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RICS APC > Ethics L3 > Flashcards

Ethics L3 Flashcards

1
Q

When was the RICS founded?

A

1868

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2
Q

When did the RIC receive its royal charter?

A

1881

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3
Q

What does RICS stand for?

A

Royal Institution of Chartered Surveyors

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4
Q

Who is the current CEO of the RICS?

A

Justin Young

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5
Q

Who is the current president of the RICS?

A

Ann Grey

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6
Q

How many members are there?

A

137,500 members

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7
Q

What is a royal charter?

A

Gives a company independent legal standing and is granted by the crown

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8
Q

What is the structure of the RICS?

A
  1. The Royal Charter and Bye-Laws - Governed under the terms of the Royal Charter, it was amended in 2020. (amendments enabled a more globally diverse Governing Council, a new role of “Chair of Governing Council” and Established a new “Standards and Regulation” Board.
  2. Governing Council - Over 20 members and provides direction, strategy and management.
  3. The Standards and Regulation Board - Regulatory Functions eg. tribunal, Dispute Resolution Appointments, Assessments, CPD etc. They all resigned in June 2023 and there is currently an interim board.
  4. (both at same level) - The Management Board - Audit, Finance, Knowledge
  5. 17 Specialist Professional Groups.
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9
Q

What was the Levitt Report?

A

In 2021 Alison Levitt provided an independent review following the commissioning of a treasury Management audit. She commented that there was no clarity, structure or purpose to the RICS and so another independent review was commissioned to look into this.

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10
Q

When was the Bichard Review published?

A

June 2022

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11
Q

What did the Bichard report look into?

A

Looked into the purpose, governing structure, future culture and strategy.

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12
Q

How many recommendations did Lord Bichard make?

A

36

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13
Q

What recommendations did the Bichard Review make?

A

1.New management board
2. new strategy and regulatory board0
3. elections to be held for RICS committees
4. amendment to royal charter
5. MATRICS reinvigorated
6. diversity and inclusion panel
7. Public Interest Panel to be made
8. review into public interest piece every 5 years
9. Fund set up for public interest activity to undertake pro-bono work and scholarships for students in communities that are not well represented in surveying.

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14
Q

How many of the recommendations has the RICS said it will adopt following the Bichard Review?

A

All of them

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15
Q

What has the RICS done so far to adopt the changes recommended in the Bichard Review?

A
  1. April 2023 - new governing council elections
  2. April 2023 - Support package for members, including CPD events
  3. New diversity equality and inclusion panel chair
  4. new sustainability panel chair
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16
Q

What are the 4 rules for members regarding CPD?

A
  1. 20 hours per year
  2. 10 hours must be formal
  3. Rules of conduct need to be included in CPD every 3 years
  4. Record your CPD by 31st Jan each year
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17
Q

How many hours CPD must APC candidates undertake?

A

48 Hours

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18
Q

What is “formal” cpd?

A

Learning where there are clear learning objectives

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19
Q

When did the new rules of conduct come into force?

A

2nd Feb 2022

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20
Q

What are the 5 rules of conduct?

A
  1. You must act with Honesty and Integrity and comply with obligations
  2. You must maintain professional competency and ensure services are provided competently
  3. You must provide good quality and diligent service
  4. You must treat others with respect and encourage diversity and inclusion
  5. You must act in the public interest, take responsibility and prevent harm and maintain public confidence
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21
Q

What are members obligations under the Rules of Conduct 2022?

A
  1. Record and do CPD
  2. Cooperate with the RICS
  3. Provide information to RICS promptly
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22
Q

What are firms obligations under the Rules of Conduct 2022

A

1 Have Complaints Handling Procedure with ADR and complaints log
2. Have PI cover
3. have professional arrangements in place if a sole trader
4. cooperate with the RICS
5. Share info with RICS promptly
6. Display regulated by RICS on material
7. Report to RICS what is required to be reported each year (i.e PI cover, annual return etc).

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23
Q

What are some example behaviours in the Rules of Conduct for Rule 1?

A
  1. Do not mislead by action or omission
  2. Do not be improperly influenced
  3. Open and transparent about fees
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24
Q

What are some example behaviours in the Rules of Conduct for Rule 2?

A
  1. Only undertake work they have knowledge skills and resources to carry out competently
  2. reflect on work they have undertaken and consider how they might apply learnings to future work
  3. Supervise employees undertaking work for them and ensure they have the correct knowledge skills and resources
  4. keep up to date and comply with relevant legislation etc.
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25
Q

What are some example behaviours in the Rules of Conduct for Rule 3?

A
  1. Understand clients objectives
  2. Undertake work in a timely manner
  3. Keep proper records
  4. Encourage sustainable solutions
  5. understand risk and benefits of using technology
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26
Q

What are some example behaviours in the Rules of Conduct for Rule 4?

A
  1. Treat others with courtesy
  2. Do not bully
  3. Work cooperatively
  4. Develop inclusive culture in workplace and identify and address unconscious bias
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27
Q

What are some example behaviours in the Rules of Conduct for Rule 5?

A
  1. respond to complaints promptly, openly and professionally
  2. manage professional fiannces responsibly
  3. Do not dissuade complainants from approaching ADR
  4. Public statements made by the firm do not undermine public confidence
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28
Q

Can you give me two examples of the case study scenarios outlined in the Rules of Conduct?

A

You have seen worrying social media content from a member
1. Rule 1 applies - must be honest
2. Rule 4 applies - you must not bully
3. Rule 5 applies - must not make statements which undermine the profession

Your client is breaking the law and dumping hazardous waste
1. Rule 1 - protect confidential information and only disclose what is necessary or permitted by law
2. Question practices which are not right

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29
Q

Why did the Rules of Conduct get changed?

A
  1. Simpler to understand
  2. Gives clear examples and illustrations
  3. Greater focus on respect and diversity and inclusion
  4. Understanding evolving technology use of data and benefits and risks
  5. Tackling global challenges, ethical practice has important role in sustainable development and climate change
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30
Q

What was the old document hierarchy?

A

International standards - mandatory
Professional Statements - mandatory
Practice statements - mandatory
Guidance Notes - not mandatory and best practice

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31
Q

What is the new document hierarchy?

A

RICS Professional Standards - Mandatory
RICS practice information - not mandatory

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32
Q

What is the RICS decision tree?

A

Framework of questions when you are faced with an ethical dilemma

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33
Q

What sort of questions does the decision tree ask you?

A
  1. Do you have facts?
  2. Is it legal?
  3. Is it in line with the rules of conduct?
  4. Have you consulted with others?
  5. Do you have clear reasoning?
  6. Are you informed?
  7. Would you be happy for your decision to become public?
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34
Q

What must all terms of engagement include?

A
  1. fee basis
  2. expenses and how they are to be calculated
  3. complaints handling procedure

(there are more for Valuation work in line with the red book).

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35
Q

What must to ensure before accepting an instruction?

A
  1. Check you are competent
  2. You have done a conflict check
  3. you have signed terms of engagement
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36
Q

What does the consumer rights act do?

A

Allows a 14 day cooling off period from when a contract is signed, i.e client can withdraw from services 14 days after TOEs signed

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37
Q

What must you avoid in terms of setting your fee structure?

A

fee fixing
aggressive fee cutting
colluding with competition

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38
Q

Why might you turn down an instruction?

A
  1. Not competent
  2. client refuses to sign terms of engagement
  3. insurance cap cant be agreed
  4. it would be a PR nightmare
  5. Professional indemnity doesnt cover
  6. Sanctions
  7. you dont have sufficient facts to do the work
  8. there is a conflict of interest which cant be managed
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39
Q

How high does client confidentiality go in terms of the RICS Governance structure?

A

RICS Byelaws require us to maintain confidentiality

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40
Q

What are the main two laws relating to personal data?

A

The Data Protection Act 2018
The UK General data Protection Regulations 2016

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41
Q

Who should you have to deal with personal data under the Data Protection Act 2018?

A

A data controller

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42
Q

What must a data controller do?

A

Decide how and why personal data is processed

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43
Q

What is the principle of data accountability?

A

Ensure that your organisation prove to the Information Comissioners Office that they comply with regulations

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44
Q

If there is a security breach, under the data protection act, who must to report to and what are the timescales?

A

Report to ICO and do it within 72 hours of the breach

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45
Q

What are the fines for not complying with the data protection act?

A

4% global turnover or £17.5 million whichever is the higher

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46
Q

What are your rights under the Data Protection Act?

A
  1. Right to be informed
  2. Right to access
  3. Right to rectification
  4. Right to erasure
  5. Right to restrict processing
  6. Right to data portability
  7. Right to object
  8. Right to not be subject to automated decision making
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47
Q

Are you still required to keep confidentiality on information you received prior to instruction?

A

Yes

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48
Q

How long must you hold information before you can get rid of it?

A

6 years and must be kept securely

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49
Q

What is the history of the Data protection Act?

A

EU used to govern it, but since BREXIT all the EU guidance was converted into the UK GDPR. It is now supplemented by the Data Protection Act.

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50
Q

What does the Data Protection Act 2018 do?

A

Creates a single protection regime and empowers individuals to take control of how their data is used by giving them 8 rights.

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51
Q

When would it be necessary to password protect spreadsheets containing personal data?

A

to protect privacy
to keep safe from corruption
to limit data to the intended user

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52
Q

What is the RICS guidance on Client money handling and what document status does it have?

A

professional standard, Client Money Handling 2019

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53
Q

What Rules of Conduct behaviour relates to client money?

A

Rule 1 - firms keep client moneuy safe and have appropriate controls and members do not misuse client money and comply with controls to keep it safe

54
Q

How do you keep client money safe under the RICS guidance?

A
  1. Client must be able to have money on demand
  2. Client accounts kept separately and clearly identified
  3. “Client” must be in account name
  4. payment of interest must be agreed - it can be agreed to keep it to offset against fees with clients consent.
55
Q

What is the RICS guidance on complaints handling and what is its status?

A

RICS professional standard - Complaints Handling 2016

56
Q

What must your complains handling procedure include?

A
  1. must be approved by the RICS
  2. Must have a complaints Log
  3. Must specify Alternative Dispute Resolver
  4. Must include reference to it on terms of engagement and publish on website
57
Q

How would you deal with a complaint?

A
  1. Discuss it
  2. Issue CHP and ask that they write in to complaints handling officer Usha De Souza
  3. Adhere to the timescales required
  4. Tell your insurer
58
Q

What is the Avison Young complaints handling timescale?

A
  1. Respond to complaint within 7 days of formal complaint explaining understanding of complaint and that you will be investigating
  2. Within 28 days you must write with outcome of investigations
  3. If they are unhappy, they can refer the matter to ADR
59
Q

What ADR does Avison Young use in their complaints handling?

A

there are three separate bodies used depending on nature of the business, for professional work such as LL&T it is Centre for Effective Dispute Resolution

60
Q

What are the types of conflict of interest?

A
  1. Own Interest Conflict
  2. Party Conflict
  3. Confidential Information Conflict
61
Q

How do you decide whether you should accept an instruction if a conflict exists?

A
  1. Have all the facts to make decision
  2. Disclose the nature of the conflict to clients
  3. Obtain informed conset where you are transparant and outline how you will handle the situation and suggest indpendent advice is obtained prior to signing
  4. manage appropriately
62
Q

How do you set up a good information barrier?

A
  1. Robust
  2. reasonable steps are taken
  3. Physical separation
  4. secure information storage
  5. audit trail
  6. include compliance officer in decision making
63
Q

What is a conflict of interest?

A

where your impartiality is compromised

64
Q

What RICS guidance is there on conflicts of interest?

A

RICS professional standard Conflicts of Interest Global

65
Q

What does the RICS conflict of interest guidance say?

A

Must not advise if there is, or a risk of, a conflict unless those who are affected have given their consent.

66
Q

What is the RICS guidance on Social Media use?

A

Use of social media, Guidance for RICS members 2021 it is a regulation

67
Q

What is a regulatory compliance order?

A

a low level breach remedied by getting the firm/member to do or stop doing something i.e not doing CPD

68
Q

When might you get a fixed penalty from the RICS?

A

Not providing information to the RICS

69
Q

What happens if there is a serious breachof RICS regulations by a firm or member?

A

Case gets referred to a single member of the disciplinary panel or a full disciplinary panel.

70
Q

What can the disciplinary panel issue?

A
  1. RCO
  2. Fine
  3. reprimand
  4. Explusion
  5. impose conditions on future registration
  6. publish hearing in modus, rics website and local newspaper
71
Q

Who is the chair of the regulatory tribunal? is she indepent?

A

Alexandra Marks and yes she sits seperately to ensure fairness

72
Q

What kinds of penalties can the disciplinary panel issue?

A
  1. RCO
  2. Reprimand
  3. Fines
  4. Expulsion
  5. impose conditions on future registration/membership
  6. Publish the finding of the hearing in Modus, RICS website and in local newspaper
73
Q

Which part of the RICS deals with disciplinary procedures?

A

Standards and Regulation Board

74
Q

What can trigger a disciplinary procedure?

A

Complaint, allegation, or any information the RICS receives or establishes

75
Q

What are some of the RICS documents that set out the RICS approach to disciplinary procedures?

A

Investigating and Managing Concerns - Outlines types of concerns that might be raised against a member, factors which might indicate it is unlikely or likely to be investigated

Regulatory Decision Making - outlines the RICS approach

RICS Regulatory Tribunal Rules - Sets out the tribunal process in detail

Sanctions Policy - sets out what types of sanctions the tribunal can issue

76
Q

What is the purpose of of PI Insurance?

A

Protects against negligence claims when a claim for damaged arises

77
Q

What RICS guidance is there on PI insurance?

A

Professional Indemnity Insurance Requirements 2022

78
Q

What are some of the requirements of the RICS for PI insurance?

A

Ensure adequate protection for each instruction

Consider potential liabilities

Ensure it is underwritten by an RICS approved insurer

Have a minimum level of cover if your turnover is…. £100,000 or less = £250,000 £100,001-£200,000 = £500,000 and £200,001 + = £1,000,000

Maximum levels of uninsured excess to be insurance up to £500,000 = the greater of 2.5% of the sum insured, or £10,000 whichever is the greater, or is over £500,000 = 2.5% of the sum insured

Fully retroactive policy

79
Q

What is the RICS assigned risk pool?

A

If a firm is unable to get PI cover due to outstanding claims etc then the RICS provides short term insurance collectively underwritten by all RICS approved insurers

80
Q

If you close a business what do you need to ensure from a PI insurance perspective?

A

you need to have adequate and appropriate run off cover of a minimum of £1 million over 6 years for consumer claims, and then whatever is appropriate for commercial claims

81
Q

What must you do with your PI insurance certificate?

A

Send to RICS annually as part of your annual return

82
Q

What is another RICS guidance document on PI Insurance and what does it cover?

A

Risk Liability and Insurance - provides tips such as the use of liability caps, ensuring terms of engagement are clear about third party reliance.

83
Q

What case relates to Pro Bono work? What does it do?

A

Burgess V Lejonvarn - breach of duty of care case. Although no contract or payment, they did owe a duty of care. Court set out that in pro bono work you still must act with reasonable skill and care, but only in relation to the work you carried out. You are not obliged to advise or be liable for work you did not do.

84
Q

What act relates to when someone can bring a case for negligence against you?

A

The Limitation Act 1980

85
Q

What is the difference between tort and contract law?

A

Tort = rights and obligations created by courts and common law

Contract = specific agreements between parties

86
Q

Under the limitation act 1980, what is the period in which someone can come forward to make a claim under both tort and contract?

A

Contract = 6 years from date of negligent act, or 3 years from date of knowledge of the damage, subject to 15 years from the negligent act

Tort = within 6 years when the claimant suffered the loss

87
Q

How do you prevent negligence claims?

A

Keep in line with professional standards

Understand clients objectives and confirm in Terms of Engagement

Cap professional liability

Take detailed notes

Ensure you are up to date with CPD

Check your competency before taking an instruction

88
Q

What does the Economic Crime (Transparency and Enforcement) act 2022 do?

A

Strengthens investigative powers regarding unexplained wealth orders (they are an investigatory order placed on a respondent whose assets appear disproportionate to their income to explain the origins of their wealth).

Set up an beneficial owners register of overseas entities owning properties in the UK

Allows easier prosecution of those involved in sanctions

89
Q

What does the Proceeds of Crime Act 2002 do?

A

Provides power for UK authorities to recover money and assets deemed to be proceeds of crime

Creates criminal offences to combat money laundering

90
Q

What are some areas of offence under the Proceeds of Crime Act 2002?

A

Concealing criminal property

Being involved in an arrangement you know or suspect involves criminal activity

Acquire, use or be in possession of criminal property

91
Q

What are the main principles of the Bribery Act 2010?

A

Proportionality

Top level commitment

Risk Assessments

Due Diligence

Communication

Monitoring and Review

92
Q

What is a bribe?

A

promising giving or receiving an advantage for an action which is illegal or a breach of trust

93
Q

What are the four offences under the bribery act?

A

Bribing
Accepting a bribe
Bribing a public foreign official
Failing to prevent bribery

94
Q

What is the RICS guidance on bribery?

A

Countering Bribery and Corruption, Money Laundering and Terrorist Financing 2019 (RICS professional standard)

95
Q

What are some of the requirements under the RICS professional statement on Countering Bribery and Corruption, Money Laundering and Terrorist Financing?

A

Firms must identify risks, provide staff training, have clear policies in place and undertake regular reviews.

96
Q

What are some penalties given under the Bribery Act 2010?

A

unlimited fines, up to 10 years in prison.

97
Q

Are you aware of any recent cases involving bribery?

A

KPMG were fined £3.4 million

Glencore paid a bribe to gain access to oil, they paid £1billion to settle

98
Q

Who policies the bribery act 2010?

A

The Serious Fraud Office

99
Q

What is money laundering?

A

When the proceeds of crime are disguised or converted and realised as legitimate assets.

100
Q

What is the law relating to money laundering?

A

Terrorist Financing and Transfer of Funds Regulations 2017

101
Q

To comply with money laundering regulations, what must RICS firms do?

A

Have a risk assessment
Have systems policies and controls in place
Provide staff training
Ensure good record keeping
Undertake checks on purchasers and their source of funds
Assess the need for enhanced checks

102
Q

Why might you need to do enhanced checks?

A

If the person/firm is from a high risk country or they are a Politically Exposed Person

103
Q

What are some red flags for AML?

A

Inability to provide identity documents
Changes to parties involved in the transaction
Unusual features, such as loss making
Payment in unusual currencies

104
Q

Who should be appointed to deal with AML?

A

MLRO - Money Laundering Reporting Officer

105
Q

Who does the MLRO report to?

A

National Crime Agency

106
Q

If you have concerns about money laundering, what type of report would be issued?

A

A suspicious activity report

107
Q

What is the cash acceptance for purchasing property?

A

£10,000 euros

108
Q

What happens if you break the Terrorist Financing and Transfer of Funds Regulations 2017?

A

Maximum of 14 years in prison or unlimited fine for assisting

Max 5 years and unlimited fine for a tip off or a failure to report.

109
Q

If you are looking at a Public Limited Company, what AML documentation would you need?

A

Just the London stock exchange listing

110
Q

If you are looking at a Publicly Accountable Body, what AML documentation would you need?

A

confirmation of government ownership or control

111
Q

If you are looking at a Private Limited Company, what AML documentation would you need?

A

Certificate of incorporation, full name of company, company number, business address, names of directors and shareholders

112
Q

If you are looking at a Private Individual, what AML documentation would you need?

A

Passport, driving license, bank statements less than 3 months old

113
Q

What update to the Countering Bribery, Corruption, Money Laundering and Terrorist Financing professional standard are you aware of?

A

Sanctions Update in March 2022 following the Ukraine War.

114
Q

What is a take away from the Sanctions Update?

A

You can subscribe to the HM Treasury’s Sanctions Notices that give you email updates when there is a change to the list.

115
Q

If you acted for a sanctioned individual, can you accept payment from them?

A

No, it needs to be dealt with by the Office of Financial Sanctions Implementation and you cannot receive a payment without first obtaining an OSFI license. OFSI can authorise a payments.

guidance on this called UK Financial Sanctions: General Guidance August 2022 issued by the Office of Financial sanctions Implementation who is part of HM Treasury.

116
Q

What are the thresholds for firm registration?

A

Over 50% of principles - must be regulated

At least 25% of principles are members - Can be regulated

Less than 25% of of principles are members - cant be regulated

117
Q

What must regulated firms do?

A

Appoint a Responsible Principle
make an Annual Return each year
Comply with RICS “Rules for the use of the RICS logo and designation by firms” regulation Feb 2022.

118
Q

What are the RICS requirements for opening regulated firms?

A

Must ensure members log cpd online and have a staff training plan

Provide annual returns

Have adequate PI cover and send certificate to RICS

Client money handling including protection scheme

have a complaints handling procedure with ADR, log and appoint a Complaints handling Officer (external person if sole trader).

Appoint a responsible principle

register for valuer registration

Inform RICS you are opening a firm using the Firm Details Form

119
Q

If you are closing an RICS regulated firm what must you do?

A

Inform the RICS, your insurer and your clients

Return client money

Retain client files for 6 years with appropriate run off cover.

120
Q

What statutory things must you consider when opening a new firm?

A

Register on Companies House

Comply with employment law

Compliance with the Equality Act 2010

Compliance with Data Protection Act 2018

Comply with Bribery Act 2010

Comply with Health and Safety Act 1974

Asbestos Regulations 2012

Inform HMRC for registration and VAt if turnover is over £85,000 PA

Appoint a money laundering reporting officer to comply with Money Laundering Regulations 2017

121
Q

What is your gifts and entertainment policy?

A

Public Sector - everything must be preauthorised, but Gifts are a max of £15 and Entertainment a max of £30

Private Sector - Entertainment over £120 you must report and over £500 must preauthorise

Gifts over £60 you must report and over £500 must be preauthorised

122
Q

Why do you want to be RICS?

A

Give clients confidence with STATUS

Markets will RECGONISE I am good and I will have a COMPETITIVE ADVANTAGE

I must comply with cpd so i will have up to date KNOWLEDGE and I have access to RICS professional standards etc

I would have a NETWORK of 125,000 members.

123
Q

If you want to register your firm with the RICS what must you do?

A

Explain the type of business you are

Name your responsible principle

State any statutory regulated activities

Explain nature of clients

Ensure you have a CHP and CHO and record

PII details

Client money confirmation

124
Q

What is the role of the RICS?

A

The RICS promotes and enforces the highest professional qualifications and standards for the development and management of land, real estate, construction and infrastructure.

125
Q

What is RICS guidance on conflicts of interest?

A

Professional Standard on Conflicts if Interest 2017

126
Q

What is the RICS guidance on client money?

A

Client Money Handling 2019 PS

127
Q

What is the statutory guidance on money laundering?

A

Terrorist Financing and the Transfer of Funds Regulations 2017

128
Q

What is the rics guidance on complaints?

A

PS on Complaints Handling 2016

129
Q

What is the RICS guidance on PI insurance?

A

Professional Indemnity Insurance Requirements 2022

130
Q

What is the RICS guidance on firm registration?

A

Rules for the Registration of Firms 2022

131
Q
A

RICS APC (13 decks)

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