle who must be an RICS member. Responsible for ensuring firm complies with legal and RICS standards/obligations. They are the primary point of contact to the RICS.

27
Q

If you were to set up your own chartered company what would you need in place?

A
  • Set up company with companies house
  • Employ an accountant to set up accounts
  • Take out PI insurance (covers financial loss and or injury resulting from an act of
    negligence)
  • Take out employer’s liability and public liability insurance if opening an office
    outside of your home
  • Ensure a CHP is in place and your insurers are consulted and satisfied with its
    content
28
Q

What are the minimum RICS requirements for PI Insurance?

A
  • Cover past and present employees
  • Must have RICS minimum wording
  • Must be taken out on a ‘each and every’ or ‘any one claim’ basis
  • Underwritten by an RICS listed insurer
  • Fully retroactive (current insurer responds not insurer when the negligent act
    occurred)
  • Fire Safety Exclusions (NEW 2020) RICS excluded this from minimum requirements
29
Q

What is the RICS minimum level of indemnity cover for PI Insurance?

A

This is based on the company’s turnover:
£100k or less - £250k
£101k - £200k - £500k
£200k+ - £1m

Levels of Uninsured Excess:
Up to £500k level of indemnity – 2.5% of sum insured or £10k, whichever is greatest
£500k + level of indemnity – 2.5% of sum insured

What is the minimum run off cover required?
Minimum of 6 years from ceasing to trade
Minimum limit of £1m

30
Q

How would you define a conflict of interest?

A

A conflict of interest is where there may be an actual or potential risk that the professional judgement of an RICS member will be compromised and will likely impact on the ability for them to give impartial judgement or professional advice

31
Q

What are the three types of conflicts of interest?

A

Party conflict – 2 competing parties represented by the same firm

Own interest conflict – family/personal relations within a team or between 2 parties - my uncle owning a main contracting business if working on the same project

Confidential information – ensure you identify who should and shouldn’t be party to certain confidential information

32
Q

How would you deal with a conflict of interest?

A

Be open and transparent, honesty in this scenario is key. Declare the conflict of interest to all parties involved as soon as possible and offer to stand down from acting for any party involved in that instruction. If there was written informed consent from all parties, I would need to make a final decision as to whether I felt comfortable proceeding with the instruction

33
Q

What would you do if a contractor gave you a gift or hospitality invite?

A
  1. What is its value?
  2. Who is it being given to? A range of people or just me?
  3. Is it reasonable and proportionate?
  4. Does it have a genuine business purpose?
  5. When is it being given? At a crucial stage or a regular event?
  6. Can you decline it there and then?

I would then consult Modus’ Gift and Hospitality Policy an ensure I wasn’t in breach of this. If accepted I would ensure it is logged in the Register of Gifts and Hospitality as appropriate.

34
Q

What would you do if a client wanted to pay for their fee upfront?

A
  • Set up a client account correctly titled to include the name of the firm and word
    ‘client’ to distinguish the account from any other type
  • Advised to the client in writing the account details and agree account handling
    terms
  • Obtained written consent from the client if the firm is to retain interest
  • Accounting records and systems suitable and protected adequately
35
Q

Can you name some legislation relating to Bribery?

A

Bribery Act 2010

36
Q

Can you name some legislation relating to Money Laundering?

A

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

37
Q

What are the RICS requirements for members relating to bribery and corruption?

A
  • Do not offer or accept anything that could constitute a bribe
  • Ensure adequate knowledge of bribery and corruption to ensure compliance with the law
  • Report any activity that you are aware breaches anti-bribery and corruption laws
38
Q

What are the RICS requirements for firms relating to bribery and corruption?

A
  • Do not offer or accept anything that could constitute a bribe
  • Have plans in place to comply with the law
  • Report any activity that you are aware breaches anti-bribery and corruption laws
  • Act with due diligence
  • Retain information detailing how the firm has met the RICS requirements
39
Q

What do the RICS recommend firms have in place relating to bribery and corruption?

A
  • Have a written policy including a risk assessment
  • Update the policy annually
  • Have appropriate system controls in place
  • Have a gift/hospitality/charitable contributions/conflict of interests register/tracker
40
Q

What is money laundering?

A

The act of exchanging money or assets that were obtained through criminal activity

41
Q

What must RICS members do in relation to money laundering?

A
  • Not facilitate or be complicit in money laundering or terrorist financing
  • Report any suspicions
42
Q

What must RICS firms do in relation to money laundering?

A
  • Not facilitate or be complicit in money laundering or terrorist financing
  • Have systems and training in place
  • Report suspicions
  • Review and evaluate risks
  • Ensure appropriate responses to risk and check on client
  • Perform basic identity checks on clients
  • Retain information detailing how the firm has met RICS requirements
43
Q

What are the penalties to individuals found guilty of money laundering?

A
  • Up to 2 years in prison
  • Unlimited fine
44
Q

What would you do if a client wanted to pay you in cash

A

I would thank them but inform them it is my company’s policy that we do not accept cash payments

45
Q

What is a fixed penalty and when are they applicable?

A

A fixed penalty is a caution and or fine for breach of the rules of conduct and is applicable of the following rules:

Examples of what they could be issued for is not meeting CPD requirements and not complying with requests for information by the RICS

46
Q

What is a regulatory compliance order?

A

Suitable sanction in respect of breaches of any RICS’ Rules of Conduct. There has to be a mutual agreement between RICS and the member to enter into a regulatory compliance order. May be used when public disciplinary hearing is not deemed suitable.

47
Q

What are regulatory sanctions?

A
  • Caution
  • Reprimand
  • Undertakings as to future conduct
  • Fines
  • Conditions on Member’s continued membership
  • Conditions on the Firm’s registration for regulation
  • Expulsion
  • Removal of firm’s registration for regulation
48
Q

What is the RICS disciplinary process?

A
  1. Investigation has revealed a serious matter supported by evidence
  2. For less serious cases where the member admits to the allegation, a Regulatory Compliance Order can be used
  3. Where the member does not admit the allegations, the case can be referred to a single member of the Regulatory Tribunal to decide the disciplinary outcome.
  4. For more serious cases, the case may be referred to a Disciplinary Panel, drawn from the independent Regulatory Board
49
Q

What are the 4 policies of the RICS Modern Slavery Act?

A
  1. Anti-Slavery Policy – zero tolerance
  2. Recruitment Policy – eligibility checks
  3. Raising Concerns Policy – whistleblowing policy, members can speak up
  4. Procurement Policy – preferred suppliers lists and emphasis on due diligence

RICS APC (2 decks)

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