Ethics, Rules of Conduct & Professionalism Flashcards
Can you tell me about the CPD requirements for RICS members.
- All members must undertake a minimum of 20 hours CPD each calendar year (January to December).
- Of the 20 hours at least 10 hours must be formal CPD.
- Members must record their CPD activity online by 31 January.
What did the new RICS Rules of Conduct replace and when?
• Rules of Conduct for Members
• Rules of Conduct for Firms
• Global Professional and Ethical Standards
2nd February 2022
What RICS Professional Statement relates to Money Laundering?
Countering Bribery and Corruption, Money Laundering and Terrorist Financing. 1st ed. Feb 2019.
What are the five Rules of Conduct?
- Be honest, act with integrity and comply with their professional obligations.
- Maintain professional competence and ensure services are provided by competent individuals who have the necessary expertise.
- Provide good-quality and diligent service.
- Treat others with respect and encourage diversity and inclusion.
- Take responsibility and act in the public interest and to prevent harm and maintain public confidence.
Tell me what you understand about Complaints Handling Procedures (CHP).
- RICS Guidance Note - Complaints Handling 1st Edition, July 2016.
- The definition of a complaint is any expression of dissatisfaction.
When must a firm register for regulation?
- When the firm provides surveying services to the public.
- At least 50% of the firms’ principals are RICS Members.
How do you ensure you comply with Money Laundering Regulations?
- Not facilitate or be involved in money laundering or terrorist financing activities.
- Report any suspicions of money laundering or terrorist financing activities.
- Verify the identity of the client by undertaking basic identity checks.
- Comply with my employer’s policy and process relating to money laundering and terrorist financing.
Why do you want to become a member of the RICS?
• Status
• Recognition
• Knowledge
• Market advantage
• Network
What is the minimum PI Insurance a firm can have?
Based on turnover
£0 - £100,000 = Min £250,000
£100,000 - £200,000 = £500,000
£200,000 + = £1,000,000
If you identified a potential or actual conflict of interest, how could you handle this?
- Firstly, the firm and surveyors must decide if they can act for the parties impartially.
- It is then discussed with the clients to ensure they are both happy to continue with the instruction.
- Informed consent is confirmed in writing with both parties and signed to agree.
- Measures are put in place to manage the conflict such as information barriers, locked filing cabinets and colleagues in separate offices.
What is a Party Conflict?
- When a firm (2 different professionals) is acting for 2 different clients on the same matter.
What steps would you need to take when closing down a RICS Regulated firm?
- Agree the closure date.
- Inform staff and deal with any redundancies.
- 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.
- Notify your professional indemnity 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).
- Inform RICS and fill in the firm deregistration form.
- Set up a system whereby anyone trying to contact you after closing is notified that the firm is closed, e.g., notice of closure on any physical offices, voicemail, closure notice on the firm’s website and a mail redirection to a home address.
- Contact any other parties who need to be told about the firm closure, e.g., other insurance provider, accountant, solicitor, HMRC, bank.
What would you do if you became suspicious that a client was involved in terrorist activities/money laundering?
Report any suspicions using a Suspicious Activity Report (SAR) to the firm’s money laundering officer and the National Crime Agency (NCA) under the Proceeds of Crime Act 2002 & the Terrorism Act 2000.
What RICS Professional Statement relates to Bribery?
RICS Professional Statement – Countering bribery, corruption, money laundering and terrorist financing. 1st ed. February 2019.
Tell me about an instance of when you have been offered a gift or hospitality by a client.
• I was offered a case of wine by a client at Christmas (over the value of £15).
• I respectfully declined the case of wine.
• I informed a senior person of the offered gift.
• I registered it on the company’s gift register.
What are the penalties for accepting a bribe?
A maximum penalty of 10 years’ imprisonment and/or an unlimited fine.
What is the role of RICS?
- Advancing the highest ethical and technical standards for professionals in land, property and the built environment.
Tell me how you would handle a client complaint.
- Complaint made in writing to Senior Partner or Manager of the office in which they are dealing with.
- We respond within three working days to confirm receipt of the complaint and that it’s been investigated.
- An investigation is completed and full response provided to the client within 15 days.
- If the client is still not satisfied, they can refer the case to the designated complaints handler, Mrs Anita Price.
- We then write to the client within 15 working days of receiving their request for a review, confirming our final viewpoint on the matter.
- We aim to ensure all complaints are resolved via our in-house complaints procedure. However, if the client is not satisfied and wish to pursue the matter further then alternative dispute resolutions services are available to them (Property Ombudsman or RICS Dispute Resolution Service)
What sort of Insurances do Chartered Surveyors need to have?
- Professional Indemnity Cover
- Building insurance
- Employers Liability Insurance
- Public Liability Insurance
- Car Insurance
- Run Off Cover
What are the registration eligibility criteria?
- the Firm provides surveying services to the public.
- at least 25% of the Firm’s Principals are RICS Members.
