Ethics - Level 2 Flashcards
How do you ensure that you comply with bribery legislation?
I consider key legislation such as the Bribery Act 2010 and ensure to follow my firm’s anti-bribery procedures which include ways of mitigating risk such as having a clear statement drawn up about the precise nature of the services to be provided.
How do you ensure you comply with money laundering regulations?
How do you ensure you comply with your firm’s bribery and gifts policy?
I understand that hospitality, promotional or other low value business expenditure which genuinely seeks to promote and improve the image of a firm is an acceptable and key part of doing business.
I have undertaken internal training relating to bribery and gifts and would register gifts if required by my firm’s anti-bribery procedures.
Tell me about an instance of when you have been offered a gift or hospitality by a client
Tell me about what you would do if you felt that an instruction was outside your scope of experience or knowledge
In this instance I would advise the party of the fact that the instruction is outside of my scope of competence and recommend that a colleague with the necessary expertise undertakes the instruction
Tell me about an instance of when you have handled client’s money
How would you keep client’s money securely and safely held?
I would have reference to the six areas of good practice as set out in the RICS Professional Statement ‘Client Money Handling’ (which came into effect on 1st January 2020).
Examples of the procedures to be followed are, ensuring that client accounts are kept separately and are clearly identifiable with the word client on the bank account and cheque book. In addition, ensuring that there is regular reconciliation of the bank account.
Tell me about how you would handle a client complaint
I would issue details of my firm’s complaints handling procedure to whom the duty of care is owed to, ensuring that details of the Complaints Handling Officer are stated and that the complaint is acknowledged within 7 days and investigated within 28 days.
Tell me about your understanding of your firm’s process for escalating a complaint to Alternative Dispute Resolution (ADR)
Tell me about a conflict of interest check you have carried out
If you identified a potential or actual conflict of interest, how could you handle this?
Upon receipt of the full facts, I would consider whether the conflict is irresolvable and should be avoided or whether it can be properly managed. On the basis of accepting the instruction, I would disclose the nature of the conflict and the proposed way to deal with the conflict such as implementing an information barrier. I would request my client for written confirmation of informed consent that my firm can act in accordance with the procedure proposed. Following receipt of this I would take reasonable steps to operate an effective barrier.
How did you issue ToE in the property management team?
I would read the management agreement in place relating to the specific client and ascertain whether the service requested is included in the scope set out in the agreement. On the basis that the service had not been specifically mentioned, I would issue a standard corporate basis of appointment in the form of terms of engagement.
How does a management agreement differ to ToE?
A management agreement is a contract between the Landlord and the Property Manager which sets out the specific provisions of the relationship, including scope of services, duration of the agreement and fees.
On the other hand, terms of engagement are used as a corporate basis of appointment for the provision of a specific service.
Explain the KPIs agreed and how you monitor them
Why did the ToE need to be signed by both parties?
In order to indicate that both parties have read and agreed to the terms outlined in the document, ensuring a mutual understanding and agreement between the client and the firm.
