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

Ethics, Rules of Conduct & Professionalism Flashcards

1
Q

What is the meaning of the RICS Motto

A

There is measure in all things

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2
Q

What is the mission statement of the RICS

A
  • To Qualify and equip their members to offer the highest standards of professional service
  • To promote and enforce standards
    -To lead solutions to the major challenges facing the built environment through professional experience
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3
Q

When was the RICS founded

A

1868

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4
Q

How is the RICS structured

A

Governing Council runs the RICS and sets the strategy, with the standards and regulations board, and RICS board sitting below them and then various boards and commites below that

executing the strategy set by the governing council.

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5
Q

What are the RICS’ 5 principles of better regulation

A
  • Proportionality
  • Accountability
    -Consistency
    -Targeting
  • Transparency
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6
Q

What is the difference between RICS ethics and rules

A

Ethics are a set of moral values. rules are a framework that we work to.

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7
Q

How Many global professionals and ethics standards are there

A

the professional and ethics standards have been combined into the New rules of conduct in 2022.

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8
Q

When are the rules of conduct changing

A

They changed on 2nd February 2022

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9
Q

What are the new rules of conduct?

A
  • Act with integrity
  • Work within your competence and maintain competence
  • Provide a quality service
  • Encourage diversity and inclusion
  • Act in the public interest and take responsibility for their actions
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10
Q

Why did the previous rules of conduct change

A

Following research and consultation, there was a consensus that the rules should be updated.

The rules for members and firms were consolidated for clarity

and to put a clearer focus on the expected behaviours, include a focus on diversity and inclusion

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11
Q

What is your understanding of the Rules of Conduct changes

A

the rules for members and firms and professional and ethical standards were combined into the 5 rules of conduct with Appendix A covering the professional obligations to the RICS

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12
Q

What are the members professional obligations to the RICS

A

Inculded in appendix A of the rules of conduct
- To fulfil the CPD requirement of 20 hours per year
- to cooperate with the RICS
- To provide reasonably requested information required by the standards and regulation board

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13
Q

What are the professional obligations of firms

A

-Firms must publish yearly accounts
-Firms must have a published complaints handling procedure
- Firms must have adequate PII for their work
- Firms must have run off cover
- Firms with a sole principle must make arrangements for the event of the principles death or incapacitation
- Firms must cooperate with the RICS
- To provide reasonably requested information required by the standards and regulation board
- Display the regulated by RICS logo on all literature
- report any matter required to be reported under the Rules for the registration of Firms

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14
Q

Please explain the steps in the Ethics tree

A
  • First establish the facts removing emotion from the situation
  • Consider the legality
  • does it breach the RICS rules of conduct
  • make consultations for a informed decision
  • have clear evidence for your reasoning - Record the decison and reasoning
  • Consider if you would be happy for your decision to be publicly known
    -Reflect on the action if you take it
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15
Q

Why does the RIC have rules of conduct

A
  • To assure consumers of the quality and integrity of RICS members
  • To uphold standards within the profession
  • to provide a framework to members
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16
Q

someone close to you is a MRICS, but is working outside the Rules of conduct, what do you do?

A
  • Confront the person and get all the facts, remind them of their duties to the RICS
  • Inform the RICS, stating my relationship to the person
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17
Q

In the case of a breach of a rule of conduct what is the procedure

A
  • Not all breaches will result in action
  • A formal investigation by the head of Regulation
  • The RICS can request information and or visits to investigate
  • Members and firms must fully cooperate
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18
Q

How can disciplinary proceedings be triggered?

A
  • a complaint is made to the RICS
  • an allegation is made
  • the RICS receives or establishes information regarding misconduct
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19
Q

What actions can the RICS impose after investigation?

A
  • A fixed penalty
  • Consent order
  • Disciplinary panel
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20
Q

What are fixed penalties?

A

a fine

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21
Q

What are consent orders?

A

A written agreement between the RICS and the member or firm concerning the disciplinary issue.

It can require the member or firm to make certain corrective actions, or restrain them from taking certain actions for a specified period of time.

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22
Q

When is a disciplinary panel applicable?

A
  • They are used for serious breaches of conduct
  • the panel will be held in public
  • the burden of proof is on the RICS
    -A balance of probabilities approach will be taken
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23
Q

What sort of breaches would expulsion be suitable for?

A

Gross, persistent or wilful failure to comply with the rules of conduct.

Fraud, dishonesty, conviction of a serious crime, gross incompetence, deliberate discrimination, misappropriation of clients’ money.

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24
Q

Would you advertise your company in the press

A

Yes, in a manner that is in line of the rule of conduct - not to bring the RICS into disrepute

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25
Q

What insurances would you need if you started your own firm?

A
  • PII
  • Public Liability insurance
  • Employers liability
  • Buildings insurances for premises
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26
Q

What processes do regulated firms need to put in place when handling clients money?

A
  • Clients money must be securely held
    Client accounts should
  • set clear segregation of duties for employees
  • appoint a principle to oversee the account and accounting functions
  • principles cannot override the controls
  • Competent and knowledgeable staff, including cover staff
  • Secure accounting systems and records
  • client money is kept separately and clearly identifiable with the word client in the account name
  • the client must have access to the funds and be given teh bank details
  • terms of the account agreed with the client
    -the account must not go overdrawn
    -Maintain ledgers and provide a running balance
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27
Q

What sort of information must firms submit to the RICS annually?

A

Firms must send through a annual return which can be done online.

This includes:
-types of business
-staffing numbers
- Training provisions
- Complaints handling procedure details and records
- PI insurance details
- Whether the firm holds clients money

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28
Q

What are the different types of client money accounts?

A

General accounts - hold money for more than one client
Discrete accounts for a single named client

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29
Q

What is meant by the term negligence?

A
  • Lack of due care and attention in the carrying out of duties
  • a failure of duty of care
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30
Q

Why must you have run off cover?

A
  • if your company is no longer operating, individual surveyors can be pursued for damages relating to negligence claims
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31
Q

What are the limitations periods of a underhand vs a deed signed contract?

A
  • Underhand gives 6 years
  • deed is 12 years
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32
Q

What must a complaints handling procedure include?

A
  • RICS provides a model
  • response times - must be investigated within 28 days
    -names and contact details of the relevant people within the firm
    -two stages - first compliant is considered by a senior staff member
    Stage two - the complaint can be referred to an independent third party.
  • the details of the policy should be included in the terms of business
  • be clear quick and transparent
  • All complaints and outcomes must be recorded
    PI insurer must be notified straightaway of a claim or likely claim
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33
Q

What is an independent redress scheme?

A
  • it is a consumer scheme for small issues that are not economical to take to court
  • The decision can be binding if judge in favour of the complainant
  • if not in favour, then they can escalate the matter to court
  • can be done by the ombudsman, arbitration or adjudication
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34
Q

What do you do if you receive a complaint

A
  • acknowledge receipt and Provide the complaints handling procedure
  • forward to the designated complaints handling
  • inform the company partners and highlight that this should be notified to the PI insurer
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35
Q

What is the clients protection scheme

A
  • This is a scheme from the RICS which guarantees that members of the public will be reimbursed for loss in the event of a failure by a RICS member
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36
Q

What is the purpose of a joint name on client accounts

A
  • to allow access and authorisation by both parties
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37
Q

What are the CPD requirements?

A

Members must record 20 hours per year 10 hours of which is formal, this is recorded on the online platform.

Members must undertake learning on the standards and RICS ethics on a three year rolling period

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38
Q

What sort of activity can be included as CPD?

A
  • it must be relvent to the job role
    -Formal CPD must have clear learning objectives and cab be lectures, webinars, talks or courses
  • informal CPD can be self-directed learning such as reading, internal CPD and shadowing
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39
Q

What type of articles do you read?

A

My workplace posts articles on the latest construction news.

I am in a number of Facebook groups that also post hot topics; I have recently read about the changes to the requirements for single-sex toilets in commercial buildings.

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40
Q

How do you keep up to date with topical issues?

A

I am on a number of CPD newsletters.

My employer posts industry news and updates

I am in surveying facebook groups

I listen to podcasts such as Re:construction and the RICS podcast

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41
Q

What is your CPD strategy?

A

I discuss my targeted areas with my manager during my career conversations.

I build my CPD around current issues and person development goals. with a mix of in person and on-demand types.

I am personally interested in heritage and building pathology .

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42
Q

What does PII stand for?

A

Professional indemnity insurance

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43
Q

What is the purpose of PII?

A

To provide insurance against negligence, error or omission claims

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44
Q

What is the benefit of PII?

A
  • it is required by the RICS
  • it will prevent loss of funds if a claim is made
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45
Q

On what basis is PII underwritten in the UK?

A

On a claims-made basis, which means the insurance policy that is in place at the time of the breach is discovered is responsible for providing the indemnity.

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46
Q

What are the RICS requirements for PII?

A
  • It should be sufficient for the level and area of the work you do, RICS provide minimum levels based on turnover
  • the policy must cover on an each and evert claim basis
  • RICS sets the maximum level of uninsured excess
    -Run off cover must be in place for 6 years
  • the policy should cover past and present employees
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47
Q

What are the minimum levels of PII

A

Turn over of £100k or less is £250K
Turn over between £100k and £200K is £500k
Over £200K is 1 Million

48
Q

What are the maximum level of uninsured excess

A

up to £10 mil turn over ; the greater of 2.5% of the sum insured or £10,000

Over £10Mil there is no limit

49
Q

What measures should you take to avoid PI claims

A
  • Practice within your competence
  • keep full and detailed records
  • follow recommendations and advice
  • follow best practice guidance notes/ RICS guidlines
  • use letters of engagement, scope of services and terms of engagement.
  • avoid overworking
50
Q

If you make a mistake on your cost plan what would your pi insurance company expect?

A

To be notified and comply with any conditions set out in in the policy.

51
Q

If a estimate by a QS is incorrect can the client claim damages?

A
  • not necessarily; it would have been have been made without due care and skill, and the QS warranted the accuracy of the cost plan.
  • if it was due to actions outside of the QS’s control, they cannot claim
52
Q

How can you limit your liability when agreeing terms appointment?

A
  • Clearing listing exclusions from the scope
    -base the appointment on reasonable skill and care and not fitness for purpose
  • execute the appointment under hand and not by deed
53
Q

What are the main elements within the fee proposal?

A

-
- the scope of work
- the exclusions and limitations
- assumptions
- the fee breakdown
- Terms and conditions

54
Q

If you have undercooked a fee, can you ask the client for more money?

A

only if there has been a change to the work requiring additional resources.

55
Q

When a service is agreed verbally what is the next step?

A

To confirm the agreement in writing for the record, including terms and conditions, fee scope etc

56
Q

If the client gives you a lump sum fee before going on holiday, what do you do?

A

Place the funds in a separate identified bank account, and agree on a drawdown against the services being provided.

57
Q

What do you understand about conflicts of interest?

A

This is where you may act or be perceived to act in a way that is not independent or impartial because you have an existing relationship or history with another party. Conflicts of interest should be declared and if not accepted by all sides, the work should be turned down.

58
Q

How can a conflict of interest be managed when two internal departments work for a client?

A
  • procedures to keep staff separate such as working in different offices can be put in place
    -keep lines of communication to the client separated
  • Keep data storage separate
  • NDA’s
  • monitor the conflict and update the client
59
Q

How do you proceed if the client insists you work for them despite a conflict of interest?

A
  • Check the client understands the conflict and the issue
  • make sure they are aware your impartially may be reduced
    -get a letter on instruction from the client, accepting the conflict
    -put in place procedures to manage the conflict
60
Q

What are the main principles of the bribery act?

A

it is an offense to
- make a bribe
-accept a bribe
- bribery of a foreign public official
- failure of a corporate entity to prevent bribery on its behalf

Companies should put the 6 principles of prevention in place
- proportionate procedures
- Top-level commitment
- Risk assessments
- Due diligence
- communication
- monitoring and review

61
Q

Under the Bribery Act, under what circumstances is a facilitation payment permitted?

A
  • under duress Where life or limb is in real threat
62
Q

A main contractor presents you with a random prize of some value what do you do?

A
  • do not accept the prize, suggest it could be give to charity instead
    -This could be seen as a bribe
63
Q

You receive a invite to the theatre with the project team, but they drop out, do you still attend?

A

If attending had been agreed to by my company, I would in this case I have to turn down the offer as it would no longer be a business event

64
Q

A contractor invites you out for lunch to discuss a tender

A
  • explain that this is inappropriate and all queries on the tender can be raised through the usual channels and answers disputed to all tender’s.
65
Q

What are RICS guidance notes?

A

RICS documents have been updated to include either professional standards or practice information.

Partice information is supporting information that may not be mandatory.

Professional standards are the RICS standard of work and include mandatory requirements and best practices.

66
Q

Have you identified a conflict of interest?

A

Other members of my team were offered a housing disrepair claim on behalf of tenants from a Social housing provider; I pointed out that we, as a company, including myself, regularly do work on behalf of that landlord.

67
Q

How do you register a firm with the RICS?

A

Via a form that is available on the RICS website

68
Q

What is a LLP

A

Limited liability partnership partner has limited personal liability for the debts or claims of the partnership

69
Q

What is a Limited company

A

a business structure that limits the liability of the company to its assets, separating the company’s finances from the personal finances of its shareholders.

70
Q

What is a sole trader

A

A sole trader is a self-employed worker and is the sole owner of their business. A sole trader’s liability is the personal responsibility for all business debts and activities. This means that if a sole trader’s business incurs debts, the sole trader is personally liable

71
Q

What is a partnership

A

In the partnership business structure, two or more people own and operate the business together. In a partnership Firm, the partners share the profits and losses of the company and are personally liable for its debts and obligations.

72
Q

Who is the president of the RICS?

A

Tina Paillet

73
Q

What is the difference between the RICS bye-laws (updated Feb 2020) and the RICS royal charter?

A

The royal charter is issued by the monarch that gives a organsiation independant legal standing without being a company.

Bye laws are internal rules and regulations for how RICS manages itself as a regulatory body

74
Q

What is the difference between RICS regulated areas A & B?

A

Regulated area A is the UK
B is the rest of the world inlduing the republic of ireland

75
Q

When is a firm required to register for regulation by RICS?

A
  • if the firm provides surveying services to teh public and 50% of the principles are members of the RICS
  • Frims can opt to register is at least 25% princples are MRICS
76
Q

What is a Regulated Practice Divison?

RICS regulated Firms

A

This is when a divison or department within a larger firm register for regulation by the RICS without the whole firm being registered.

77
Q

What is the differnce between proffsional standards and pratice infomation?

A

Proffesional standards - are the expected requirements, best pratice and expectations of work for members and firms, they inculde mandatory requirments which will use the word MUST in the PS.

Practice infomation is supporting guidance and infomation to assit in your work. It does not set requirments.

78
Q

How would you check if CPD is formal or informal?

A

The RICS has a CPD decison tree

79
Q

What is RICS matrics?

A

the RICS early career community up to 10 years post quailification

80
Q

What is a Party Conflict for a RICS member?

A

When you or your firm are acting on behalf of two clients with conflicting duties e.g landlord and tenant.

81
Q

What is a own interest conflict for a RICS member?

A

Where the conflict during a proffesional assigment arrises because of personal relationship or interest, e.g working for a family member.

82
Q

Which are of the rules of conduct relates to your obligatiosn to the RICS?

A

Appendix A of the rules of conduct

83
Q

What is a ‘Bribe’ and where can you find guidance?

A

A bride is a offer/ promise/giving/ demanding or acceptance of an advanatge or inducement for a action that is illgeal or unethical or breach of trust.

The RICS publishes a proffesional standard on countering bribery, courption money laundering and terrorist finaceing 1st ed.

84
Q

What is a benifical ownership or owner?

A

Anyone who benifits form the ownership or security of a property or who may or may not be the recorded owner. owns or controls 25% or more of the shares or profits of a legal enity.

85
Q

Which of the rules of conduct relates to transparency of fees?

A

Rule one, acting honestly and with intergerty

86
Q

Visiting a client you are offered a box of choclates, what do you do?

A

Follow my workplaces gift handling procedure, I would declare the gift to my employer if I felt it was reasonable and did not amount to a bride, otherwise I would decline the gift.

87
Q

You are offered personal bribe by a Client to inculde incorrect infomation in a report, what do you do?

A

I would decline the bribe, explaining that that would be unethical, inform my line manager of the incident and review whether we can proceed with the instruction. This should also be reported to the national crime agency.

88
Q

How often are RICS memebers required to under take learning related to ethics?

A

once every 3 years.

89
Q

Which rule of conduct promotes sustainbility?

A

Rule 3 - providing a quailty and diligent service

90
Q

How does your work support sustainbility?

A

We provide recycling in all our offices, we have enviromnatl champions for each office and I am one, we arrange enviromatal based voluenteering days, they offer a eletric car scheme.

91
Q

If a RICS regulated firm recives a compliant what should they do?

A

Follow the process within the complaints handling proceedure

Acknowledge the complaint, request further details within 2 weeks, respond within 28 days.

have a 2nd tier if the complaint is still unhappy

92
Q

Where does a RICS regulated firm keep Client Money?

A

securley in a client money bank account wich the firm has sole control at a bak or building socity

the account shoudl have client in the name

93
Q

What do RICS class as a firm?

A

a company, a LLP, a partnership, a unincorprated partice of a sole pratictioner, a regulated pratice divison.

94
Q

Where does a RICS regulated firm buy PII?

A

An insurance brooker, although the policy must be underwritten by a insurer that is listed by the RICS.

95
Q

If you set a firm with another surveyor and one of you is chartered do you need to register for regulation?

A

yes, 50% of the principles are memebers.

96
Q

Where can you find the definition for ‘Providing surveying services to the public’

A

the RICS royal charter

97
Q

When would a RICS regulated firm use a Locum?

A

a Locum is a suitable quailfied proffesional who can act on your behalf if you are away from your bussiness, e.g during illness or bervenment.

Somtimes anotehr proffesion can fullfill this role such as a accounant undering the finacal running.

98
Q

If you set up your own bussiness and expect a turn over of £80,000 how much PI do you need?

A

£250K each and every claim basis

99
Q

You are a chartered surveyor in parice working for your own firm, and you win the lottery. You conculde trading, deregister your firm with the RICS. What do you need in regards to PI cover?

A

fully retoactive run off cover for 6 years

100
Q

What are the minmum polcy requirments for run off cover?

A

Consumer claims (indivuals claiming): £1mil for 6 years and be inplace when the company closes

for non-consumer (B2B): adquate and aproiate covers, for a minimum period of 6 years from the end of the pratice

101
Q

What was the Levitt Review?

A
  • The Levitt Report was commissioned by the RICS following a Treasury management audit in 2018.
  • Prior to the Audit the RICS had to extend its overdraft facility by circa £3m due to inaccurate cashflow forecasting.
  • The treasury management audit offered a ‘no assurance verdict’ on RICS internal financial control procedures and following this the Levitt report was commissioned as an independent review
  • The conclusion of the Levitt report illuded to an internal power struggle due to its two-board structure
  • made up of a Management Board and Executive Board.
  • The RICS Governing Council are to have more oversight over internal dealings of the RICS.
102
Q

What is athe Bichard Review

A

Independent review by Lord Michael Bichard which was commissioned by the RICS Governing Council to review the Institution’s purpose, governance, and strategy. It was a recommendation of the Levitt Review. Its recommendations aim to hand decision-making to members and ensure the Institution’s activities are centred on the public advantage.

103
Q
  1. Can you briefly explain the corporate governance structure of RICS?
A

RICS’ governance structure combines governance bodies (Governing Council; Management Board; Standards and Regulation Board; Audit Committee), Executive Team and Presidential Team.

  • Governing Council is the highest governing body, setting the global strategy and ensuring RICS fulfils its Royal Charter obligations.
  • The Executive Team consists of the CEO and Executive Directors and is responsible for operations, the profession, members, products, reputation, and School of the Built Environment.
  • The Presidential team act as leading ambassadors for RICS. They are elected by Governing Council for one-year terms, first as Senior Vice President, then as President Elect, progressing to President. They sit as members of Governing Council throughout their terms.
104
Q
  1. What is the RICS Standards and Regulation Board?
A

The board responsible for strategy, policy and operational oversight of RICS’ professional standards, entry and admission to the profession, education and qualification standards and regulatory functions of RICS.

The Board is comprised of non-members (independent) and members of RICS, and reports to Governing Council.

105
Q
  1. Can you briefly explain the RICS disciplinary process?
A

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.

Upon conclusion of the investigation, The Head of Regulation may impose one or more of the following:

 Fixed penalty – an administrative fine and/or caution issued by RICS when a Regulated Member breaches the Rules (only for breaches of CPD rules, provision of information to RICS, and payment of fees for Registered Firms).
 Consent Order – to ensure future compliance with the standards. This may include a fine, caution or conditions on the membership of the Regulated Member.
 Disciplinary Panel – the panel will conduct a hearing to hear the evidence supporting the allegations and determine the outcome. The Disciplinary Panel may impose sanctions ranging from a fine to expulsion and can determine costs against Regulated Members.

106
Q
  1. How does the ruling in Merit v Babb (2001) affect you as a professional?
A

Surveyor sued for negligence by former client when their employer’s Pl cover was cancelled when the firm became insolvent. This highlighted the importance of run off cover.

107
Q
  1. How are disciplinary breaches published?
A
  • Disciplinary panel hearings are posted on the website 14 days before
  • The decision is published on the website
  • A list of number of fixed penalties and consent orders issued during the previous quarter
108
Q
  1. What are the characteristics of a profession?
A
  • Service providers with specialist skills and knowledge
  • Service providers belonging to a professional body that enforces a code of ethics
  • Strong influence over and duties to clients and the public (e.g., a duty to sometimes forgo personal benefits for the sake of clients or society)
  • Knowledge maintained through CPD
109
Q
  1. What is meant by the public interest?
A

The public interest is “the welfare or well-being of the general public” and society. RICS professionals have an obligation to protect the public from harm to the extent that is possible in their work. This may differ from the client interests.

110
Q
  1. What is a duty of candour?
A

A duty to be open and honest when things go wrong.

111
Q
  1. If a friend asked for advice in a pub, what would you do?
A

I would explain that I was not insured to provide advice and that there may be a conflict of interest. I would refer them to the RICS find a surveyor tool where they could search for a qualified surveyor.

112
Q
  1. A junior surveyor working in your team incorrectly over certifies on an interim valuation – what do you do?
A
  • Check facts.
  • Check if valuation has been processed.
  • Withdraw and re-certify if valuation has not been processed.
  • If already certified, inform client, and rectify next time.
  • Ensure things are in place for it to not happen again – training and QA procedures
113
Q
  1. When can you continue to act after identifying a Conflict of Interest?
A
  • All those who may be affected have provided their prior informed consent
  • It is lawful to do so
  • It is in the interests of all those who are or may be affected
  • It will not affect the provision of competent and diligent advice
  • It will not mean that you are unable to advise and represent each client objectively and independently
114
Q
  1. How would you go about setting up your own practice? What is required to start your own RICS Regulated firm? Give some examples.
A
  • Contact the RICS for guidance – provide a company start up pack
  • Inform the RICS and register for regulation
  • Appoint a contact officer for all RICS communication
  • Prepare a complaints handling procedure
  • Obtain PI cover
  • Abide by the Rules of Conduct for Firms
  • Use the designation ‘Regulated by RICS’ on all practice material
  • Locum
  • Run off cover
  • Set up a procedure if you handle clients’ money
115
Q
  1. What are your employer’s policies on offering PI Cover for clients?
A

Where a client requires a minimum amount of PII, the amount offered by Ridge should be proportionate to our responsibility, by reference to the particular services and the fee.

It is important not to show more PII than necessary because:

i) it can make Ridge more attractive to sue than other responsible parties, and;
ii) often the most frictionless way to secure a liability cap is to align with the PII amount, so less is more for Ridge in this instance (a liability cap is a contractual clause or agreement that limits the amount of damages a client can claim from a professional services firm, in the event of negligence or a breach of contract).

116
Q
  1. What is a locum agreement and when is it required?
A

A locum agreement is the formal, written appointment for another surveyor/firm to act for the surveyor if they are unable to work. They are requried for sole practitioners.

RICS BS APC (23 decks)

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