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APC commercial pathway > Ethics, professionalism and code of conduct (level 3) > Flashcards

Ethics, professionalism and code of conduct (level 3) Flashcards

1
Q

Who is the current chief executive of the RICS

A

Dr Sean Thompkins

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2
Q

What are the three main roles of the RICS

A
  1. Maintain highest standard of training and education
  2. To protect the public by maintaining and enforcing the highest standard of professional regulations
  3. To be a leading source of independent information for land, property and construction
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3
Q

What are the 5 benefits of being an RICS member

A
  1. status- provides client confidence
  2. recognition - RICS is well recognised
  3. knowledge - access to a wealth of international standards and guidance
  4. network- access to thousands of professionals
  5. market advantage–status gives me competitive edge
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4
Q

What are the RICS key principles to help achieve better regulation. (As stated in the rules of conduct for firms)

A

Proportionality- punishment proportional to crime
Accountability- holding all those accountable
Consistency- having a set approach for all
Transparency- providing transparency to members and the public
Targeting- targeting the major offences (PACTT)

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5
Q

What are some of the key RICS guidance

A
  1. RICS global professional and ethic standards 2015 (replaced by NRC)
  2. Internaional ethical standards 2016 (Replaced by NRC)
  3. Rules of conduct 2020 (replaced by NRC)
  4. conflict of Interest 2017
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6
Q

What are the 5 ethical and professional standards

A
  1. Intergity - act with integrity
  2. Trust- promote trustworthiness
  3. High standard- worth to the highest standard
  4. Respect- always treat others with respect
  5. Responsibile- always take responsivity for my actions

(HITRR)

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7
Q

Can you provide me with an example of a time you have had regard for the 5 professional and ethical standards

A

Gairnieland maintenance issue

When dealing with a very upset customer who had been passed from department to department I called them immediately to reassure them I would deal with the matter, I listened, communicated clearly, sent follow up emails, ensured I worked on a resolution ASAP
Was professional when dealing with a very upset customer
Provided a high level of service dealing with the matter so quickly
Treated the customer with respect, I didn’t try to palm them off to another department and was such to explain everything clearly and I didn’t try to bamboozle them

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8
Q

What are the 10 international ethics standards

A 
1.accountability
2Confidentially 
3.Conflict of Interest 
4.Transparency 
5.Trust
6.Standard of service
7Integrity 
8.Reflection
9.Financial responsibly
10.Lawfulness

(Think - ACCTTSIRFL)

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9
Q

What are the two different rules of conducts

A
  1. Rules of conduct for Firms

2. Rules of conduct for members

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10
Q

Are you familiar with the new rules of conduct

A

Yes I am aware of it and understand that it comes into effect from Feb 2022

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11
Q

What are the personal and professional standards set out in the rules of conduct for members

A
  1. Ethical behaviour
  2. Compentence
  3. Service
  4. CPD
  5. Solvency
  6. Info to RICS
  7. Co-operation

(CCCSSIE)

7 Simple rules for all RICS members

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12
Q

Explain what makes a regulated firm

A
  1. registration-Any firm providing a surveying service must register for regulation to ensure there is a quality benchmark for firms
  2. Annual return
  3. 50% or more of principles must be RICS members
  4. Contact officer
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13
Q

What are the 7 rules for conduct for firms/business

A
  1. Proffesional behaviour
  2. competence
  3. service
  4. CPD
  5. CHP
  6. clients money
  7. Indemnity

(think CCCCSIP)

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14
Q

What are the three levels of disciplinary action take by the RICS

A
  1. Action by head of regulation
  2. Disaplinary Panel
  3. Appeal Panel
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15
Q

How is a disciplinary proceeding handled

A

First reviewed by the head of regulation and they can take one of 3 actions if they feel disciplinary action is needed:

  1. fixed fine- only used in circumstances involving providing into to the RICS
  2. make a consent order- low level breaches
  3. refer to disciplinary panel -more serious breaches
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16
Q

What must a Terms of Engagement include

A

clients agreement to:

  1. fee basis
  2. expense basis
  3. How the above are calculated
  4. the firms CHP
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17
Q

What three steps should I take before acting on an instructions

A
  1. check competence (SUK)
  2. Check for conflict
  3. issue Terms of engagement and wait for signing before commencing work
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18
Q

Why might you decline an instruction

A
  1. not enough experience/not competent
  2. conflict of interest
  3. Sufficient fact/info not provided
  4. no signed Term of Engagement
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19
Q

What might you refer to when reviewing an instruction

A

The ethics decision tree

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20
Q

What sort of conflicts can you get

A
  1. party conflict-relating to work on the same instruction for two different parties e.g if a landlord and tenant both asked me to act on a RR
  2. personal conflict -relating to personal interest
  3. confidential info conflict-relating to work between two parties which is confidential
21
Q

How would I approach a situation where there is a conflict of interest

A
  1. Disclose the nature of the conflict
  2. Be clear with the info and let parties decide
  3. get written agreement from both parties before proceeding

If matters do proceed appropriate barriers must be put in place to ensure no info is transferred.

It must not be the same surveyor acting on both, they must be different, preferably with little association e.g different buildings/floors.

22
Q

what is a conflict

A

A conflict is when a firms independence and impartiality is threatened due to a conflict between two clients

23
Q

What is the key legislation for gifts, hospitality, bribes and inducements

A

Bribery Act 2010

24
Q

Describe what a bride is

A

The giving or offering of an advantage, gift, service or payment which is illegal or a breach of trust

(for money also consider money laundering regulations 2017)

25
Q

What are the four breaches under the Bribery act

A
  1. bribing someone
  2. taking a bride
  3. bribing a foreign officer
  4. failing to prevent
26
Q

What is not prohibited under the bribery act 2010

A

SG states that hospitality is not prohibited under the act- dinner, drinks, sporting event. These are all okay as long as they are reasonable and proportionate and recorded in the gift and hospitality register.

27
Q

What is a businesses responsibility under the bribery act

A

They have a responsibility to provide the correct guidance to employees and ensure adequate training or they could be found to be in breach of the act.

28
Q

What can be found on SW gifts and hospitality

A

for any gift offered i need to notify my manager and he will decide if that gift can be accepted. for anything over £25 I need to complete a gifts and hospitality register form

29
Q

What are the penalties under the bribery act

A

max penalty of 10 yrs in prison and unlimited fine for individuals or companies

30
Q

Who polices the Bribery Act

A

Serious Fraud Office

31
Q

What is money laundering

A

When the proceeds of criminal activities are disguised as legitimate business earnings

32
Q

How does the money laundering act come into play in the work we do at SW

A

Under the money laundering act anti money laundering checks must be undertaken to confirm the identify of a proposed purchaser of a property and they must check the purchaser source of funding. As we dispose of the redundant assets this is something that will be done as part of that process by either BI, SVA or AS

33
Q

What are the different levels of due-diligence

A
  1. customer due-diligence (proof of ID, address, intention for property, if company details of registered company and director)
  2. enhanced due-diligence (needed if people of high risk country or person of significant interest)
  3. simplied due-diligence (not appropriate for property transactions)
34
Q

What are some of the key requirement of the Money laundering act

A
  1. firms must register with HMRC
  2. max 10k euros in cash
  3. RICS have red flag list of indictors of money laundering
  4. maintain records for up to 5 years
35
Q

What is the penalty for money laundering

A

max 14 years and unlimited fine for assisting

max 5 and unlimited fine for tipping of info

36
Q

What are the three main offences under the money laundering act

A
  1. assiting
  2. tipping of someone under suspicion
  3. failing to report
37
Q

What are some requirements of a CPH

A
  1. mandatory for terms of engagement
  2. must be approved by RICS
  3. Must include a ADR approved by RICS
38
Q

What is the standard minimum procedure for a CPH

A

Stage 1- in house

  1. issue CPH to complainant if valid complaint
  2. acknowledge within 7 days and investigate within 28

stage 2- (ADR)

  1. if complaint is not happy with internal review they have a right to seek ADR
  2. The name of an appropriate alternative mechanism must be provided to the complaint e.g ombudsman
39
Q

how might a negligence claim arise

A

When the duty of care is breached

If this resulted in loss or damage then there is reason for a negligence claim

40
Q

How should I avoid a negligence claim

A
  1. Ensure I understand the instruction
  2. act in accordance with RICS guidance
  3. keep clear records and photos
  4. cap the PII in the Terms of engagement
41
Q

What is PII

A

Professional Indemnity insurance

Mandatory for surveyors working in the practice. To protect us against claims of negligence when a duty of care is breached.

42
Q

How might i decide the appropriate level of PII

A

The RICS have guidance which sets out the min cover required based on the annual turnover of the proceeding year.

43
Q

What are the three obligations of handling client money

A
  1. must keep a client account (with client in the name)
  2. keep accurate records
  3. reporting obligation
44
Q

What is your duty with client confidentiality

A
  1. I must keep client information confidential this includes info they may have told me before being my client.
  2. get clients approval before sharing info
  3. only okay to overlook this if my duty as a professional override this e.g police or HMRC request info
45
Q

What might I consider if I was starting my own surveying business (RICS requirements)

A
  1. inform RICS- fill out appropriate form
  2. register for regulation
  3. appoint contact officer
  4. PII and send details to RICS
  5. set up procedure for member accounts regulation for handeling client money
  6. CPH- get RICS approval
  7. start complaints log
  8. appoint complaints officer (or appoint surveyor in other practice if you are solo)
  9. obtain a logo kit
  10. think about succession of company

7.

46
Q

What might I consider if I was starting my own surveying business (legal requirements)

A
  1. required to disclose the name
  2. require to comply with all the different guidnace -bribery, money laundering, H&S at work act, asbestos, fire saftey and GDPR
  3. Inform HMRC for vat and tax registration
  4. ensure complaint with employment law e.g min wages, working hours, pensions
  5. ensure I have appropriate employer insurance and public liability
47
Q

What might I consider when closing a practice

A
  1. infrom RICS
  2. inform clients
  3. return any money held in client accounts
  4. inform insurers
  5. keep records for 6 years min
48
Q

what document does the NRC replace

A
  • Rules of Conduct for Members
  • Rules of Conduct for Firms
  • Global Professional and Ethical Standards.
49
Q

what are the 5 new rules of conduct

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

(HICPR)

APC commercial pathway (25 decks)

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