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Submission Q's. By CFH > Ethics, rules of conduct and professionalism > Flashcards

Ethics, rules of conduct and professionalism Flashcards

1
Q

What are the 5 Global Professional and Ethical Standards

A

Rules of conduct 2021
5 rules for members and firms
1. Honest, act with integrity
2. Competent
3. Services
4. Treat others with respect
5. Responsibility

  1. Not influenced by others and being transparent with clients about services and fees
  2. only undertaking work where a member has the relevant knowledge, skills
  3. Understanding clients needs and objectives before accepting work and communicating clearly with clients
  4. Respecting others and developing an inclusive workplace
    5.Responding to complaints promptly, openly and professionally.
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2
Q

What does the RICS Professional Statement on countering bribery, money laundering and terrorist financing 1st edition 2019

A

Sets out requirements on countering bribery, money laundering and terrorist financing for members and firms
Professional standard applies to alll members and RICS regulated firms
Divided into 3 parts:
-Sets out mandatory requirements for anti-bribery…
-Guidance setting out good practice in each of the eareas
-Supplementary guidance on key concepts

If asked to explain then expand that you should not accept bribes
Must not be complicit in ML and TF

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3
Q

Expand upon the 3 parts within the RICS Professional Statement on countering bribery, money laundering and terrorist financing 1st edition 2019

A
  1. Bribery
    -RICS regulated firms must.. not offer or accept anything that could constitute in a bribe
    _members must - declare certain items to their employer ie gifts
    Money laundering and terrorist financing
    - RICS regulated firms must verify identity of client through ID checks
    -Members must - comply with employers policy and process relating to money laundering and terrorist financing
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4
Q

You mention gifts, bribery and corruption. What act do you adhere to

A

Bribery Act 2010

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5
Q

What do you know about the bribery Act 2010?

A

Aim= to reduce bribery in business
There are 6 principles
1. Proportionality
2.Top level commitment
3. Risk assessment
4. Due diligence
5. Communication
6. Monitoring and reviewing

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6
Q

What is the definition of a bribe

A

offering or receiving a gift payment or service for an action which is illegal or a breach of trust

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7
Q

What would be considered a bribe in a work environment and what policies must a company have in place?

A

-Certain forms of corporate entertainment
BUT lunches, coffee, sports tickets can be considered proportionate hospitality.
-This must be recorded in a gifts register
-Companies must have policies on bribery and staff training

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8
Q

You mention getting your architect to sign an NDA, what is an NDA and why would you do this?

A

An NDA creates a legal framework to protect ideas and information from being stolen or shared with competitors

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9
Q

What are the parts of an NDA agreement?

A
  • Identification of parties
    -Time frame
    -if breach, can seek legal action. Financial penalties
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10
Q

What is the RICS decision tree

A

Relates to rules of conduct and provides a decision making framework
Not in line with RICS rules of conduct

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11
Q

How would you undertake anti-money laundering checks?

A

-undertake AML checks to confirm identity and legitimacy of purchaser
-check source of funds
-ID check (passport) of directors
-As a company, i gained company name, number address of registered office
-check source of funds

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12
Q

Why did you get your architect to sign an NDA at Prescot

A

-legal framework to protect ideas and information from being stolen or shared with competitors
-as we were in direct competition with Aldi on the site

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13
Q

Why did you accept a torch as a gift?

A

-proportionate hospitality
-logged on gifts register

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14
Q

Why did you not disclose information on tender bids at Skelmersdale

A

-as this was confidential information as part of a tender and not ethical to share

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15
Q

Why did you undertake a financial check at Moreton ahead of exchange

A

to assess their financial strength

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16
Q

Why do you want to become a chartered surveyor

A

I want to be recognised as a member of one of the most respected and high profile organisations
-I want people to respect and trust the advice I provide to them
-I would benefit from access to over 100,000 professionals worldwide
-Knowledge and sharing through CPD

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17
Q

Please expand upon 1 of the 5 Global Professional and Ethical Standards and how you uphold this in day-to-day

A

-Service
I provide a good quality service to my client Lidl through meeting deadlines, regular meetings and managing expectations

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18
Q

Who is the president of the RICS

A

Ann Gray

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19
Q

Who is the CEO

A

Richard Collins

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20
Q

When was RICS founded

A

1868

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21
Q

What does RICS stand for

A

Royal Institution of Chartered Surveyors

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22
Q

What does CPD stand for

A

Continuing Professional Development

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23
Q

What is an internal valuation

A

Not to be relied upon for third parties

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24
Q

What are Anti Money Laundering Checks

A

AML checks must be undertaken to confirm identity of proposed purchaser and check source of funds of a business partner

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25
Q

What would you do if a client dropped £15k off in cash

A

-In line with Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 amended 2019
- If over 10,000 euros, reject
-Senior member must be appointed to take responsibility for compliance
-Money Laundering Reporting Officer must be nominated and report any suspicions to the National Crime Agency

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26
Q

What legislation is in place for money laundering

A

Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 , amended 2017

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27
Q

Why are the ethical standards so important

A

Confidence in the profession

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28
Q

Give examples of how you reflect the RICS ethical standards in your work

A
  1. Honest, act with integrity - Skelmersdale did not disclose tender as this was confidential information as part of a tender and not ethical to share. I acted with integrity as I was not influenced by others
  2. Competent - referring clients to specialists when scope is outside competence at Moreton I utilised planning consultants, highways consultants to issue thoughts on associated items in project
  3. Services - Earlsfield I provide a good quality service to my client Lidl through meeting deadlines, regular meetings and managing expectations. This enabled me to get Board Approval
  4. Treat others with respect - being part of a team and treating everyone equally. Our property secretary is a wheelchair uses and I do not treat her any different.
  5. Responsibility - At Wrexham I questioning unsafe working on site, reported to Line Manager, resulted in site closure
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29
Q

What are the key functions of the RICS

A

-The purpose of the RICS is to set the standards globally in the surveying industry.
-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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30
Q

What is the RICS decision tree?

A

-Questions to go through when faced with a situation where a member could be asked to act in a potentially unethical manner
-considers legality of actions and consistency of rules of conduct
-Test = would members be content to have their decisions and actions made public
-The RICS Regulation Confidential Hotline offers assistance to members with ethical issues

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31
Q

What bribery legislation are you aware of

A

-Bribery Act 2010
- If pushed for a second - RICS Professional Statement on countering bribery, money laundering and terrorist financing 1st edition 2019

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32
Q

What money laundering regulations or legislation are you aware of?

A

-The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 effective

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33
Q

What transactions do AML regulations relate to?

A

to all cash and monetary transactions

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34
Q

If it was a business – how would you undertake the necessary AML checks / who would you take them out on?

A

A= The beneficial owner of the property – would discuss with appointed officer at this stage.

Further info:
-if a private limited company
-Certificate of incorporation
-Company name
-Registered number
-Business adress
-office
-name of all directors and shareholders with 25% or more holding

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35
Q

What does your company have in place in relation to AML

A

-staff training
-verify client through ID checks
-my line manager is the nominated money laundering reporting officer appointed to report suspicious activity to the National Crime Agency
-retain records (5 years) to show how firm has complied with professional statement

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36
Q

What is professional indemnity insurance?

A
  • a policy designed to protect against claims for financial loss or damage
    -protect clients, surveyors and third parties against negligence claims where a duty of care breached and a claim for damages rises.
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37
Q

What are the requirements in relation to PII

A

Minimum requirements
Firms TO 100k or less =minimum level of indemnity required is £250k
Firms TO 100k to 200k = minimum level of indemnity is 500k
200k and over = minimum level of indemnity is 1m

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38
Q

What is your company’s complaint handling procedure

A

-write formally
-complaint goes to complaint handling officer (nominated person) at Lidl HO who will investigate and reply within 7 days
-21 days to action complaint
-If the person complaining is not satisfied with this, they can refer this to OMBUSDMAN

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39
Q

What is money laundering

A

The act of attempting to wash illegal money into legality through business

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40
Q

What is your firms gift policy

A

All gifts are recorded on gifts register
Any gift over £20 needs to be approved internally

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41
Q

What were your takeaways on the elearning

A

-The Professional Ethics Course for RICS Members
-Understanding rules of conduct
-understanding conflicts of interest, anti-bribery

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42
Q

How did you act with Integrity at Skelmersdale

A

-Act with integrity - Skelmersdale did not disclose tender as this was confidential information as part of a tender and not ethical to share. I acted with integrity as I was not influenced by others

43
Q

-Moreton – what checks did you undertake prior to exchange

A

-ID check (passport) of directors
-As a company, i gained company name, number address of registered office
-Software to check source of funds
-Credit check Dunn and Bradstreet

44
Q

You state Moreton had a “low risk” business partner. What would you do if it was a high risk?

A

-Inform line manager of risk and this would be raised to appointed officer

45
Q

Who policed the bribery act

A

-Serious Fraud Office

46
Q

What are the four offences of the bribery act

A
  1. Bribing
  2. Receiving a bribe
  3. Bribing a foreign official
  4. Failing to prevent bribery
47
Q

What are the penalties associated with a bribe

A

-Max penalty of 10 years in prison or unlimited fine

48
Q

Where would you find your companys gift register

A

-companies internal intranet

49
Q

Whats the Birchard Review

A

Lord Bichard to lead an independent review into RICS purpose, governance and strategy

50
Q

What are the levels of disciplinary action when someone complains to RICS

A
  1. Action by Head of Regulation
  2. Regulatory Tribunal
  3. Appeal Panel
51
Q

What does the RICS produce?

A

-International standards (mandatory)
-Professional Statements
-Practice Statements
-Guidance Notes
-Code of Practice

52
Q

State whats included in the terms of engagement

A

-Date
-identification of client
-scope of works
-Assumptions
-Special Assumptions
-Fee

53
Q

Once chartered, how many hours of CPD must you undertake

A

-20
-At least 10 formal

54
Q

When would you undertake enhanced due dilligence

A

-business in a high-risk third country or a politically exposed person

55
Q

What are the types of financial crime

A

-Terrorist financing
-bribery
-Fraud
-Money Laundering

56
Q

How can we prevent money laundering

A

-Risk based approach (identification of risks via risk assessment)
-Due diligence checks (ID, source of funds, business info)
-Staff training
-Record keeping

57
Q

What aspects are covered when assessing risks when undertaking money laundering checks

A

-Type of customer
-Where they’re based
-Services they offer

58
Q

Within the anti money laundering procedure in place at work, what is the nominated officer responsible for?

A
  • Receiving reports of suspicious activity from any employee.
  • Developing and implementing anti-money controls and procedures.
  • Training staff in prevention of money laundering.
  • Reporting any suspicious activity to the NCA (National Crime Agency).
59
Q

What records must firms retain with regards to anti money laundering checks

A
  • Evidence in relation to a customer’s identity must be retained for 5 years after the end of the customer’s relationship.
  • Evidence in relation to a customer’s transactions for 5 years from the date of the transaction.
60
Q

What due diligence to you undertake for anti money laundering checks?

A

-Knowing your client
-HO issue a Questionnaire for new clients
-ID
-Proof of address
-Request source of funds as a precaution ie bank statament
-If this was from a UK bank, would be OK

61
Q

What is tipping off in relation to AML

A

-Tipping off is letting the client / individual / organisation know that you have your concerns / have raised these with the relevant authorities which could compromise an investigation.

62
Q

What is whistleblowing in relation to AML

A

-Whistleblowing is raising your concerns internally with the appropriate person / persons, to be elevated further if required.

63
Q

What is a Royal Charter

A

-reflecting the prestigious high status of the organisation and its independent status
-Promote profession

64
Q
  1. What do you understand by the term self-regulation?
A

-RICS regulation is led by an independent Regulatory Board.

65
Q

What is the role of the RICS

A

-Maintain the highest standards of education and training
-To protect consumers through strict regulation of professional standards
-To be the leading source of information and leading advice on property related issues

66
Q

What is a by-law

A

A regulation made by the RICS and ratified by the UK Government.

67
Q

Whats included with Rules of conduct appendix A

What are the rules of conducts professional obligations

A

Proffesional obligations which are to be followed by members and firms

Members must comply with CPD:
Co-operate with RICS
Provide info reasonably requested by standards and regulation board

Firms must:
Publish complaints handling procedure
PII cover
(If sole principle/practitioner) - need locum
Co-operate with RICS
Provide info reasonably requested by standards and regulation board

Report and matters required under rules of regulations for firms

68
Q

What disciplinary procedures does the RICS impose

A

If an investigation has revealed a serious matter supported by evidence, the RICS will consider taking disciplinary action against the regulated member / firm.

Options range from cautions, to expulsions, fines

This is done to protect the public and safeguard the reputation of the profession.

69
Q

in what circumstances can disciplinary procedures be imposed by RICS on a member or firm

A

-Not complying with CPD requirements
-Acting in an improper manner
-failing to carry out professional work to the standard and service of customer care expected

70
Q

When did the RICS last update their disciplinary panel rules

A

2020

71
Q
  1. What do you understand by the term professional practice?
A

The conduct and work of someone in a particular profession.

72
Q

What money laundering regulations or legislation are you aware of

A

I am aware of the Professional Statement – Countering Bribery, Money Laundering and Terrorist Financing (effective September 2019).

73
Q

What are the penalties for being involved in money laundering

A

14 years in jail, or a large fine – all dependent on the amount of money involved.

74
Q
  1. What constitutes an offence under the current money laundering regulations?
A

Facilitating or being complicit in money laundering.

Not reporting any suspicions of money laundering to the relevant persons.

75
Q

What is an annual return

A

-Where information on the firm is provided to the RICS each year, i.e. PII, training, complaints handling and client’s money.

76
Q

Tell me what you understand about Complaints Handling Procedures (CHP).

A

RICS firms are required to have a CHP

77
Q

When and how can the RICS be involved in a complaint about a firm or member?

A

-Only if the firm / member fail to respond to the complaint or prevent the client from gaining access to the appropriate complaints procedure.

78
Q

What are the CPD requirements for members

A

For APC candidates this is 48 hours CPD over a 12-month training period – 24 of this must be formal.

79
Q

Tell me about the RICS’ guidance on dealing with Conflicts of Interest.

A

RICS professional statement – conflicts of interest 2017. effective 2018
-members must not advise or represent a client where doing so would involve a conflict of interest unless informed consent is gained

80
Q

What is double dipping (dual agency)

A

Where an agent has a contractual agency relationship with both the seller and the buyer at the same time

81
Q

Why is double dipping an unacceptable practice

A

-unethical taking fees from both sides.
-difficult to achieve both parties objectives

82
Q

How would you close down a regulated firm

A

Follow the process set out by the RICS, which involves aspects such as:
-inform RICS of closure
-Ensure clients are informed and hand over arrangements made to new firm
-return all monies held by clients to their own accounts
-Informer insurers and get indemnity insurance run off cover for a minimum of 6 years
-a copy of client files and records must be kept for a minimum of 6 years

83
Q

Whats the professional statement on handling clients money

A

RICS Professional Statement handling clients money 2019, effective 2020
6 main areas:
1. Holding Clients Money
2. Providing info to clients
3. Receipts of clients money
4. Payments from clients accounts
5.Accounting records and control
6. Compliance

84
Q

In the event of passing the APC, what steps would you take if you wanted to set up a new practice?

A

-Inform RICS of new practice by completing a firm details form
-Appoint Reasonable Principle for all RICS communication
-Register with RICS for regulation of the firm
-Arrange PII
-procedures in place for Client Money Handling
-RICS Valuer Scheme if undertaking Red Book Valuations
- RICS approval for complaints handling procedure
-CPD
-Online RICS Annual Return sheet
-SOLE PRACTITIONER - LOCUM
-SOLE PRACTITIONER - COMPLAINTS HANDLING OFFICER - SURVEYOR ELECTED FROM ANOTHER PRACTICE

85
Q

When did the RICS rules of registration of firms last change?

A

2022

86
Q

What are the rules for regulation of firms (registration)

A
  • Firms must register for regulation if they provide surveying services and at least 50% of the firm’s principals are RICS members.
  • Firms must have at least 25% RICS qualified principals to apply to be regulated
  • Firms must designate a Responsible Principal who ensures compliance with regulatory and RICS requirements
87
Q

What are the types of qualified members of the RICS

A

-MRICS - member
-FRICS- fellow
-Assocoate RICS

88
Q

What are the registration eligibility criteria for registration

A

-Must provide surveying services to the public
-Firm must operate in UK
-50% of firms principles are RICS members

89
Q

Who is a responsible principle

A

-An individual who is to ensure all reasonable steps are taken and systems are in place to ensure compliance with RICS requirements

90
Q

What happens if a firm cant comply with the eligibility criteria for members and firms

A

-If firm cant meet requirement of 25% of principles being RICS qualified members
-firm can be eligible to register at discretion of RICS head of Regulation
-plan in place to ensure compliance and be supervised by another RICS-registered firm

91
Q

What are the rules around the use of the RICS logo and ‘Regulated by RICS’ designation?

A

-Logo is restricted to Regulated firms
-Firms must include text in TofE to explain what being Regulated by RICS means to clients

92
Q

What must be included in Terms of Engagement relation to firm regulation?

A

-Firms must include text in TofE to explain what being Regulated by RICS means to clients

93
Q

What does the Rules of Conduct say about handling client money

A

-“Firms keep client money safe and have appropriate accounting controls”

94
Q

What professional statement relates to handling clients money

A

-RICS Professional Statement “Client Money Handling” 1st ed 2019

95
Q

What are the 6 main areas of RICS Professional Statement “Client Money Handling” 1st ed 2019

A

-1. Holding clients money
2. Providing info to clients
3. Reciepts of client money
4. Payments from clients accounts
5. Accounting records and controls
6. Compliance

96
Q

What are the procedures involved with handling clients money within the professional statement

A

-under the RICS Professional Statement “Client Money Handling” 1st ed 2019
- Hold all client money in an exclusively controlled client money account.
- Ensure that the account only contains client money paid into it.
- Ensure the account name includes the word ‘client’ and the name of the firm and an identifier such as the property or client.

97
Q

What are the main schemes available to firms in relation to handling clients money

A

-RICS runs a Clients Money Protection scheme for claims from clients which provide last resort protection

  1. RICS client money protection schemes for surveying services – relating to client money held by RICS-regulated firms.
  2. RICS client money protection scheme for property agents – relating to client money held in connection with residential letting agency work and property management work in England.
98
Q

How do you comply with money laundering regs

A

-Sale/acquisitions
-Agency work
-Under money laundering terrorist financing transfer of funds 2019
-over leasehold deals of c. £100k a year (10,000 euros a month) – ID checks are required out on both sides of the transactions, i.e. ID, registered address, etc

99
Q
  1. Tell me about what you would do if you felt than an instruction way outside your scope of experience or knowledge
A

I would then have an open and transparent conversation with the client highlighting that I could not fulfil the instruction as it was outside of my experience and knowledge – however if there was somebody within the firm that could, I would recommend them – if not, I would advise that there may be somebody else best suited to this instruction.

100
Q
  1. How would you keep client’s money securely and safely held?
A

-I dont handle clients money
-But if I did…
-separate bank account
-client name in title

101
Q
  1. Tell me about a conflict of interest check you have carried out
A

I have not dealt with any

102
Q

What would you do if you became suspicious that a client was involved in money laundering?

A

If I was suspicious a client was involved in money laundering, I would raise this with the nominated officer within our office to investigate / report if he felt necessary

103
Q

If you were set up in practice on your own, tell me about the types of insurance you would need.

A
  • Professional Indemnity Insurance
  • Motor Vehicle Insurance
  • Insurance for business premises
  • Employers liability insurance (if take on any employees).
104
Q
A

Submission Q's. By CFH (25 decks)

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