Ethics, Rules Of Conduct & Professionlism Flashcards
What are the 5 Global Professional and Ethical Standards?
There are 5…
Act with integrity
Always provide a high level of service
Act in a way that promotes trust
Treat others with respect
Take responsibility
What does Act with Integrity mean?
Being honest and straight forward in everything you do.
Trustworthy
Open and transparent
Respect confidential information
Don’t take advantage other anyone who you owe a duty of care too
Dont allow bias or conflict of interest get in your way
Don’t accept gifts which may portray improper obligation.
Act in the public interest
How can you Provide a high level of service?
Ensure your client receive the highest level and best possible advice/service.
Be clear on the service you are offering and their requirements
Act within the scope or your competence
Be transparent about fees etc
Communicate with client so they are able to make informed decisions
How can you promote trust in the profession?
Act in a manner which promotes you, your firm and RICS in a positive way.
Professionalism in does not end at 5pm
I and the RICS are accountable for my actions.
Do what you say you’re gonna do.
Provide a good service.
How can you treat others with respect?
Treat others the way you would like to be treated this goes for clients, juniors, contractors etc all the same.
Be courteous, polite and considerate.
Never discriminate
How can you take responsibility.
Being accountable for your actions and if something does go wrong own it and be prepared to do something about it.
Act with skill care and diligence.
Respond to complaints in an appropriate manner to resolve the matter.
If something isnt right raise the matter with your colleagues, firm, organisation, RICS or other.
If you were stuck regarding an ethical issue how would you resolve this?
I would utilise the ethics tree, failing this I would call the RICS dedicated members help line.
How will the RICS communicate with members?
post fax email telephone in person.
What are the Principles of Better Regulation?
Implemented by the Better Regulation Commission. Requires regulatory bodies (Such as RICS) to have regard to the Principles (PACTT).
Proportionality
Regulators should intervene only when necessary. Remedies should be appropriate to the risk posed, and costs identified and minimised.
Accountability
Regulators should be able to justify decisions and be subject to public scrutiny.
Consistency
Government rules and standards must be joined up and implemented fairly.
Transparency
Regulators should be open, and keep regulations simple and user-friendly.
Targeting
Regulation should be focused on the problem and minimise side effects.
What are the Rules of Conduct for Members?
2 Parts to the rules.
Part 1 - General
Interpretation
Communication
Part 2 - Personal and Professional Behaviour Ethical behaviour Competence Service Continuing Professional Development (CPD) Solvency Information to RICS Cooperation
What are the Rules of Conduct for Firms?
3 Parts to the rules.
Part 1 - General
Interpretation - Definitions within the rules.
Communication - How RICS will communicate
Part 2 - Conduct of business
Professional behaviour
Competence
Service - Carry out its professional work
Training and CPD
Complaints handling - Have CHP and Complaints log
Clients’ money - preserve the security of clients’ money
Indemnity - RICS approved PI
Part 3 - Firm Administration
Advertising - in a truthful and responsible manner.
Solvency
Arrangements to cover the incapacity or death of a sole practitioner
Use of designations (Obtain a logo pack + G note)
Information to RICS
Cooperation
What is required to be classed as a ‘Firm’
- Provide a surveying service to the public
2. Must have a contact officer who is authorised to submit a Firms Annual Return.
What must you do if a conflict of interest arises?
Option 1 - Refuse.
Option 2 - Manage, obtain informed consent, information barrier, compliance officer, record decisions.
What must a member of firm do to conform to best conflict of interest practice?
(a) identify and manage Conflicts of Interest in
accordance with this professional statement and
(b) keep records of the decisions made in relation to
whether to accept (and where relevant, to continue)
individual professional assignments, the obtaining of
Informed Consent, and any me
Tell me about Confidential information?
RICS members and regulated firms must maintain
confidentiality of Confidential Information unless
disclosure is required or permitted by law, or the RICS
member or regulated firm concerned can demonstrate that the relevant party consented to the disclosure before it was
made.
Every RICS member working independently or within
a non-regulated firm or within a regulated firm must
provide to every client all the information that is material to that client’s professional assignment of which that RlCS member has knowledge.
What must a firm have in place to deal with conflicts of interest?
Every RICS regulated firm must have in place
effective systems and controls appropriate to the size and complexity of their business to enable them to ensure that the firm and its employees are able to manage their compliance with RICS Conflicts of Interest guidance note.
Conflict checks and notices are circulated around the office.
How can you record CPD?
App
Website
20 hours per year (10/10) - every 3 years must do ethics training.
CPD Requirements?
20 Hours total per calendar year
10 formal
10 informal
Every 3 years ethics training.
RICS History
The Surveyors Club was formed in 1792.
Name change: Institution of surveyors in 1868.
How many members global?
134,000
RICS History?
The Surveyors Club which was formed as far back as 1792.
Turned into the Institution of surveyors in 1868.
Incorporated By Royal Charter, 26th August 1881
What countries/continents are the RICS in?
Asia America Australia Europe China UK and Ireland Sub-Saharan Africa
RICS President
Kathleen Fontana
RICS CEO
Sean Tompkins
RICS motto?
Est modus in rebus
“There is measure in all things”
About RICS
The Royal Institution of Chartered Surveyors (RICS) is a professional body promoting and enforcing the highest international standards in the valuation, management and development of land, real estate, construction and infrastructure.
RICS work at a cross-governmental level. delivering a single, international standard that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
Professionals holding RICS qualifications may use the following designations after their name: AssocRICS (Associate), MRICS (Member), FRICS (Fellow). Those with the designation MRICS or FRICS are also known as chartered surveyors.
Who is John Clutton
John Clutton is known as the Founding Father of the RICS who was the first president and founding memeber.
What is the Bribery Act and its principals?
Bribery Act 2010
Determines the offences (i.e. offering, accepting, facilitating, failing to prevent, bribing a foreign official)
6 principles to prevent Bribery and Corruption:
- Proportionability (Action taken should be proportionate to organisation)
- Top level commitment
- Risk Assessment
- Due Diligence
- Communication
- Monitor and Review
If a conflict of interest arises what do you do?
Conflict of interest – two options. 1 avoid or 2. Manage. Inform the clients and get informed consent in writing. Information barrier.
Record decisions
What are the Professional Indemtity Insurance requirements?
What are the PI requirements for RICS firms? Turnover 0-100k = 250k cover 100-200k = 500k cover 200k+ = 1 million cover
Minimum 6 year run off @£250K - Maybe longer dependant on contract length.. (i.e. as a deed/underhand etc)
Run off must account for +3 years too such as the latent damage act which allows claimants to bring a claim 3 years after a liability period.
What would you do if a contractor invited you to a football match during a tender period that you were both involved in?
I would politely decline as this would not be suitable during a tender as this would portray improper obligation and bias.
It may be acceptable if the invite was out of a tender period, in good faith and proportionate which wouldn’t sway my impartial judgement and allow bias. I would offer to pay for my own ticket.
What would you do when faced with a conflict of interest?
Either refuse the instruction or manage it by creating an information barrier ensuring that your ability to provide competent advice to one client without having a negative effect on another is upheld.
How do you assess a new client in terms of money laundering procedures?
Customer due-diligence:
Name, ID check, address verification.
Explain the procedure you go through prior to agreeing to undertake a service (terms)?
Client checks - Conflict and money laundering check
Determine if the clients requirements can be met
Agree fee and scope / issue terms in writing which includes Data Protection, CHP, Fee, instructions, limitations
Desktop study
Why are Bribery, corruption, money laundering and terrorist financing bad?
illegal and unethical.
In relation to bribery and corruption RICS-regulated firms must:
(Mandatory)
- not offer or accept, directly or indirectly, anything that could constitute a bribe.
- Processes and procedures.
- have gift/hospitality registers in place.
- report any suspicious activities.
- act with due diligence and care.
- Record information and decisions.
In relation to bribery and corruption RICS members must:
Mandatory
- not offer or accept, directly or indirectly, anything that could constitute a bribe
- Recorded in registers (hospitality/gift)
- ensure that they have adequate knowledge of bribery and corruption to be able to comply with the requirements of the RICS professional statement
- report any activity they are aware of that breaches applicable anti-bribery and corruption laws to the relevant authorities (as specified in local legislation); where there is no local legislation the activity should be recorded and, if possible, reported to a senior manager.
