Ethics, Rules of Conduct & Professionalism Flashcards
What are the 5 Rules of Conduct
- Members and Firms must be honest, act with integrity and comply with their professional obligations, including their obligations to RICS.
- Members and Firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
- Members and Firms must provide good quality and diligent service
- Members and Firms must treat others with respect and encourage diversity and inclusion
- Member 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.
When was the Code of Conduct updated? What changed?
February 2022. They combine the requirements for members and firms.
What is Appendix A?
This sets out the professional obligations to the RICS for Members and Firms
Give an example of the obligations for Members and for Firms?
Members:
- Must comply with CPD requirements (20 hours per annum, at least 10 formal for members), (48 hours per annum, at least 24 formal for those on the APC pathway).
- Must cooperate with the RICS
- Provide information requested by the Standards and Regulation Board
Firms:
- Must publish a complaints handling procedure
- Ensure the appropriate professional indemnity cover is provided.
- If a firm consists of a sole principle, then a locum professional needs to be provided
- Must cooperate with the RICS
- Provide information requested by the Standards and Regulation Board
- Must publish they are regulated by the RICS on business literature
- Must report any matter to the RICS they are required to report under the Registration of Firms
What is the Royal Charter?
A charter awarded in 1881 by Queen Victoria. Requires the RICS to promote the usefulness of the profession in the public interest.
What law governs Bribery?
The Bribery Act 2010
What are the crimes under the Bribery Act?
Offering a Bribe
Receiving a Bribe
Failing to prevent a Bribe
Bribing a Public Official
What are the punishments under the Bribery Act?
Unlimited fines for individuals and organisations. Individuals can also receive a jail sentence of up to 10 years.
What is Modern Slavery?
The illegal exploitation of people for commercial gain.
What are some tell-tale signs of Modern Slavery?
Legal documents being held by someone else.
Groups of workers being paid into the same bank account.
Workers perceive themselves to be in debt to someone else.
How would you report a suspected Bribe?
Report internally at your company, report it to the police, add suspected Bribe to Register of Interest.
How would you report suspected Modern Slavery?
Report directly to the police.
What is a Conflict of Interest?
A situation where an actual, perceived or potential risk that professional judgement will be compromised.
What are the 3 types of Conflict of Interest?
Party Conflict – where acting in the interests of one Client would conflict with the interests and duties owed to another Client.
Own Interest Conflict – where acting in the interests of a Client would conflict with your own beliefs
Confidential Information Conflict – where duty is owed to a Client to keep information confidential and where a duty is owed to another Client to divulge that information.
What is the difference between a Professional Standard and Practice Information.
Professional Standard – must be complied with
Practice Information – best practice document
However, if a professional negligence claim arises, members of firms will have to demonstrate they acted competently, which could be by following the Guidance Notes.
What is G&T’s gifts and hospitality policy?
Cannot accept gifts that are:
Over £100 for individuals
Over £250 for 2 or more people (groups)
What is money laundering?
The process of disguising the source of illegitimate money by making it appear legitimate.