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APC Flashcards > Ethics, Rules of Conduct & Professionalism > Flashcards

Ethics, Rules of Conduct & Professionalism Flashcards

1
Q

What is the decision tree process?

A
  • Do you have the facts
  • Is it legal, can you seek advice to understand if it is?
  • Is it in line with RICS Global Professional and Ethics Standards?
  • Have you consulted with the appropriate people to make an informed decision, assessing risks & options.
  • Do I have clear reasoning in reaching my decision.
  • Would I be happy for it to be made public.

Act and record if all suffice, stop if none do.

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2
Q

What is the governance of the RICS Structure?

A

It is under the terms of Royal Charter with 25 governing members over 17 specialist professional groups. The president is Clement Lau FRICS.

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3
Q

What is the role of the RICS hoping to achieve?

A
  • Maintain highest standard of education and training.
  • Protect Consumers through strict regulation.
  • Be a leading source of information with independent advice.
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4
Q

Why would you want to be included within the RICS?

A
  • Status with credentials.
  • Recognition
  • As promote excellence.
  • Market Advantage
  • Knowledge through training.
  • Network of professionals.
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5
Q

What are the benefits for being RICS regulated?

A
  • Confidence from clients.
  • Professionalism through providing clear, impartial expert advice.
  • Security by having the correct CHP & PII Cover
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6
Q

What information do you need to register for RICS annually?

A
  • Business and staffing details.
  • Ensure statutory regulated activities.
  • Nature of clients
  • CHP
  • PII Details
  • Client Money Holding details
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7
Q

What are the rules of conduct?

A 
Rule 1 - Integrity & Honesty
Rule 2 - Competent 
Rule 3 - Good Quality and due diligent Service
Rule 4 - Respect, Diversity & Inclusion
Rule 5 - Act in public interest.
Appendix A - Professional Obligations
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8
Q

What is the disciplinary procedure of the RICS?

A

It is self regulated. You have 3 levels of action:

  • Action by Head of Regulation
  • Regulatory Tribunal
  • Appeal Panel.

These are for breaches of regulations, these can be made through fixed penalty notice, writing compliance order, expulsion, publishing results of hearing publicly.

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9
Q

How should you propose a fee?

A
  • Avoid price fixing. Base them on the market.
  • If negotiating a fee, potentially negotiate scope of services.
  • Do not undercut another firm.
  • Be honest and transparent if receiving or giving a referral fee.
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10
Q

How does your firm remain confidential?

A
  • We do not disclose information about a client to a third party without consent.
  • Files held for 6 years before destroyed correctly.
  • If information is disclosed to you, then you should advise the client and sender of the error and record in firms compliance officer.
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11
Q

What is negligence?

A

Negligence is ensuring reasonable care and skill is not breached. Contract is negligence in carrying out your duty, tort negligence is allowing someone to suffer loss.

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12
Q

What is the 6 principles of the Bribery Act?

A
  • Proportionality
  • Top level commitment
  • Risk assessment
  • Due diligence
  • Communication
  • Monitoring and review.
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13
Q

What are the offences of accepting a bribe?

A
  • Bribing
  • Receiving a bribe
  • Bribing a foreign official
  • Failing to prevent a bribe.

Results in 10 years imprisonment and/or unlimited fines

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14
Q

What is money laundering 2017?

A

Where a criminal activity is being undertaken and hidden in an asset.

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15
Q

What do you do to ensure money laundering does not occur?

A
  • Have systems in place to carry out due diligence checks to adopt appropriate internal controls.
  • Customer Due Diligence check is verify company identity and client using companies house, and understand purpose of business.
  • Enhanced Due Diligence check is for high risk third person countries, politically exposed person or associated. This requires further checks.
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16
Q

What should you be aware of as red flags for Money Laundering?

A
  • Firms register with HMRC
  • Limit on cash over 10,000 euros.
  • On going business
  • Senior staff take responsibility.
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17
Q

What is the function of the RICS?

A

Provide standards and guidance on covering all areas of the surveying practice through expertise, knowledge and advise.

18
Q

Why do we have Rules of Conduct?

A

Incorporated in the Royal Charter Bye Laws, and maintain and promote profession to ensure use for the public.

19
Q

Please name some firm obligations that are required under the Rules of Conduct?

A

Identify conflicts, keep client money safe, comply with latest legislation, complete scope of services, QA procedures, inclusive environments, respond to CHP.

20
Q

Please name some member obligations that are required under the Rules of Conduct?

A

Do not facilitate AML, CPD obligations, competency checks, communication with clients, no bullying or harassment, ensure healthy to carry out the job.

21
Q

How would you set up a RICS firm?

A
  • Confirm company details to RICS and register.
  • Confirm who the responsible person is.
  • Arrange PII which is accepted.
  • Set up procedures for CHP and Client money handling
  • Plan for successor of business.
  • Complete RICS annual return documents each year.
  • Use of the RICS logo is undertaken in correct manner.
  • Ensure compliance with legislation (Bribery, GDPR)
22
Q

What are the disciplinary procedures of the RICS?

A
  • Action by Head of Regulation (penalties, compliance officer, CPD sanctions)
  • Regulatory Tribunal (50% panel not RICS, compliance officer, impose fines, conditions and expulsion)
  • Appeal Panel
23
Q

What is the Bribery Act?

A
  • Trying to encourage someone to perform impartially.
  • Receiving or giving a bribe, bribing a foreign official, not preventing a bribe.
  • Proportionality, top level commitment, risk assessment, due diligence, communication, monitoring and review.
24
Q

What is the Equality Act 2010?

A

Protects you from discrimination or unfair treatment.

25
Q

What is the Data Protection Act 2018?

A

Controls how your personal information is used by organisations, businesses or government. It implements the GDPR on principles.

26
Q

What is the difference between a data processor and controller?

A
  • Controller determines purpose and means of processing data.
  • Processor processes data on behalf of the controller.
27
Q

What is the Money Laundering Regulations 2007? Who do you report to if occuring?

A

Protects UK Financial system, preventing money laundering by criminals or terrorists. It ensures controls in place with documenting and due diligence checks.

Report any suspicions to the Serious Organised Crime Agency.

28
Q

What red flags stop AML?

A

The client dealing with and parties associated, the source of funds, transactions, instruction type.

29
Q

How do you do checks at your workplace?

A

Due diligence - ID, meeting, record funds

Enhanced Due Diligence - Exposed person checks, third world countries.

30
Q

Explain process of a referral fee?

A

Not illegal, but requires transparency to comply with Bribery Act & Rules of Conduct. Recording required.

31
Q

What is a non-exclusive bank account with a client?

A

Falls out of RICS regulations, this is clients money so principles of handling clients money is not to same standards.

32
Q

What is the client money protection scheme?

A

Last resort where a firm cannot repay a client money.

33
Q

You find yourself with surplus money in clients account, what would you do?

A

I would all efforts made to give back to the client. Hold money in client suspense account 6 years minimum. Donate to charity.

34
Q

How do you provide an inclusive environment?

A

Engage in training such as unconscious bias, where I recognise this is an issue and prevent this occurring with justification with decisions.

35
Q

What is RICS Matics?

A

Supports people in the profession.

36
Q

How would you help in the RICS?

A

Look at involvement in the Ambassador Programme. Where I would inspire future careers.

37
Q

What have you brought to the RICS to date with involvement in them?

A

Lionheart donations - Helps with mental health and wellbeing of someone.

Sleep out to help out Landaid donations for hte homeless.

38
Q

What is the governing Council?

A

Manage the RICS, providing management and strategic direction.

39
Q

What core material is available to use?

A
  • International standards (Mandatory) - IPMS
  • Professional Statement (Mandatory) - AML, Conflict of Interest
  • Practice Statements (Mandatory) - Expert Witness
  • Guidance Notes (Voluntary) - Asbestos, surveying safely, ESG in properties, RCA
  • Codes of practice (good practice/ Mandatory) - Code of measurement
40
Q

Do all firms have to be regulated by the RICS? Is there a minimum requirement?

A

Any firm where 50% of its partners and directors are RICS members must be regulated. A firm of less than 50% may still register if they wish. If there are no RICS members in the firm
it cannot be registered.

APC Flashcards (34 decks)

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