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APC > Ethics, Rules of Conduct and Professionalism > Flashcards

Ethics, Rules of Conduct and Professionalism Flashcards

1
Q

Why do you want to become a member of the RICS?

A

Because it is the kitemark of excellence in the interests of consumer protection

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2
Q

What is the role of the RICS

A
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3
Q

What are the key functions of the RICS?

A

To provide governance to the surveying profession, to protect consumers and to provide the highest level of support available to clients

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4
Q

What is a Royal Charter?

A

A document issued by the monarch that gives independent legal standing to an organisation

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5
Q

Who is the current RICS president?

A

Tina Paillet

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6
Q

What do you understand by the term self-regulation?

A

To be autonomous and responsible for one’s own behaviour and affairs

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7
Q

Can you tell me what you understand by the principles of better regulation?

A
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8
Q

What is a Bye-Law?

A

A local law made by a local council under an enabling power contained in a public general act or a local act requiring something to be done - or not done - in a specified area.

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9
Q

Give an example of one of the RICS Bye-Laws.

A

To be eligible for admission as a Chartered Member or a Non-Chartered Member, a person shall demonstrate the attainment of the appropriate Professional Competence.

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10
Q

Explain to me the new RICS Rules of Conduct, what do they replace?

A

1) Be honest, act with integrity and comply with professional obligations (inc. to RICS)

2) Maintain professional competence and ensure services are provided by competent individuals

3) Provide good quality and diligent service

4) Treat others with respect, encourage diversity and inclusion

5) Act in the public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession

WHAT DO THEY REPLACE?

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11
Q

When do the new Rules of Conduct take place?

A

Effective February 2022 but published October 2021

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12
Q

Who do the Rules of Conduct relate to?

A

Members and Firms

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13
Q

What are the ethical principles that the Rules of Conduct are based on?

A

1) Honesty and Integrity
2) Competence
3) Service
4) Respect
5) Responsibility

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14
Q

What are the 5 Rules?

A

1) Members and firms must be honest and act with integrity, and comply with their professional obligations, including to the RICS

2) Members and firms must maintain their professional competence and ensure that services are provided by competent individuals with 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

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15
Q

Give an example behaviour for each of the 5 Rules

A

1) Members and firms are transparent with clients about their fees and services

2) Members and firms only undertake work which they have the knowledge, skills and resources to carry out competently

3) Members and firms communicate with clients and others clearly and in a way they can understand

4) Members and firms respect the rights of others and treat others with courtesy

5) Members and firms respond to complaints made against them promptly, openly and professionally

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16
Q

What are the core professional obligations of firms and members to RICS?

A

Members must:

1) Comply with all CPD requirements set by the RICS
2) Members must cooperate with the RICS
3) Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf

Firms must:

1) Publish a complaints-handling procedure, which includes an alternative dispute resolution provider approved by the RICS, and maintain a complaints log
2) Ensure that all previous and current professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS
3) With a sole principal, make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work
4) Cooperate with RICS

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17
Q

What disciplinary measures can the RICS impose?

A
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18
Q

In what circumstances can the disciplinary procedures be imposed?

A
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19
Q

When did the RICS last update their disciplinary panel rules?

A

October 2019

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20
Q

What are the different levels of action within these procedures?

A
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21
Q

What do you understand by the term professional practice?

A

The typical actions undertaken and omitted during the work of a professional person.

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22
Q

What money laundering regulations are you aware of?

A

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

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23
Q

What is a red flag of money laundering?

A

Foreign investor asking to purchase an expensive property without viewing it using Bitcoin or cash

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24
Q

What bribery legislation are you aware of?

A

Bribery Act 2010

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25
Q

What is a bribe?

A

When a person makes an offer, promise or gift of a financial or other advantage to another person

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26
Q

What are the penalties for accepting a bribe?

A

Prison sentence of 12 months to 10 years, or a fine, or both

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27
Q

What are the penalties for being involved in money laundering?

A

Up to 14 years in prison or a fine

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28
Q

What constitutes an offence under the Bribery Act 2010?

A

E.g. bribing a foreign public official

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29
Q

What constitutes an offence under the current money laundering regulations?

A

E.g. arranging or facilitating criminal property

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30
Q

How long should you keep anti money laundering records for?

A

Five years from the date a business relationship or transaction completes.

31
Q

What is Professional Indemnity Insurance (PII)?

A

It provides cover in the event of a breach of contract, or a mistake from professional services provided, such as a mistake made in the course of professional services or advice, or recommendations to a client.

32
Q

Can you tell me more about the RICS requirements in relation to PII?

A

MINIMUM REQUIREMENTS:

Less than £100k turnover previous year requires cover up to £250k

Turnover £100,001 to £200k requires cover up to £500k

Turnover over £200k requires £1m

Maximum Levels of uninsured excess:

limit of indemnity up to & inc. £500k: greater of 2.5% of sum insured or £10k

limit of indemnity over £500k: 2.5% of sum insured

33
Q

What is a PII aggregation clause?

A
34
Q

What does ‘claims made’ mean in terms of PII?

A
35
Q

Is a PII excess usually paid for per claim?

A
36
Q

In a negligence claim, what would help to show that you acted with consideration and due process?

A
37
Q

Can good record keeping help to provide defence in a PII claim?

A

Yes

38
Q

If you were providing services outside of your usual scope to a client, what might you need to do in relation to your PII cover?

A

Check if you are covered to provide the services, if not then effect new insurance policy

39
Q

What is run off cover?

A
40
Q

What RICS requirements are there relating to run off cover?

A
41
Q

What changes did RICS recently make to the Minimum Approved PII Wording?

A
42
Q

Would a dictated report avoid the need to have any written site notes?

A
43
Q

Explain PII requirements relating to fire safety cover and cyber cover.

A
44
Q

How long can a PII claim arise after work is undertaken?

A

Within 6 years of the work being finished.

45
Q

What is the Assigned Risks Pool (ARP)?

A
46
Q

Who might need to access the ARP?

A
47
Q

Explain your understanding of the RICS Guidance Note Risk Liability and Insurance (1st Edition).

A

I understand that it provides assistance to firms and clients to understand the main risks and liabilities associated with professional services provided by RICS members. It guides firms in the negotiation of equitable contracts with clients and the avoidance of major risks and pitfalls.

48
Q

Explain when you might agree a liability cap

A

When providing a loan security valuation for a property

49
Q

How would you set out third party reliance in Terms of Engagement?

A

I would list it as an assumption

50
Q

What are three key terms that should be considered from a risk perspective in the context of every instruction you undertake?

A

Identification, mitigation and management (of risk)

51
Q

What is an annual return?

A
52
Q

Tell me what you understand about Complaints Handling Procedures

A
53
Q

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

A

If a complaint has uncovered a serious breach by the firm or a member of staff (e.g. missing client money) and it is reported to RICS regulation as per the Rules for the registration of firms and Bye-Laws.

54
Q

Can you tell me about the CPD requirements for members of RICS?

A

All members of RICS must undertake a minimum of 20h CPD each calendar year, of which at least 10h must be formal.

55
Q

Why is CPD important?

A

Because it encourages and facilitates members to be up to date with current regulatory and legislative changes, as well as new surveying techniques.

56
Q

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

A

Members must try to avoid conflicts of interest where possible, but should a conflict arise and the client has given an instruction to act regardless with informed consent, conflicts must be managed, such as with an information barrier.

57
Q

What is double dipping (dual agency)?

A

Where you have a contractual relationship with both the seller and the buyer at the same time

58
Q

Why is double dipping (dual agency) an unacceptable practice?

A

Because it presents a conflict of interest

59
Q

How would you close down a regulated firm?

A

Agree the closure date

Seek advice if the firm is insolvent

Inform staff and deal with any redundancies, ensuring you direct them to Government support if necessary

Inform clients and let them know if another firm could take over ongoing work (at the discretion of the client)

Deal with any outstanding money in client accounts (in line with RICS Professional Statement Client Money Handling)

Notify your PI insurer to arrange run-off cover (on a claims made basis)

Make arrangements relating to hard copy and electronic files and keep them for as long as necessary (up to 15 years under the Limitation Act 1980). Any documents not required should be destroyed confidentially

Notify former clients to return any leases or other original documents being held for them

Inform the RICS and apply to deregister your firm

Set up a system whereby anyone trying to contact you after closing is notified of closure of the firm, e.g. notice of closure on any physical offices, voicemail, website etc. Provide an emergency contact number and a mail redirection service to a home address

Contact anyone else who you think should be contacted about the closure of your firm

60
Q

What can you tell me about RICS guidance relating to bribery, corruption, or money laundering?

A

Countering Bribery and Corruption, Money Laundering and Terrorist Financing (February 2019) Professional Standard - includes mandatory requirements for members and firms globally and guidance setting out supporting good practice for anti-bribery and corruption and for anti-money laundering and terrorist financing

61
Q

What are some of the key principals of the RICS guidance relating to bribery, corruption, or money laundering?

A
  • Firms should prepare a written policy covering anti-bribery and corruption including risk assessment, policy to be reviewed and updated periodically as appropriate
  • Have appropriate governance and systems controls in place, proportionate to the type of work the firm does
  • Encourage transparency within the organisation by implementing register inc. but not limited to: gifts, potential conflicts of interest, hospitality/entertainment and expenses
62
Q

What are the current RICS rules for registration of firms?

A

Rules for the Registration of Firms (February 2022)

63
Q

Who is a ‘qualified member’ of the RICS?

A

Chartered or non-chartered member

64
Q

What is a phoenix firm?

A

A new firm which is quickly incorporated by directors or Responsible Principal of an RICS-regulated firm providing the same services which has been recently/is being declared insolvent

65
Q

When must a firm first register for incorporation?

A
66
Q

What are the eligibility criteria for registration of a firm?

A

1) If the firm provides surveying services to the public

2) if 25% or more of the firm’s Principals are RICS members

67
Q

Who is a Responsible Principal?

A

A person who meets conditions A, B, and C of the Responsible Principal’s criteria in the Rules of Registration for Firms.

68
Q

What happens if a firm cannot comply with the eligibility criteria for registration of a firm?

A

They can’t register unless the Head of Regulation is satisfied that either:

  • 25% of the Firm’s Principals will be RICS Members within reasonable time period

OR

  • Head of Regulation is satisfied that the Firm is appropriately supported or supervised by another RICS registered firm or another eligible firm
69
Q

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

A

Logo can only be used by a Member or Registered Firm, or anyone whom the RICS authorises

“RICS Registered Firm” designation may only be used by Registered Firms - use by individuals is not permitted

70
Q

What are the restrictions on the use of the designation ‘Chartered Surveyors’ by firms?

A
  • Sole practitioners who are Chartered Members may use the designation

OR

  • Partnerships or companies carrying on surveying services if 50% or more of the partners or directors are Chartered Members

There are also other criteria, please refer to Rules for the use of the RICS logo and designation by Firms (February 2022)

71
Q

Are you aware of any RICS guidance on the use of social media?

A

RICS Use of Social Media Guidance Note June 2021

Same standards as Rules of Conduct

72
Q

How do you ensure you operate in line with RICS guidance on the use of social media?

A

I always use social media in a professional and responsible way in the same way I communicate face to face or via written communication

73
Q

When would the RICS investigate a social media post made by a member?

A

When it is:

  • Discriminatory
  • Dishonest
  • Abusive or threatening
  • Likely to cause significant harm, distress, or offence to a person
  • Shows a pattern of frequent or large number of concerning communications
  • Ignores previous advice or warnings about concerns

APC (12 decks)

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