Hot Topics

Question 1

Brexit - Movement of Personnel

Answer 1

Movement of people is now restricted
Employers now required to register as a sponsor to recruit from abroad
To employ from out of UK, must meet job, salary and language requirements
Supply of labour is more restricted, labour costs increased

Question 2

Brexit - movement of materials

Answer 2

New trade agreement with EU, most traders will not have to pay tariffs when moving goods across borders.
Will have to meet relevant rules of origin
Price of goods moving across border expected to inrcease

Question 3

Brexit - Material cost increases

Answer 3

Increased timescales for materials to arrive
Costar increases/availability issues expected in regards to: steel, cement, plastic, labour

Question 4

GDPR - key points

Answer 4

New legislation that replaces 1998
Key principles:
-data used fairly, lawfully, transparently.
- Use in adequate way.
- Not retained for too long.
Rights:
- Stop processsing of their data
- have their data erased
- access their data

Question 5

Money laundering regs - key points

Answer 5

RICS guidance note Countering Bribery and Corruption, 2019.
Firms must:
- have plans to comply with bribery laws
- not offer or accept a bribe
- report any activity that breaches legislation
- act with due diligence and perform periodic evaluations and risk factor assessments

Question 6

COVID-19

Answer 6

Guidance:
- physical inspections
- residential valuations/surveys

Impact on surveying:
- Cost of smell increase at one point by 22%
- scarcity

Question 7

Levitt report

Answer 7

Key points:
- commissioned by RICS following treasury audit in 2018
- treasury management audit offered a no assurance verdict on RICS financial control
- Conclusion illuded to an internal power struggle due to two board structure

Question 8

RICS Levitt Report changes

Answer 8

Open and inclusive with public about operations
Develop/implement improved whistleblower arrangements
Reviewing the arrangements for senior executive rewards

Restructure:
- RICS appointed new leadership team in 2021, appointed Richard Collins
- Acting chair of governing council Nick Maclean appointed as interim chair of governing council
- Isobel o’regan

Question 9

Bribery Act

Answer 9

Main offences include making/receiving bribes, bribing foreign public official, failure to prevent bribery.
6 principles:
- Proportionate procedures
- top level commitment
- Risk assessments
- Due diligence
- Communication
- monitoring and review