Ethics, Rules of Conduct and Professionalism Flashcards
Tell me about a time you used the RICS Decision Tree.
I was offered the opportunity to attend a wine tasting by a contractor during the tender process. I used the ethical decision tree to determine that I should not attend the event as it would not be inline with the RICS Rules of Conduct and I would not be content with my actions to be made public.
OR
I was invited to a contractor Christmas event. I had no ongoing works with the contractor and I was not undertaking any tender processes which they were involved in. I determined it was legal, in line with the RICS Rules of conduct and my line managers had no objections. I would also be comfortable with the knowledge my attendance would be made public.
What are the penalties under the Money Laundering and Terrorist Financing Regulations 2019
Compliance failure penalties include £1,500 penalty administration charge plus a penalty for the breaches of the act such as failures for:
- customer due diligence
-risk assessment
-Policies, controls and procedures
-Record keeping
Custodial sentence of up to 14 years and an unlimited fine.
When did the Money Laundering, Terrorist Financing and Transfer of Funders Regulations legislation come out? When was it last updated?
2017 and it was last updated in 2023.
You undertook floor plan accuracy inspections. Prior to accepting the instruction what did you do?
I undertook a conflict check to determine whether I or the business had a conflict of interest. It was determined that the whilst we had undertake works for the landlord of the property I was due to inspect, there was no direct conflict of interest. However, I informed the client that the firm had undertaken work previously for the landlord and they confirm they were happy for me to proceed.
What do you require to undertake works where there is a conflict of interest?
Informed consent from the client and, depending on the conflict, information barriers.
What are the RICS Rules of Conduct?
1.Members and firms must be honest, act with integrity and comply with their professional obligations.
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.
Who is the current president of the RICS?
Nicholas McClean
When was the RICS founded
1868
What does the RICS stand for
The Royal Institution of Chartered Surveyors
What are offenses under the Bribery Act 2010?
Accepting a bribe, bribing a foreign official, offering a bribe and failing to prevent a bribe.
Why did you not advise on the flood risk report obtained by the Client’s Lawyer?
It was outside my scope of works as determined by my fee quote and outside of my competence.
What was the flood risk report pertaining to?
It was in relation to the risk of surface water flooding.
What is surface water flooding?
It is when heavy rainfall exceed the capacity of the drainage system which causing water to accumulate on the ground and flow over land instead of draining away.
What is a bribe?
An illegal inducement to encourage an individual or individuals to act in a certain way.
When can you accept a bribe?
If you are under significant duress.
Under Bribery & Corruption what must a RICS regulated firm do?
1) Must not OFFER, ACCEPT, directly or indirectly a bribe.
2) Must have plans in place to comply with applicable laws governing by Bribery & Corruption.
3) Immediately report activity of bribery and Corruption.
4) Act with due diligence to perform written evaluation of the risks that the firm face that could lead to facilitation of bribery or corruption.
5) Retain information detailing how the firm has met the requirements of the professional statement.
What is the recommended guidance for RICS regulated firms in connection with Bribery when they receive something?
1) Implement a register showing transparency for:
a) Gifts
b) Hospitality, entertainment, and expenses
c) Customer travel
d) Political contributions
e) Donations and sponsorship
f) Potential conflicts of Interest
What is your gift handing policy?
-Best practice permits promotional gifts & hospitality where they are transparent, proportionate, reasonable, and bona fide.
-I would ensure any gifts are logged on the company’s gift register
What are the RICS’ 5 principles of better regulation?
PACTT
- Proportionality.
- Accountability.
- Consistency.
- Targeting.
- Transparency.
How is the RICS Structured?
The RICS is self-regulated and internally monitored meaning that it is not regulated by the Government or external parties.
The Bye-Laws determine how the RICS is regulated
What is the difference between RICS ethics and rules?
Ethics are a set of moral values.
Rules of conduct are a framework that we work to.
What are the professional obligations of members?
- Members must comply with the CPD requirements set by the RICS which requires 20 hours of CPD for each calendar year.
- Members must cooperate with RICS.
3.Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
What are the professional obligations of firms?
- Firms must publish a complaints-handling procedure.
- Firms must ensure professional work is covered by adequate and appropriate professional indemnity cover that meets the standards approved by RICS.
- Firms with a sole principal must make appropriate arrangements for their professional work to continue in the event of their incapacity, death, absence from or inability to work.
- Firms must cooperate with RICS.
In the case of a breach of a rule of conduct what is the procedure?
- Not every shortcoming will necessarily give rise to proceedings.
- A formal investigation by the Head of Regulation of the RICS is the first step in the process.
- The RICS can request information and/or visit and inspect to investigate compliance.
- Members must cooperate fully with all enquiries.
