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Ethan APC Summary of Experience Mock Questions > Ethics - Summary of Experience > Flashcards

Ethics - Summary of Experience Flashcards

1
Q

What are the RICS Rules of Conduct?

A

1) Honesty, integrity and professional obligations
2) Maintaining and acting within competence
3) Providing good quality service
4) Respect and encouraging diversity and inclusion
5) Public interest, responsibility and public confidence

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2
Q

What are the aims of the updated RICS Rules of Conduct?

A
  • Simpler structure
  • Giving clear examples to support each rule
  • 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 is Rule 1? Any examples?

A

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

Example
- Don’t take advantage of others
- Act to prevent others being misled about their professional opinion

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4
Q

What is Rule 2? Any examples?

A

Members and firms must maintain their professional competence and ensure services are provided by competent individuals who have necessary expertise

Example
- Members only undertake work that they have the skills, knowledge and resources to carry out competently
- Undertaking sufficient CPD yearly

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5
Q

What is Rule 3? Any examples?

A

Members must provide good quality and diligent service

Example
- Members must understand clients needs and objectives before accepting professional work
- Must communicate with clients in a way they can understand

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6
Q

What is Rule 4? Any examples?

A

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

Example
- Must respect rights of others with courtesy
- Do not bully, victimize or harass
- Work cooperatively with others

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7
Q

What is Rule 5? Any examples?

A

Members and firms must act in public interest, take responsibility for their actions and act to prevent harm and maintain public confidence in the profession

Example
- Respond to complaints promptly, openly and professionally
- Do not dissuade complaints from approaching an ADR, RICS or other regulatory board

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8
Q

What is RICS Conflicts of Interest?

A

Provides clear rules for RICS members and regulated firms to identify and manage potential conflicts of interest (effective 01/01/2018)

  • Informed consent must only be sought when all parties agree that proceeding is in the interest of all parties
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9
Q

What is the purpose of Professional Indemnity Insurance (PII)?

A

Protects firms against claims for loss or damage made by clients/third parties as a result of impact of negligent services/advice that has been provided

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10
Q

What are the three Conflicts of Interest?

A

Party - Relating to work on same or related instruction for two different parties

Own - Personal conflict

Confidential information conflict - relating to work between 2 parties which is confidential

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11
Q

What is a party conflict?

A

Conflict related to work on same or related instruction for two different parties (e.g. acting on behalf of seller and buyer)

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12
Q

What us 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 the same information confidential

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13
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

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14
Q

What is the RICS guidance on Conflicts of Interest?

A

RICS professional statement: Conflicts of Interest, 2017
- Effective 01/01/2018

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15
Q

What are the 4 offences 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
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16
Q

What PII cover is required?

A
  • Up to £100k turnover - £250k minimum
  • £100k-£200k turnover - £500k minimum
  • £200k + turnover - £1,000,000 minimum
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17
Q

What is a bribe?

A

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

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18
Q

What are the principles under the bribery act?

A

1) Proportionality - Consider value of each persons human rights
2) Top Level Commitment
3) Risk Assessment
4) Due Diligence
5) Communication
6) Monitoring & Review

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19
Q

What is law under the money laundering regulations 2019?

A

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

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20
Q

What were the updates made under the 2019 money laundering regulations?

A

Came into effect on 10/01/2020
- Align UK regulation with international standards through the financial action task force
- Strengthened controls over staff training on AML procedures
- Increased powers for financial conduct authority to enforce compliance and impose penalties

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21
Q

What did you learn in the RICS professionalism module?

A
  • Importance of ethics within the profession
  • the different RICS rules of conduct and importance of remaining integral as a member and on a firm wide basis
  • Remaining open throughout the profession
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22
Q

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

A
  • PII
  • Public liability insurance
  • Building insurance
  • Employer liability cover
  • Directors and officers cover
  • Contents insurance
  • Business interruption insurance
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23
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
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24
Q

Which rule of conduct relates to integrity?

A

Rule 1

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25
Q

What are the considerations within the RICS ethics decision tree?

A
  • Legality of action under law
  • Does it comply with RICS rules and professional standards
  • Is it consistent with public interest
  • Is it consistent with Rules of Conduct
  • Would you be comfortable if your decision was made public (public interest)
  • What are the consequences of your actions
  • Seek guidance if unsure
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26
Q

Which ethical principles are the RICS rules of conduct based upon?

A
  • Honesty
  • Integrity
  • Competence
  • Service
  • Respect
  • Responsibility
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27
Q

What are the penalties of money laundering?

A
  • Large fine
  • Up to 14 years in Jail
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28
Q

What are the penalties of being involved in bribery?

A
  • Policed by Serious Fraud Police
  • Maximum penalty of 10 years imprisonment
  • Unlimited fine
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29
Q

What is your firms policy regarding bribery and corruption?

A
  • Undertake customer due diligence
  • Bound by laws of Bribery Act 2010
  • Take zero tolerance approach to Bribery/corruption
  • Committed to acting professionally, fairly and with integrity
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30
Q

How do I ensure compliance with my firms policy regarding bribery and corruption?

A
  • Understand laws relating to Bribery Act 2010
  • Regularly read and understand the policy - outlines prohibited behaviours and consequences of non-compliance
  • Conduct due diligence on third parties (suppliers/agents/contractors)
  • Keep records of business dealings that may be scrutinized under the laws/firm policy
  • Undertake regular training
  • Report any suspicious activity to partner

ONLY ACCEPT GIFTS WHEN RECEIVED OPENLY AND TRANSPARENTLY LOGGING ON GIFT REGISTER - NEVER ACCEPT CASH OR EQUIVALENT

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31
Q

What is the latest RICS guidance regarding client money handling?

A

RICS Professional standard, Client Money Handling, 1st Edition, October 2019

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32
Q

What rule does the 2023 Christmas Gift relate to?

A

Rule 1

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33
Q

What is a general complaints handling procedure?

A

The right for an individual/firm to complain about the services a company may offer, and the strategy that a firm employ to deal with these complaints

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34
Q

What does your firms specific conflict of interest check consist of?

A

All new instructions require a conflict of interest check before accepting

Anyone who encounters conflict must declare to partner in charge and advisory board
- Immediate disclose to all parties
- Withdraw from situation until resolved /considered
- Monitor conflict and update database

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35
Q

Who is the current RICS president and CEO?

A

CEO: Justin Young
President: Tina Paillet

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36
Q

When was RICS founded?

A

1868

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37
Q

What are the 3 main roles of RICS?

A
  • Advancing the highest ethical and technical standards for professionals in land, property and the built environment
  • Protecting and providing benefits to consumers by enforcing standards and codes of best practice
  • Providing expert impartial advice to governments, business and the public
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38
Q

What are the benefits of being a member of RICS?

A
  • Status
  • Recognition
  • Market advantage
  • Knowledge
    -Networking
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39
Q

What is the benefit of being a RICS regulated firm?

A
  • Confidence - from clients
  • Professionalism
  • Security
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40
Q

Conflict avoidance v Conflict management

A

Conflict avoidance
- Turning down an instruction due to a conflict

Conflict management
- Instruction accepted and steps taken to manage conflict e.g. through an information barrier

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41
Q

What happens if you receive confidential information in error?

A
  • Notify sender immediately
  • Delete the information
  • Document the incident
  • Do not use the information
  • Report to partner
  • Discuss the matter in confidence
  • Comply with GDPR regulation
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42
Q

What do firms need to be sent to RICS annually?

A

Annual return (provide info on firms structure/activities/compliance with RICS regulations)

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43
Q

How can negligence be avoided?

A

By having PII cover

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44
Q

How would you close a RICS regulated business?

A
  • Agree closure date
  • Inform staff and take necessary steps to end employment
  • Inform Client and recommend another firm
  • Deal with / return client money
  • Notify PII insurers and arrange run-off cover
  • Keep files for a minimum of 6 years before safely and securely destroying (can be sued for negligence up to 15 years)
  • Inform RICS
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45
Q

How would a money laundering check be undertaken? What is required?

A

Anti money laundering check
- Verifying personal/business details
- Checking customer against sanction list
- Determine the source of funds/wealth

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46
Q

When are AML checks carried out?

A
  • For new clients and existing (ongoing monitoring)
  • For new tenants + assignments
  • When money laundering is suspected
  • When regulations change
  • Before conducting a transaction
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47
Q

How can money laundering be suspected?

A
  • Party has criminal associations
  • Secretive about funds
  • Party resides in a high risk country
  • If transaction loss making
  • Company uses multiple accounts
  • No obvious commercial purpose to transactions
  • Avoiding personal contact
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48
Q

Are you aware of any RICS mandatory regulations relating to bribery/corruption/money laundering?

A

RICS Professional Statement (Bribery, Corruption, Money Laundering and Terrorist Financing) - 2019

Mandatory requirements in 3 parts:

1) Mandatory requirements for anti-bribery, corruption, anti money laundering and terrorist financing
2) Guidance setting out good practice
3) Additional guidance

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49
Q

When would RICS get involved in a complaint?

A
  • Member fails to respond or prevents party gaining access to redress mechanism
  • If RICS receive several complaints from a member/firm
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50
Q

What is your firms specific policy on conflicts of interest?

A
  • Don’t accept instruction where known conflict of interest exists or gives an indication this instruction this will be accepted unless approval has been given
  • Property by property basis
  • Have a conflict of interest check procedure
  • If COI arises - immediate disclosure, withdraw till resolved, monitor conflict + updated database
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51
Q

What is Workman’s purchasing policy?

A
  • Only use workman’s approved contractors
  • Min 3 quotes for works above £5k, 2 between £1.5k and £5k
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52
Q

Talk me through a conflicts of interest check you have undertaken?

A
  • New property - checked TRAMPS (our PM system) to see if there was any record
  • There was not, so it was acceptable to assume to prior involvement
  • Confirmed to client that the instruction could be accepted
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53
Q

Why do you want to become a member of the RICS?

A

I want to achieve a gold standard in my profession and be able to give back to the industry by educating and training aspiring surveyors

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54
Q

What is a bye-law?

A

A regulation set by a local authority or corporation

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55
Q

Name 3 mandatory professional obligations for RICS firms

A
  • Cooperate with the RICS
  • Comply with CPD requirements
  • Provide information to the Standards and Regulations Board in a reasonable timeframe when requested
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56
Q

What disciplinary and regulatory sanctions can RICS impose?

A
  • Serve a fixed penalty notice
  • Make a regulatory compliance order
  • CPD sanction
  • Refer matter to Disciplinary Panel - consider expulsion
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57
Q

What approved ADR is available to firms?

A
  • Adjudication
  • Mediation
  • Arbitration
  • Expert determination
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58
Q

Can you tell me about the CPD requirements for members of RICS?

A

20 hours per year, 10 hours formal

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59
Q

Why is CPD important?

A

It helps bridge any gaps in knowledge and keeps you up to date with industry changes

60
Q

When does a firm have to register for regulation? What are the benefits of regulation?

A

If you are a firm that offers surveying services to third parties and where 50% or more of principals are RICS members

Benefits
- Confidence - from clients
- Professionalism
- Security

61
Q

What is a locum and who might need one?

A

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

e.g. Sole practitioner or firm with sole principle

62
Q

What do the RICS rules of conduct say about client money?

A

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

63
Q

Explain your understanding of the RICS scheme rules relating to client money protection

A

The main purpose of the scheme:

  • Allow RICS registered firms to offer Client money protection
  • Compensate Clients for failing to account for Client money to the person entitled to it
64
Q

What does client money include?

A

Money of any currency (cash, cheque etc) that:
- A firm holds or receives on behalf of another person
- Is not immediately due and payable on demand to the firm for its own account
E.g: Rent and service charge monies

65
Q

What are the 6 values of RICS?

A
  • Honesty
  • Integrity
  • Competence
  • Service
  • Respect
  • Responsibility
66
Q

What is the RICS Royal Charter?

A
  • Passed in 1881 by Queen Victoria
  • Established the independent legal identity of the RICS, while defining its constitution and powers to govern its own affairs
67
Q

What is client respect?

A

Involved treating clients with professionalism, honesty, and fairness, while prioritizing their needs, privacy and interests

68
Q

What do you understand professionalism to be?

A

Upholding the highest ethical standards whilst demonstrating competence and an adherence to standards whilst maintaining confidentiality and continuous improvement

69
Q

Tell me about RICS guidance note: Complaints Handling?

A

1) Initial resolution - address internally first (internal procedure)
2) Formal complaint - if unresolved escalate to RICS - Formal process
3) Investigation - RICS investigate assessing adherence to professional standards and rules
4) Resolution - RICS provides a decision or recommendation to resolve complaint
5) Appeal - Parties may appeal to RICS or legal channels if dissatisfied

70
Q

When did RICS Complaints handling come into effect?

A

July 2016

71
Q

How do you ensure confidence in your ability?

A
  • Adhere to RICS standards, ethical guidelines and conduct
  • Undertake CPD
  • Seek feedback from clients, colleagues
  • Engage in networking
72
Q

How did you log the gift on Workman’s gift register?

A

IT IS A - System to log gifts received in accordance with RICS guidance
- Provide info on goods - when received, who by, value etc

73
Q

What is the RICS motto?

A

There is measure in all things

74
Q

What is the address of RICS?

A

125 Great George Street, Parliament Square, London

75
Q

What is Lionheart?

A

Charity set up for RICS members, for RICS members. Provides advice and suppport on matters including:
- Well-being and mental health
- Financial support
- Illness & legal advice

76
Q

What is Modus and Matrix?

A

Modus - RICS publication (Magazine)
Matrix - Division for young surveyors - provides events, networking, seminars etc

77
Q

How much is RICS membership?

A

£354 for first 2 years, £539 afterwards

78
Q

What is the role of the Standards and Regulation Board?

A

Responsible for the Strategy, Policy, Operation and admissions into the profession

79
Q

What is the role of the Governing Council?

A

Responsible for global strategy
- Ensure obligations under royal charter are met

80
Q

What is the role of the Audit Committee?

A

Maintain the effectiveness and integrity of RICS functions

81
Q

What is the role of the managing board?

A

Directs RICS affairs under delegated authority from the governing council

82
Q

How would you become a RICS Fellow?

A

Provide assessors:
- Evidence of
- 5+ years at MRICS
- leadership role
- professional and technical achievement
- raising the profile of the RICS
- Portfolio of professional achievement to support application and CPD record

83
Q

What was the Bichard review?

A

An independent review of RICS purpose, governance and strategy, commissioned by the RICS Governing Council

84
Q

What is a bye-law?

A

Regulation made by an organisation (RICS last updated theirs in Feb 2021)

85
Q

What were the key changes made to the latest rules of conduct (2022)?

A
  • Provide a simpler structure
  • Give clear examples
  • Focus on respect, diversity and inclusion
  • Responding to and understanding evolving technology
  • Emphasizing the role of members expertise in tackling global challenges
86
Q

Can you provide a time when you promoted trust in the profession?

A

At Wooburn Industrial Estate - Was recommended a contractor that wasn’t on the safe contractor list and had quoted a cheaper price for works. Took the more expensive quote on.

87
Q

What is the key role of the RICS?

A
  • Promote and enforce the highest professional standards and qualifications in the development and management of property, real estate and the enviro
  • Be accountable to members and the public
  • Involved in policy influence and political engagement
88
Q

What are the mandatory professional obligations for members?

A

Contained within the appendix of the rules of conduct- additional requirements for firms and members
- Cooperate with the RICS
- Comply with CPD requirements
- Provide info to the standards and regulation board in a reasonable timeframe when requested

89
Q

What is the ethics decision tree?

A
  • Provides framework for questions members should ask themselves when faced with a potential unethical scenario
  • Considers legality of actions and consistency with the rules of conduct
90
Q

What are the Mandatory Professional obligations for firms?

A
  • Cooperate with the RICS
  • Publish a complaints handling procedure approved by the RICS and maintain a complaints log
  • Ensure all previous and current professional work is covered by professional indemnity insurance cover that meets RICS approved standards
91
Q

How is a disciplinary procedure triggered?

A
  • Complaint made to the RICS
  • Allegation made by a client or third party
    Information obtained by or provided to the RICS
92
Q

What is the RICS disciplinary procedure?

A
  • Receipt of complaint
  • Investigation by RICS
  • Serving of the penalty - e.g. fixed notice, regulatory compliance order
93
Q

What disciplinary procedures can the RICS impose?

A
  • Serve a fixed penalty notice (fine for minor breach)
  • Make a regulatory compliance order
  • CPD sanction
  • Refer matter to disciplinary panel - Consider expulsion
94
Q

What disciplinary/regulatory sanctions can the RICS impose?

A
  • Caution
  • Reprimand
  • Fine
  • Conditions
  • Expulsion
95
Q

What actions are taken by the regulations tribunal?

A

Procedure for more serious breaches - Impose penalties when referred to by the head of regulation

96
Q

What penalties are available to the regulatory tribunal?

A
  • Regulatory Compliance Order
  • Unlimited fine per breach
  • Impose conditions on future RICS registration
  • Expulsion
97
Q

Where are the outcomes of disciplinary proceedings published?

A

RICS disciplinary, registration and appeal panel rules (October 2019)
- Modus and RICS website

98
Q

What are the levels of action within Disciplinary Panel rules?

A
  • Investigation of receipt of info
  • Decision to realistic prospect
  • If realistic prospect - disciplinary procedure
99
Q

What are the key requirements of fee negotiations?

A
  • There must be no price fixing, aggressive fee cutting or collusion
  • Fees should be market based and agreed on an ad-hoc basis
  • Competition encouraged, but fee cutting avoided
100
Q

How do you act in a way promoting trust in the profession?

A

By following the rules of conduct in my professional and personal life

101
Q

What publication does the RICS publish in relation to social media?

A

The Use of Social Media: Guidance for RICS Members (2016)
- Standards of communication should also be upheld on social media
- Will be investigated if social media post if it is discriminatory, abusive etc

101
Q

What are the RICS Core materials made up of?

A
  • International Standards
    -Professional Statements
  • Practice Statements
  • Guidance Notes
  • Codes of Practice
102
Q

When may it be appropriate to turn down an instruction?

A
  • Not competent
  • Lack of information
  • Client wont sign Terms of Engagement
  • Client is on the UK Gov sanctions list
  • Conflict of interest
  • Advice is for a friend or a pro-bono basis and PII wont cover such work
103
Q

When will the RICS become involved in a complaint?

A
  • Member fails to respond or prevents party gaining access to redress mechanism
  • If RICS receive several complaints from a member/firm
104
Q

What is formal CPD?

A

Structured training with clear outcomes and objectives - e.g. seminar, training course

105
Q

What is informal CPD?

A

Self based learning relevant to a specific role

106
Q

How can you decide if CPD is formal or informal?

A

RICS CPD decision tree

107
Q

When may a claim for damages arise?

A

When duty of care exists to client or third party and this is breached

108
Q

What actions would you take to reduce the risk of negligence?

A

Understand clients aims and objectives in T of E
Ensure you are competent to take on instruction
Undertake work in accordance with RICS Standards and Guidance Notes

109
Q

What are the minimum indemnity limits for firms

A
  • Turnover less than £100,000 —> Min £250,000 cover per claim
  • Turnover £100,001 - £200,000 —> Min £500,000 cover per claim
  • Turnover £200,001 + —> Min £1million cover per claim
110
Q

What is excess and why do policies have it?

A

Amount of uninsured money associated with a claim - to prevent fraudulent claims

111
Q

What is run-off cover?

A

Cover in place to ensure work is covered once a firm ceases trading
- Required for 6 years
- If unable to get run-off cover, can apply for cover from RICS run off pool

112
Q

What RICS Guidance Relates to Handling Clients Money?

A

RICS Professional Statement of Client Money Handling, 1st Edition, October 2019

113
Q

What are the key requirements for Handling Client Money according to client protection?

A
  • Money must be held in authorised bank
  • Account must be independent / easily identifiable
  • Client must be provided with details
  • Confirm in writing that moneys will not be combined/transferred
  • Keep records
114
Q

What is an instance where I have handled client money?

A
  • Quarterly rent and service charge payments
  • Paid into distinguishable client account with client name in details
  • Once received, payments transferred to account of client choice
    -Client kept updated throughout process - provide high standard service
115
Q

When are firms eligible for RICS registration?

A
  • Provide surveying service to public
  • Over 25% principles are RICS members
116
Q

Who is a responsible person?

A

Person responsible for ensuring RICS standards are applied, upheld and supported

117
Q

What is included in statutory compliance for starting a new firm?

A
  • Declare Business name
  • Register with HMRC for VAT registration
  • Ensure compliance with employment law - working hours, living wage etc
  • Ensure insurance compliance - public/employer liability
  • Compliance with Equalities Act (2010)
  • Compliance with H&S at Work Act (1974)
  • Disability Discrimination Compliance
118
Q

Who does the Bribery Act apply to?

A
  • UK citizens, residents and companies established under UK law
  • Companies doing business in the UK
  • Firms whose staff are committing bribery
119
Q

How do I ensure I comply with Bribery legislation?

A
  • Comply with internal policy
  • Never accept cash or equivalent
  • Registering gifts / hospitality on e-register to ensure transparency
120
Q

What is money laundering?

A

When proceeds of criminal activity are disguised or converted and then realised as legitimate assets

121
Q

What are key provisions of the Bribery/Money Laundering regulations?

A
  • Have money laundering/terrorist financing risk assessment
  • Implement systems, policies and controls
  • Provide staff training
  • Ensure appropriate record keeping, policies and procedures
  • Comply with new customer due diligence requirements
122
Q

What are requirements for firms in money laundering regs?

A
  • Must register with HMRC annually
  • 10,000 euro limit for acceptance of cash
  • On going client relationship must be monitored
  • Senior staff must take responsibility for compliance
123
Q

What due diligence should be undertaken to prevent money laundering?

A

1) Customer:
- Identify client and their identity - name company number etc
- Obtain info on purpose and nature of business relationship

2) Enhance:
- Additional info for business involving someone from high risk country or politically
exposed person
- Additional evidence and monitoring

124
Q

What is a politically exposed person?

A

Someone with a prominent public function - higher risk of corruption

125
Q

What are the key offences under the proceeds of crime act (2002)?

A
  • Concealing criminal property
  • Acquisition, use possession of criminal property
  • Arrangements - knowing/suspecting that it facilitiates criminal property
126
Q

What does part 1 of the Professional Statement on bribery, money laundering and terrorist financing cover?

A

Mandatory Requirements:
- Bribery
- Not to offer/accept anything that could be considered a bribe
- Have procedures that comply with law
- Report suspicions to relevant authorities
Money Laundering / Terrorist Financing:
- Not be complicit in or facilitate either
- Have systems in place to comply with law
- Verify clients be relevant ID checks

127
Q

What is key guidance for the Bribery/Money Laundering Professional Statement?

A
  • Publish code of behaviour and provide staff training
  • Set up a gifts register
  • Keep up to date with legislation
128
Q

What is modern slavery?

A

Illegal exploitation of others for personal or commercial gain

129
Q

What legislation is there on Modern Slavery?

A

Modern Slavery Act 2015

130
Q

What is a safe contractor list?

A

Accreditation ensuring competent services in terms of quality and H+S

131
Q

What are some client money protection schemes?

A
  • Client money protect
  • Money shield
  • Propertymark

Certificate can be displayed in office or website

132
Q

What is terrorist financing?

A
  • Collection of funds for terrorist purposes / providing financial support to chose operating in terrorism
133
Q

What are requirements for RICS rules for use of logo and designation by firms? When did these change?

A
  • Not to alter RICS logo
  • Not to use logo in manner which may bring profession into dispute

Changed in 2022 regulation document

134
Q

Tell me about your understanding of your firms process for escalating a complaint to ADR

A

If the complaint cannot be resolved by a member of staff in the first instance, the complaint should be written to the Group Company Secretary, who will confirm receipt within 7 days and a final response within 28 days.

The complaint can be escalated to the Property Redress Scheme for consumers or the Centre for Effective Dispute Resolution for Clients.

135
Q

What is the RICS client money protection scheme?

A

Used for claims from RICS clients as a last resort when RICS registered firm is unable to repay client money
- Limit of £10.3m for surveying and £50k per claim

136
Q

What is a regulatory compliance order?

A
  • Penalty served for smaller scale breach
  • Provides restrictions on a member from particular actions for a certain time period, along with usually a £2k fine
137
Q

What are the other aspects of the PS statement on Conflicts of Interest?

A
  • All conflicts must be managed in accordance with the PS
  • Every RICS firm must have in place effective systems and controls appropriate to the size of the business to ensure compliance
  • All firms must keep a record showing compliance with the statement
138
Q

What is set out in the Limitations Act (1980)?

A

Limitation on period for negligence:
- Contract - 6 years from negligence Act
- Tort - 6 years from date claimant suffered loss

139
Q

What does the term fully retroactive mean?

A

Insurance in place at time of claim responsible for the claim, not insurance in place at time of negligence - policies cover past work

140
Q

Who is a responsible person?

A

Person responsible for ensuring RICS professional technical and ethical standards are applied, upheld and supported

141
Q

How is money laundering reported?

A

Submitting a Suspicious Activity Report to National Crime Agency

142
Q

What is an example of a RICS bye-law?

A

2 - Membership
3 - Designations
4 - Contributions to Funds
5 - Conduct - Conduct yourself in a way benefitting to the RICS

143
Q

What information is provided in an annual return?

A
  • Firm details - address, VAT reg, services provided
  • Designation details
  • Offices
  • Principles details
  • RICS member employees
  • Contact officers
  • General info
144
Q

What money laundering legislation / regulations are you aware of?

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

Ethan APC Summary of Experience Mock Questions (16 decks)

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