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PM - Summary of Experience - APC > Ethics - Summary of Experience > Flashcards

Ethics - Summary of Experience Flashcards

1
Q

Tell me about the RICS Rules of Conduct

A

RICS Rules of Conduct 2021

Combined previous Rules of COnduct for Frims and Members

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2
Q

What are the aims of the new Rules of Conduct

A
  • Simpler structure
  • Clear examples to support each rules
  • Focus on respect, diversity and inclusion
  • Highlighting the use of data and technology
  • Tackling global challenges, including sustainability
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3
Q

What are the aims of the new Rules of Conduct

A
  • Simpler structure
  • Clear examples to support each rules
  • Focus on respect, diversity and inclusion
  • Highlighting the use of data and technology
  • Tackling global challenges, including sustainability
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4
Q

What are the key changes to the Rules of Conduct

A

5 new rules, supported by list of example behaviours

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5
Q

What is Rule 1?

A

Members and firms must be honest, act with integrity and comply with their professional obligations to RICS

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6
Q

What are example behaviours of Rule 1?

A

Members and firms do not take unfair advantage of others
Members and firms act to prevent others being misled about their professional opinion

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7
Q

What is Rule 2?

A

Members and firms must maintain their professional competance and ensure that services are provided by competant individuals who have the necessary expertise

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8
Q

What is an example behaviour of Rule 2?

A

Members and firms only undertake work that they have the skills, knowledge and resources to carry out competently
Members and firms supervise any employees undertaking work for them and ensure that these employees have the necessary skills, knowledge and resources to do their tasks competently

Undertaking sufficient CPD each year

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9
Q

What is Rule 3?

A

Members and firms must provide good quality and diligent service

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10
Q

What is an example behaviour of Rule 3?

A

Members and firms must understand Client’s needs and objectives before accepting any professional work
Members and firms communicate with Clients and others clearly in a way they can understand

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11
Q

What is Rule 4?

A

Members and firms must treat others with respect and encourage diversity and inclusion

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12
Q

What are some example behaviours of Rule 4?

A

Members and firms respect the right of others and treat others with courtesy
Members and firms do not bully, victimise or harass anyone
Members and firms work cooperatively with others

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13
Q

What is Rule 5?

A

Members 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

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14
Q

What are some example behaviours of Rule 5?

A

Members and firms respond to complaints made against them promptly, openly and professionally
Members and firms do not dissuade complaints from approaching an ADR, RICS or other regulatory board

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15
Q

What do the Rules of Conduct say about Client oney?

A

1.10 - firms keep Client money safe and have appropriate accounting controls

1.11 - Firms do not misuse Client Money and comply with controls intended to keep it safe

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16
Q

Explain your understanding by the consultation on ethics and Rules of Conduct

A

1 week consultation period in December 2020 guided by calrity, brevity and effectiveness

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17
Q

What ethical principles are the Rules of Conduct based on?

A

Honesty
Integrity
Competance
Service Respect
Responsibility

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18
Q

What does the Rules of COnduct aim to achieve?

A

Promotes and enforces highest ethical standards -> positive change

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19
Q

What is a bribe?

A

The offer, promise, receiving, requesting or accepting of an advantage as a rewad for an action that is illegal, unethical or a breach of trust

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19
Q

What is a bribe?

A

The offer, promise, receiving, requesting or accepting of an advantage as a rewad for an action that is illegal, unethical or a breach of trust

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20
Q

What is the law under the Money Laundering Regulations

A

Money Laundering Regulations 2017

Sets out obligations of private sector firms and aims to stop criminals using professional services to launder money

21
Q

What are the 3 conflicts of interest?

A
  • party conflict
  • own interest conflict
  • confidential information conflict
22
Q

What is a party conflict?

A

A situation in which the duty to act in the interests of a Client or other party in a professional assignment conflicts with a duty owed to another Client or party in relation to the same professional assignment

23
Q

What is an own interest conflict?

A

A situation in which the duty to act in the interests of a Client in a professional assignment conflicts with the interests of that same RICS member / firm

24
Q

What is a confidential information conflict?

A

A conflict between the duty of an RICS member to provide material information to one Client, and the duty of that RICS member to another Client to keep that same information confidential

25
Q

What is your firms policy on conflicts of interest?

A
  • Conflict of interest check required prior to accepting any new instruction
  • Anyone who finds themselves in a conflict situation must declare and disclose it
  • Withdraw from any conflicts situation until it has been considered and resolved
  • Declare on conflicts of interest database
26
Q

What is Workmans purchasing policy?

A

Achieve value for money and deliver efficiency and control

  • obtain 3 or more quotes for any works over £5k
  • 2 quotes fo works between £1.5k and £5k
  • Only approved Workman contractors to be used
  • Keep records and documents on EFS
  • Workman standard service agreement used
  • Purchases awarded by Workman standard PO
27
Q

What money laundering legislation / regulations are you aware of?

A
  • Money Laundering Regulations 2017
  • Proceeds of Crime Act 2002
  • RICS countering bribery and corruption, money laundering and terrorist financing 2019
28
Q

What bribery legislation are you aware of?

A

Bribery Act 2010

RICS Countering bribery and corruption, money laundering and terrorist financing, 2019

29
Q

What constitutes an offence under the Bribery Act

A
  • offering, promising or giving a bribe
  • Requesting, agreeing to receive or accepting a bribe
  • Corporate offence of failing to prevent bribery
  • bribing a foreign official
30
Q

What guidance is there on bribery, corruption and money laundering, and what status does it hold?

A

RICS Countering bribery and corruption, money laundering and terrorist financing, 2019

Professional statement - Mandatory

31
Q

What are some of the key principles from the RICS bribery and money laundering professional statement?

A

Bribery:
- Not offer or accept, directly or indirectly, anything that could constitute a bribe
- Report suspicious activity
- Act with due diligence
- Ensure adequate knowledge
- Have written policies and provide clear guidance / training

Money Laundering:
- Not facilitate or be complicit in money laundering or terrorist financing activities
- Report suspicions / red flags
- Evaluate risks (risk assessments)
- Undertake KYC checks and due diligence checks

  • Have written policies and provide clear guidance / training
32
Q

How do you ensure you comply with bribery legislation?

A
  • not offer or accept, indirectly or directly anything that constitutes a bribe
  • Report suspicions
  • Act with due diligence
  • Ensure adequate knowledge
33
Q

How do you ensure you comply with your firms bribery and gift policy?

A

Only accept gifts when received openly and transparently, logging on the gift register

Never accept cash or cash equivalent

34
Q

What is a red flag of money laundering?

A
  • Client is sensitive about their identity, the benecifical owner, or the source of the funds
  • Part appears multiple times in a transaction in a short period
  • Transaction has unusual features (loss making, no obvious commercial use)
35
Q

What are the penalties for being involved with money laundering

A

Large fine
Up to 14 years in jail

36
Q

What are the penalties involved with bribery?

A

Large fine
Upt to 10 years in jail

37
Q

What constitutes an offence under the current money laundering regulations

A
  • Concealing, disguising, converting, transferring or removing criminal property
  • Entering into or becoming suspicious in an arrangement that facilities the acquisition, retention, use or control of criminal property on behalf of another person
  • Acquiring, processing or using criminal property
38
Q

What RICS guidance is there on Conflicts of Interest?

A

RICS Conflicts of Interest, 2017 (professional statement)

39
Q

Tell me about a onflicts of interest check you have carried out

A

Received new instruction -> checked TRAMPS -> property was not on, so reasonable to assume firm had no involvement

Checked EFS also -> no files held on property

-> Confirmed to Client the instruction can be accepted

39
Q

Tell me about a onflicts of interest check you have carried out

A

Received new instruction -> checked TRAMPS -> property was not on, so reasonable to assume firm had no involvement

Checked EFS also -> no files held on property

-> Confirmed to Client the instruction can be accepted

40
Q

What does RICS conflict of interest say about dealing with conflicts of interest?

A
  • Must NOT advise or represent a Client where doing so would involve a conflict of interest
  • Identify and manage Conflict of Interest
  • Keep records of conflict of interest
  • Have effective systems and controls in place
41
Q

Is there any recent guidance on Conflicts of Interest?

A

Regulation document: RICS Conflicts of Interest: Implementation and Impact, 2019

  • A review of the professional statement
42
Q

Is there any recent guidance on Conflicts of Interest?

A

Regulation document: RICS Conflicts of Interest: Implementation and Impact, 2019

  • A review of the professional statement
43
Q

What is PII?

A

Professional Indemnity Statement

Protection for firms if a claim is brought against you by a Client for negligence or poor service

44
Q

What PII cover is required?

A

up to £100k turnover - £250k minimum
£100k-£200k turnover - £500k minimum
£200k + turnover - £1,000,000 minimum

45
Q

What is run-off cover?

A

Insurance cover that covers claims against a firm who has stopped doing business

46
Q

What is a locum and when is one required?

A

Locum is another professional who agrees to step in when you are unable to work

Sole practicioner or firm with sole principle

47
Q

What RICS guidance is there on Client Money Handling?

A

RICS Client Money Handling, 2019
RICS Client Money Protection Scheme, 2019

48
Q

What insurances are required when setting up an RICS regulated business?

A

PII
public liability insurance
Building insurance
Employer liability cover
Directors and officers cover
Contents insurance
Business interruption insurance

49
Q

How do you set up your own RICS regulated business? what do you need?

A
  • Notify RICS / register using the form
  • Ensure you qualify for registration
  • Correct insurances
  • Client money handling procedures
  • Complaints handling procedure
  • Locum agreement
  • Conflicts of interest procedure
50
Q

Give an example of a RICS bye-law

A

5 Conduct
Conduct yourself in a way that is befitting to RICS

PM - Summary of Experience - APC (16 decks)

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