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APC - PERSONAL > Ethics Rules of Conduct and Professionalism L3 > Flashcards

Ethics Rules of Conduct and Professionalism L3 Flashcards

1
Q

What is the structure of RICS?

A

FromJuly 2024
1) The Governing Council

2) One arm is RICS Board which is made up of 4 commitees:
Global Memebers Commitee, Audit and Finance Commitee, Knowledge Comittee, Nominations and Reumeration Comitte

3) One arm is the Standards and Regulation Board (SRB) which made up of an assigned Risk Pool Panal, Regulatory Tribunal & 4 commitees:
Standards Commitee, Qualifications Commitee, Dispute Resolution Commitee, Valuation Assurance Commitee

Following the Levitt Report and Lord Birchards Inderpendant review

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2
Q

When was the RICS Founded?

A

Founded in 1868
Royal Charter given in 1881

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3
Q

Who is the President of RICS?

A

Ann Grey is the president
Tina Paillet is the president elect

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4
Q

What are the RICS Member Grades?

A

RICS Student
Assoc RICS
MRICS
FRICS

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5
Q

How do you achieve FRICS?

A

5 Years MRICS
Champion
Expert
Influcer
Role Model

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6
Q

What are the benefits of being MRICS?

A
  1. Status
  2. Recognition
  3. Knowledge
  4. Network
  5. Market Advantage
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7
Q

What are the benefits of regulation?

CPS

A
  1. Confidence - Monitored by RICS
  2. Proffesionalism - Providing impartial expert advice
  3. Secuity - PII and access to independent redress
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8
Q

What are the Rules of Conduct?

A

Rule of conduct 2022
Members must:
1. Be honest and act with integrity
2. Maintain thier professional competence
3. Provide diligent service
4. Treat others with respect and encourage diversity
5. Take responsibility in the public interest

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9
Q

Give me an example of acting with integrity?

A

Members and firms being open and transparent with client about their fees and services

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10
Q

Give me an example of when you have maintained your professional competence?

A

Undertaking CDP and learning to develop an understanding of a particular area.

Taking advice from senior collegues on areas of work I am not competent in

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11
Q

Give me an example of when you have provided a dilgent service?

A

I have communicated with unrepresented rate payers in a clear way that they can understand without using techincal jargon

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12
Q

Give me an example of when you have treated others with respect and encouraged diversity?

A

I treat others fairly and do not discrimate.

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13
Q

Give me an example of when you have taken responsibility to maintain public confidence?

A

I have reported impartial and professional valuation advice to clients throughout my work.

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14
Q

What is the VOA Code of conduct?

A

Integrity
Honesty
Objectvity
Impartiality

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15
Q

What is the heirarchy of RICS publications?

A
  1. Rules of Conduct (Mandatory)
  2. Global Standards (Mandatory)
  3. Professional Statement (Mandatory)
  4. Practice Statements (Mandatory)
  5. Guidance Notes (Voluntary)
  6. Code of practice (Best Practic)
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16
Q

Are there any recent changes RICS document categories?

A

RICS are in the process of reveiwing its standards portfolio into 2 simplifed categories:

1) Professional Standards
- Implimenting clarification around ‘must’ and ‘should’

2) Pratice Infomation
- Practice support guidance

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17
Q

When does a firm require RICS registration?

A

If 25% of employees are MRICS they have the option to register

If there is 50% of principles are MRICS then registration is mandatory

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18
Q

What infomation do firms have to provide to RICS in an annual return?

A
  1. Type of buiness and staffing
  2. Nature of clients
  3. Client money provisions
  4. Complaints handling log and procedure
  5. Professional Indemnity Insurance (PII)
  6. Staturoty Regulated Activities
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19
Q

How do you decide a fee?

A
  1. Avoid price fixing with competitors
  2. Keep it market based
  3. Must make the client aware if you recieve a referral fee
  4. Be clear in ToEs
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20
Q

What are the CPD requirments for a MRICS?

A

1) 20 Hours of CPD a year
- 10 hours of formal with learning objectives

2) Professionalism Module
- Every 3 years

3) Recorded on the RICS CPD managment system

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21
Q

What are the RICS disciplinary procedures?

A

There are 3 main types of disciplonary procedures

1) Action by the Head of Regulation
- May impose a Regulatory Compliance Order such as a proportional fine or CPD sanction
- avoids public hearing

2) Hearing by Regulatory Tribunal
- Where memeber does not admit allegations head of regulation can refer tribunal or disciplinary panel

3) Disciplinary Panel
- Both 2 & 3
- can include explusion and future RICS Registation
- Published to RICS website and modus

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22
Q

What checks would you undertake before sending terms of engagement?

A

1) Professional competence

2) Conflict of interest

3) Inline with Consumer Rights Act 2015
- 14 day cooling off period

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23
Q

When would you decline work?

A
  1. Conflict of interest
  2. Not competent
  3. Insufficent facts
  4. Professional Indemnity cap cannot be agreed
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24
Q

What is conflict of interest and what RICS guidance exisits?

A

A conflict of interest is when a members or firm impartiality is compromised.

There is the ‘RICS Conflict of Interest Professional Standard 2017’ which provides clear guidance on how to identify and manage conflicts of intrest.

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25
Q

What are the different types of conflicts?

Give examples

A
  • Party Conflict
  • When there is a related instruction for two different parties
  • Own Conflict
  • When a members own intrest could affect their impartiatlity
  • Confidential Information Conflict
  • When infomation relevent to the instruction between two parties may not be disclosed
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26
Q

What are the steps to a Conflict of Interest?

A
  1. Identify
  2. Avoidance
  3. Advice
  4. Conflict Management
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27
Q

How do you manage a conflict of interest?

A
  1. Infromed consent with all parties in writting
  2. Implement an ethical barrier with reasonble steps taken
  3. Ensure infomation is secured safely
  4. Clear audit trail over seen by compliance officer
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28
Q

What is negligence?

A

Where work has not been carried out with a reasonble level of care and skill and there has been a breach of contract resulting in possible damages

Limitation Act 1980 - Contract negligance from 6 years
3 years from knowledge of damages
15 years long stop from negligence
tort of negligence

29
Q

How can you avoide negligence?

A
  • Clear Terms of Engagement
  • PII liability Cap Agreed in ToEs
  • Ensure Professional Competence
  • Use RICS Guidance
  • CDP
  • Creation of a Detailed Audit Trail
30
Q

What gudiance is there on complains handling?

A

RICS Complaints Handling 2016
Professional Standard

31
Q

What does RICS guidance say about Complaints Handling?

A

RICS COMPLAINTS HANDLING 2020 says:
* Firms must have their Complaints Handling Procedure approved by RICS and use a complaints log
* Firms should consider whether to infrom their insurer
* Complaints Handling Procedure must be in terms of engagement
* Complaints Handling Procedure must include a RICS ADR mechanism
* Firms must appoint a complains handling officer
* Complaints Handling Procedure must be published and sign posted

32
Q

What is the RICS complaints handling procedure?

A

2 X Tier System

1) In house (Stage 1)
- In writting
- 7 days Aknowledgment
- 28 days to investigate
- Handled by the complaints handling officer

2) ADR - Inderpendant Redress (Stage 2) (CEDR)
- Such as Ombudsman, or RICS Dispute resoluation services
- Centre For Effective Dispute Resolution (CEDR)

33
Q

What is the VOA’s Complaints Handling Procedure?

A

VOA has a 3 X tier system
1. Business stream
2. VOA complaints handling team
3. Case can be referred to obmudman via local MPs Office

VOA aims to confirm recipt within 3 days and 20 days to respond

34
Q

What is Professional Indemnity Insurance?

A

PII protects firms and members against negligence where duty of care has been breached and there is a claim for damages

35
Q

What Regulations do RICS proivde in respect of PII and what does it say?

A

UK Professional Indemnity Insurance (PII) Requirements 2024 Regulations

  • Insures must be RICS approved
  • There must be adeqet cover for instruction
36
Q

What are the minimum levels of PII?

A

Based on firms turnover in preceding year
Up to £100k Revenue = £250k
£100k - £200k Revenue = £500k
over £200k Revenue = £1m

37
Q

What is the maximum level of uninsured excess for PII cover?

A
  • The greater of 2.5% or £10K upto £500k indemnity
  • 2.5% over £500K indemnity
38
Q

What run off cover must be arranged?

A
  • Minimum £1m over 6 years for consumer claims
  • Firms to deciede adequet and appropiate For commerical for a min of 6 years
  • For members and firms that are unable to arranage run off cover they can apply to the RICS run off pool

RICS Regulation Professional indemnity insurance requirements 2022

39
Q

What RICS documents are there regarding insurance and cover?

A

UK Professional Indemnity Insurance Requirments Reguations 2024
(PII RR 2024)

RICS Risk, Insurance and Liablibity 2021 Practice Information
(RIL 2021)

40
Q

What can you tell me about EWS?

A

There was a recent RICS update in 2024 regarding External Wall Systems
* EWS is now required on 11+ storey buildings
* RICS PII to cover EWS services undertaken from July 2024
* EWS1 forms must be undertaken by an EWS Assessor who has completed the training programme by RICS

41
Q

What kind of client money might you handle?

A
  • Rent
  • Service Charge
  • Holding Depsoits
42
Q

What guidance would you refer to when Client Money Handling?

A

RICS Professional Standards
Client Money Handling (1st Edition) 2020

43
Q

Tell me about RICS Client Money Handling Guidance?

A

RICS Professional Statement Client Money Handling 2020

Highlights 6 areas of good practice:

  1. Holding Client Money
  2. Providing Infomation to Clients
  3. Recipt of Client Money
  4. Record of Payments From Client Account
  5. Accounting Records and Controls
  6. Compliance
44
Q

What does RICS guidance recommend when handling client money?

A
  • Client account must be kept sereate
  • Account should say Client
  • Client can access the account with ease for proper use
  • Payment of interest is agreed
  • Accurate Records
  • RICS are updated in annual returns
  • Client money proceders are displayed online
45
Q

Talk me throught the steps of setting up your own firm?

A
  1. Notify RICS
  2. Appoint a responsible principle who will be responsible for all RICS communiation
  3. Arrange PII cover and send details to RICS
  4. Set up client money handling procedures
  5. Register for RICS registered valuer scheme
  6. Set up a complaints handling procedure and obtain approval from RICS
  7. Create a complaints log
  8. Appoint a complains handling officer
  9. Obtain the RICS logo kit
  10. Arrange a succession firm
  11. Ensure CPD is logged
  12. Set up staff training
  13. Ensure completetion of the RICS Annual Return
46
Q

Talk me throught the steps of closing down your own firm?

A
  1. Inform RICS
  2. Inform clients
  3. Return client money
  4. Agree handover arrangements with succession firm
  5. Inform insurers and arrange run off cover for a minimum of 6 years - RICS reccomend 15 years
  6. Retain a copy of files for 6 years
47
Q

What act relates to bribes?

A

Bribery Act 2010

which aims to reduce bribery in the UK

48
Q

What actually is a bribe?

A

A bribe is giving, offering or recieveing a gift or money for actions which are illeagal or a breach of trust.

49
Q

**

What are the 6 principles of the Bribary Act 2010?

A

There are 6 main principles

  1. Proportionality
  2. Top Level Commitment
  3. Risk Assessment
  4. Due Dilligence
  5. Commincation
  6. Monitioring
50
Q

What are the offences under the Bribery Act?

A
  1. Offering a Bribe
  2. Recieving a Bride
  3. Failing to Report a Bribe
  4. Bribing a Foreign Official
51
Q

What RICS guidance is there on Bribery?

A

RICS Professional Standards
Countering Bribary, Corruption, Money Laundering and Terrorist Financing 2019

52
Q

What is money laundering?

A

It is the conversion of proceeds of crime into ligitimate funds or assets

53
Q

What does the Proceeds of Crime Act 2002 make a criminal offence?

A

Proceeds of Crime Act 2002
makes it a criminal offence to:

  • Conceal criminal property
  • Facilitate the use of criminal property
  • To aquire/sell criminal property
54
Q

What are the key provisions of the RICS Countering Bribery, Corruption, Money Laundering and Terroritst Finacing 2019?

A

The key provision relate to to they 6 principles of the Bribery Act 2010

1) Proportionality
- Proportional disaplinary action

2) Top Level Commitment
- staff training
- imploement policy

3) Risk Assessment
- Written risk assessment required

4) Due Dilligence
- Customer DD
- Encanched DD

5) Commincation
- Records
- Audit Trails

6) Monitioring
- internal controls such as gift registers

55
Q

What client Due Diligence Checks must be undertaken?

A

Customer Due Diligence
* ID checks
* Reasonble endeveours to idenify benefitial owners of a company
* company name
* Company number
* Address
* Obtain infomation on business purpose and funding

Enhanced Due Diligence
* High risk third country
* Policitally exposed
* Further infomation and examination required

56
Q

How would you identify potential money laundering?

A

I would refer to the RICS Money Laundering Red Flag indicators 2017

  • Unwillingness to provide ID
  • Changes to parties involved
  • Unsual Transactions
  • Loss making
  • Unexpected Urgency
  • Transaction in unsual currencies
57
Q

What is the VOA/Civill Serive Code of Practice

A
  1. Integrity
  2. Objectivity
  3. Honesty
  4. Impartiality
58
Q

What are your Level 2 Ethics Examples?

A
  1. Accepting Instruction - Ensure competence and perfect a conflict of intrest check
  2. Gifts - Politely declined any gifts as VOA - Could be percieved as proportional
59
Q

What are your Level 3 Ethics Eamples?

A
  1. Valuation Tribinal - Role of Advocate and Expert Witness
  2. Conflict of Interest - DRRS was a patient
  3. Acting with Integrity - Asked to increase Valuation
60
Q

What recent changes has there been to Professional Indemnity Insurance RICS regulations?

A

RICS have changed their Professional Indemnity Insurance Regulations 2022 which was global

Now has UK Professional Indemnity Insurance Regulations 2024 - This update includes claification around EWS

61
Q

Where do you find the 10 professional obligations for members and firms?

A

apendix A of rules 10 professional obligations

62
Q

What are the 3 professional obligations in the Rule of Conduct 2022 in appendix A for RICS Members?

A
  1. Members Must Comply with CPD obligations
  2. Members Must Cooperate with RICS
  3. Members Must Communicate with SRB (Standards and Regulation Board)
63
Q

What are the 7 professional obligations in the Rule of Conduct 2022 in appendix A for RICS Regulated Firms?

A
  1. Firms must publish their complaints handling procedure
  2. Firms must have adequet PII
  3. Sole practioner must have a Locum arrangement
  4. Firms must cooperate with RICS
  5. Firms must communiate with SRB
  6. Firms must display they are RICS Regulated
  7. Firms must report to RICS
64
Q

Level 2 - 1st Example

1) Accepting instruction
What do you check before accepting an instruction and why?

A

I check 3 things:
1. Professional competence
2. Conflict of intrest
3. Agree terms of engagement

65
Q

Level 2 - 2nd Example

2) Gifts
What RICS gudiance?
Company policy?

A
  • RICS Countering Bribery, Corruption, Monney Laundering and Terrorist Financing
  • Strict no gift policy
  • 6 principles of Bribery Act (Proportionality etc)
  • 4 types of bribe?
66
Q

Level 3 - 1st Example

1) Valuation Tribunal
What guidance is there?
Difference between acting as expert witness and advocate?
How do you prepare for VT?

consolidated practice statement

A
  • Consolided Practice Statement for Valuation Tribunal England 2024
  • Expert witness includes my Duty to the Tribunal and advocate includes a summarisations of matters inline with my duty to my client
  • VOA has 10 working days to comply with a order for VT, in this time all supporting
67
Q

What is Valuation Tribunal?

A

The Valuation Tribunal for England (VTE) is a judicial statutory body that deals with appeals about Council Tax and non-domestic (business) rates.

68
Q

Level 3 - 2nd Example

2) Conflict of Intrest
What guidance is there?
How do you conduct a COI?
Why was you unable to proceed?

A
  • RICS Conflict of Interest 2018 Professional Standard
  • Check if any of the 3 main types conflict have arised, consider conflict managament
  • Service level agreement stipulated that should this arise another DV be instructed
69
Q

Level 3 - 3rd Example

3) Acting with Integrity?

A
  • Whilst out inspecting a GP Surgery the manager and owner accompanied me

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