Hot Topics Flashcards
Building Safety Bill.
- HSE organisation named building safety regulator
- Was approved beginning of May 2022
- 3 Gateway
The impact of Covid 19 on the surveying profession
The impact of Brexit
The Glenfield disaster and the subsequent impact on fire Safety
More focus on fire security in buildings. Fire Safety Act and Building safety bill
When are the Rules of Conduct Changing?
- The existing Rules of conduct have been in place since 2007 and will remain valid until February 2022
- The New Rules of Conduct will take effect from 2nd February 2022
RICS Rules of conducts update 2022
COP 26
Are you aware of some of the aims highlighted within the RICS Business Plan for 2021-22?
- Continue to support the profession as economies recover from Covid-19 and seek to minimise and increases in t he cost of subscription levels
- Utilise any surplus in cash generation to pay back furlough monies received via the UK governments Coronavirus Job Retention Scheme
- Maintain and increase demand for RICS qualifications with a primary goal to ensure RICS qualifications remain relevant for future generations and that increased numbers of members use RICS to meet their knowledge and training needs
What are the New Rules of Conduct
1- Rule 1 Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
2- Rule 2. Members and firms must maintain their level of professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
3- Rule 3. Members and firms must good quality and diligent service
4- Rule 4. Members and firms must treat others with respect and encourage diversity and inclusion
5- Rule 5. 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.
Explain your understanding of Rule Number1
- Examples of behaviours in adhering to to Rule 1
- Members and firms shoudl not allow themselves to be influenced by work referrals, gifts or hospitality
- Identify conflicts of interest
- Reduced impartiality due to an existing relationship. i.e being friends.
Explain or understanding of Rule number 2
- Only act for client where they have the necessary knowledge, skills and resources to carry out the work competently
- I.e asking a junior member to conduct a complex task
Why the previous Rules of Conduct change?
- Previous have been in place since 2007.
- Following a research and consultation with RICS Members, Firms and Members of the public. The majority were in favour of existing the excising rules of Conduct
- This was to provide a single document to enable greater clarity for RICS members and firms
- There is a now a greater focus on understanding technology, climate change and diversity and inclusion.
Talk us through your understanding of the changes?
The Rules of conduct October 2021 overhaul the previous separate documents
- Rules of conduct for Members
- Rules of Conduct for Firms
- Global Professional and Ethical Standards
- Appendix A of the Rules of Conduct now contains the professional obligations of Members and Firms
What is the Levitt Report?
The Levitt Report was commissioned by the RICS following a Treasury management Audit in 2018
- Prior to the audit the RICS had to extend it’s overdraft by circa £3m
- The treasury management audit offered a “no assurance verdict” on RICS internal financial control procedures. Following this the Levitt report was commissioned as an independent review.
- Levitt report Recommendations included:
- RICS Governing Council are to have more oversight over internal delays of the RICS
- RICS briefed by the Management board as opposed to a single CEO
- RICS Governing Council are to oversee exec management bonuses
What are the professional obligations of members?
1- 20h CPD x calendar year. 50% formal.
2- Cooperate with RICS
3- Promptly provide all information reasonably requested by the Standards and regulation Board.
Explain your understanding of rule Number 3?
- AS RICS member or regulated firm. Ensure understanding of the clients project specific requirements before acting on their behalf
- Clients scope of services shoudl be agreed along with any exclusions and timescales for achieving each of the deliverables before signing up to the formal terms of engagement.
Understanding Rule number 4?
- RICS members to respect the rights of other and threat other with courtesy
- Ensure that everyone is treated fairly and look to eliminate any instances of discrimination on the basis of age, disability, gender, pregnancy, race, religion or sexual orientation.
- cero tolerance policy for bullying or harasssment
Understanding of Rule Number 5?
- Question practices and decision that they suspect are not right and raise concerns with colleague, senior management, clients, or the RICS
- When making public statements we need to ensure there do not undermine public confidence
- Receiving and processing complaints, we need to ensure there are dealt promptly, openly and professionally
- Standing behind our actions.
What are the offences of the Bribery Act?
- Making a bribe
- Receiving a bribe
- Bribery of a foreign public official
- ## Failure of a corporate entity to prevent bribery on its behalf
What companies does the bribery act apply to?
All UK entities and includes associated persons (i.e subcontractors)
What procedures can companies put in place to prevent bribery on their behalf?
6 principles of prevention
1- Proportionate procedures 2 Top level commitment 3 Risk Assessments 4.Due Diligence 5. Communication 6. Monitoring and Review
Under the Bribery Act, under what circumstance is facilitation payment permited?
- When you are under duress
- i.e real risk or danger to life, lib or liberty
- immediate physical threat
- put safety first and make payment, then report the matter immediately