Ethics, rules of conduct and professional - Level 1 Flashcards
• What are the RICS Global Professional and Ethical Standards?
STIRR
Service – Provide a professional service in a timely manner having regard to technical standards.
Trust – Bring trust to the profession.
Integrity – Act with integrity and honesty.
Respect – Treat others with respect.
Responsibility – To take full responsibility of your actions.
• Tell me about the Bribery Act 2010.
There are four offences within the Act.
- Offering or giving a bribe to another person.
- Requesting or receiving a bribe.
- Bribing a foreign official.
- Corporate offence of failing to prevent bribery.
• Choose one of the Rules for Members and explain it to me.
- Solvency – A member must not be bankrupt.
• How much CPD are you expected to complete as a member of the RICS?
- 20 Hours of white 10 hours has to be formal.
• Tell me about the Money Laundering Regulations 2017.
- Created from Part 7 Proceeds of Crime Act 2002.
- Regulated firms require a Money Laundering Reporting Officer.
- You must verify the identity of the client.
- Record and retain the information.
• What are the various levels of PI you must have under RICS Rules and where would you buy this?
- Up to £100,000 turnover = £250,000 of cover.
- Front 100,00 - £200,000 turnover = £500,000 cover.
- Over £200,000 = £1m of cover.
- From a recognised insurer of the RICS.
- What current challenges is Covid and/or Brexit bringing to Conduct & Ethics.
- A massive difference of opinion between Surveyors.
- Some surveyors have to attend work to put food on the table and pay bills etc.
- Other surveyors have cancelled all appointments due to COVID.
What are the rules of conduct for members?
- Interpretation.
- Communication.
- Ethical Behaviour
- Competence.
- Service.
- CPD.
- Solvency.
- Information to RICS.
- Co-operation.
What are the rules of conduct for firms?
- Interpretation.
- Communication.
- Professional Behaviour.
- Competence.
- Service.
- Training and CPD.
- Complaints Handling Procedure (CHP).
- Clients’ Money.
- Professional Indemnity Insurance (PII).
- Advertising.
- Solvency.
- Incapacity of death of a sole Practitioner.
- Use of Designations.
- Information to RICS.
- Co-operation.
- What does the Constitution consist of?
- The Royal Charter.
- The 10 Bye-Laws.
- The 10 Regulations.
Why is it important to have PII insurance?
- To protect clients resulting from professional negligence.
- Also as insurance against professional negligence.
What does having PII Cover?
- Client against negligence.
- Amount of cover is generally based upon turnover.
- Cover to include each and every claim.
- Must have minimum RICS wording.
- Turnover of less than £100,000 = £250,000 cover.
- Turnover between £100,000 - £200,000 = £500,000.
- Turnover over £200,000 = £1m cover.
- Run off cover of at least 6 years. RICS would prefer 15 years.
- Cover past and present employees.
- Insurers from an RICS approved list.
- Why is it important to have a complaints handling procedure?
- A firm owes a duty of care to their clients.
- Have effective procedures for handling complaints.
- Must state an alternative dispute resolution.
What are the stages of complaints handling?
- Log complain and pass to senior member or designated complaints handler.
- If complaint cannot be resolved the referred to an independent third party.
What ADR does your company have?
- CEDR (Centre for Effecive Dispute Resolution).
