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Ethics > Ethics Continued > Flashcards

Ethics Continued Flashcards

1
Q

What is the RICS decision tree?

A

Provides a framework of questions which members should ask themselves when facing a situation in which they are asked to act in a potentially unethical way

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2
Q

When can a disciplinary procedure be triggered and who is it undertaken by?

A

Someone complaining to RICS

  • client
  • 3rd party
  • or because of RICS material

Standards and Regulation Board

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3
Q

What does RICS Decision Making (2022) set out?

A

Provides outline of regulatory approach by RICS on members non members and firms.

Disciplinary process set out in RICS Regulatory Tribunal Rules (2022)

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4
Q

What are the three levels of disciplinary action?

A
  1. Action by Head of Regulation
  2. Disciplinary Panel (drawn from the independent Regulatory Tribunal)
  3. Appeal Panel
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5
Q

Who undertakes the initial investigation stage in disciplinary procedure?

A

1- formal investigation by the Head of Regulation of the RICS who can action one of four disco actions

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6
Q

What are the four disciplinary actions the head of regulation RICS can take?

A
  1. Serve a Fixed Penalty Notice
  2. Make a Regulatory Compliance Order
  3. Refer the matter to a single member of the Regulatory Tribunal for consideration
  4. Refer the matter directly to a Disciplinary Panel
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7
Q

What are fixed penalties (discipline)?

A

Used for breaches of rules relating to supply of information to the RICS and may consist of a fine/ caution

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8
Q

What is a regulatory compliance order? (Discipline)

A
  • used for minor breaches of rules
  • written document highlighting desist and agreement to pay a fine
  • including not undertaking enough CPD
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9
Q

What is a Disciplinary panel used for?

A
  • more serious breaches of rules
  • membership of disciplinary panel includes lay members (non RICS members)
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10
Q

Name the 7 disciplinary penalties a disciplinary panel can use?

A
  1. Issue a Regulatory Compliance Order (as above)
  2. Reprimand
  3. Fine
  4. Impose an unlimited amount of fine per breach but it must be proportionate to the offence
  5. Impose conditions upon future continued RICS registration
  6. Expulsion from membership or remove a firm
  7. Require publication of the results of the hearing in the RiGs Modus magazine, on the RICs website and in the local newspaper where the firm or member is base
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11
Q

What do Appeal Panels do (discipline)?

A

Consider appeal to the disciplinary decision

  • includes lay members
  • can change the penalty amount/ severety
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12
Q

What is happening to Professional statements and guidance notes?

A

RICS in process of consolidating into professional standards

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13
Q

What are RICS professional standards?

A

Set out requirements or expectations for RICS members and regulated firms about how they provide services or the outcomes of the their actions

May include “musts” or “should”

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14
Q

What is RICS practice information?

A

Support the practice of MRICS and firms

  • don not contain advice
  • do contain good practice, information, insights, processes
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15
Q

RICS practice alert - what are they?

A

2023 new web page to alert members of areas of risk that RICS are concerned about.

Including in fire risk

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16
Q

What are terms of engagement?

A

State in writing the clients agreement to proposed fee, payment and expenses and copy of complaints handling procedure

17
Q

Three steps to consider before working in instruction?

A
  1. Check professionally competent
  2. No conflicts of interest or personal interest
  3. Confirm terms of engagement in writing and get written approval before acting
18
Q

When is it appropriate to decline an instruction? (8)

A

1- not competent
2- not sufficient facts
3- client won’t sign ToE or complete AML checks
4- conflict of interest
5- PII Cap cannot be agreed
6- for a friend of pro bono and PII doesn’t cover
7- sanctioned party
8- would you be content if actions made public?

19
Q

Conflicts of interest between two clients examples

A

Financial interest
Personal interest
Commercial relationships
Acting on both sides of transaction

20
Q

Conflict avoidance vs conflict management

A

Avoidance- do not accept instruction
Management- accepted staps are agreed to put in place to manage conflict such as information barrier. (Informed consent from all practices)

21
Q

What regulation covers conflicts of interest?

A

RICS Global Professional Standard: Conflict of Interest (2017)

22
Q

Three types of conflict of interest include:

A

• A ‘Party Conflict relating to work on the same or related instruction for two different parties
• An ‘Own Interest Conflict relating to a personal interest
• A ‘Confidential Information Conflict relating to work between two parties that is confidential

23
Q

What is the three step process you must undertake when/ if a conflict of interest may arise between two or more clients of a firm?

A

1- upon receipt of all facts establish if the conflict should be completely avoided or managed?

2- written advice to both parties disclose nature of conflict, clear as possible, request written consent from both parties

3- conflict management- set up an information barrier in accordance with wat was agreed with two parties.

24
Q

Outline key aspects of an information barrier between two parties when a conflict arises

A

• The barrier must be robust enough to offer no chance of information passing between the two parties

• You must take ‘reasonable steps’ to operate an ettective barrier

The surveyors acting on the two sides must be different and they must be physically separated, preferably in different buildings or on different floors of a building and with separate support teams

• There is a virtual I barrier

• All information regarding the instruction should be securely stored

• Keep a clear audit trail of the conflict check process and all written and oral communication; the firm’s compliance officer must oversee all actions

25
Q

What does the RICS Bye laws state?

A

‘Client confidentiality must be maintained for all client affairs’

26
Q

What should an RICS surveyor do with old files?

A

Store for a minimum of 6 years and then destroy securely

27
Q

When should a firms CHP be disclosed to a client?

A

Wishing the TOE

28
Q

What should you do when receive a complaint?

A
  • notify PII insurer asap as there could be a negligence claim
  • complaints log must be filled out and updated to show progress and outcomes
  • RICS forms must include an RICS approved ADR mechanism within their CHP
29
Q

What is the standard minimum procedure for handling a complaint?

A

Stage one- in house

  • share details of CHP to the complainant
  • process should be quick clear and impartial
  • provide details of person handling the complaint
  • complaint must be made in writing
  • timescales should be recorded
30
Q

What is the mimimum CHP timescales for a RICS firm

A

7 days to acknowledge the complaint

28 days to investigate

31
Q

What is stage 2 of minimum standard CHP?

A

ADR via third party

If the complainant is not happy with the review the second stage of the CH involves using a independent redress scheme that the firm has chosen to use

• The name of the relevant appropriate redress mechanism must be provided to the complainant such as The Centre for Effective Dispute Resolution (CEDR), The Property Redress Scheme and the RICS Dispute Resolution Service

32
Q

What are four CPD requirements for members?

A

1- min 20 hours
2- min 10 hours formal
3 - relevant understanding of RICS code of conduct during rolling 3 war period
4- must record using RICS CPD Management System

Ethics (4 decks)

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