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Jenny APC > Hot Topics 2024 > Flashcards

Hot Topics 2024 Flashcards

1
Q

When did the new Rules of Conduct take effect?

A

February 2022

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2
Q

What 3 docs does the Rules of Conduct overhaul?

A
  1. Rules of Conduct for Members
  2. Rules of Conductor for Firms
  3. Global Professional and Ethical Standards
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3
Q

Why did the rules change?

A

To provide a single document to enable greater clarity for RICS members and firms.

Now a greater focus on clearer example behaviors, understanding evolving technology and tackling climate change.

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4
Q

What are the new Rules of Conduct?

A

M&Fs must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.

M&Fs must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.

M&Fs must provide good quality ad diligent service.

M&Fs must treat others with respect and encourage diversity and inclusion.

M&Fs 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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5
Q

What are the professional obligations of members?

A

Members must comply with the CPD requirements set by the RICS which requires 20 hours of CPD for each calendar year, 10 hours of which must be formal CPD.

Members must co-operate with RICS.

Members must promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.

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6
Q

Why did the previous rules of conduct change?

A

The previous rules had been in place since 2007.

Following research and consultation with RICS Members, Firms and members of the public, the majority voted in favour of replacing the existing Rules of Conduct and separate Global Professional and Ethical Standards.

This was to provide a single document to enable greater clarity for RICS Members and firms.

There is now a greater focus on clearer example behaviours, understanding evolving technology and tackling climate change.

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7
Q

What are the professional obligations of firms?

A
  1. Complaints handling procedure including ADR provider approved by RICS and complaints log.
  2. PI cover that meets RICS standards.
  3. If sole principle, arrangements for professional work to continue in event of death.
  4. Cooperate with the RICS.
  5. Provide info to Standards and Regulations Board if requested
  6. Must abide by RICS’ published policy
  7. Report any matters required to under the Rules for the Registration of Firms
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8
Q

What is the RICS motto?

A

There is measure in all things.

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9
Q

Who is the RICS president?

A

Tina Paillet

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10
Q

Who is the RICS president Elect?

A

Justin Sullivan

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11
Q

Who is CEO of the RICS?

A

Justin Young

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12
Q

What is the RICS Mission Statement?

A
  • To qualify and equip their members to offer the highest standards of professional service.
  • To promote and enforce standards.
  • To lead solutions to the major challenges facing the built environment through professional expertise.
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13
Q

What does the RICS Governing Council do?

A

It is the highest governing body and sets RICS global strategy and ensures the RICS fulfils its Royal Charter obligations.

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14
Q

When was the RICS founded?

A

1868

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15
Q

When did the RICS receive it’s Royal Charter?

A

1881

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16
Q

What are Bye-Laws?

A

Bye-Laws are set out in the Royal Charter and determine how the RICS is regulated.

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17
Q

How many Bye-Laws are there?

A

10

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18
Q

Give some examples of the Bye-Laws?

A

Bye-Law 1: Application and Definitions

Bye-Law 2: Membership and Registration

Bye-Law 3: Designations

Bye-Law 4: Contributions to Funds

Bye-Law 5: Conduct

Bye-Law 6: Governing Council, Officers and Staff

Bye-Law 7: Subordinate Boards, Committees and Groups

Bye-Law 8: Procedure for General Meetings

Bye-Law 9: Accounts and Audit

Bye-Law 10: Regulation

19
Q

What are RICS Regulations?

A

The regulations add further details to the bye-laws and sets out the different classes of membership and contains further details of when fees are payable etc.

20
Q

How many regulations are there?

A

10

21
Q

How much is the RICS Membership?

A

GBP 539

22
Q

What are the FIVE principles of better regulation?

A
  1. Proportionality
  2. Accountability
  3. Consistency
  4. Targeting
  5. Transparency
23
Q

Why have Rules of Conduct?

A
  • It’s a framework we can all work to.
  • Client knows they are getting a set level of service.
  • A useful professional guide for individual members.
24
Q

How is the RICS structured?

A
  • Governed by its Royal Charter (1881).
  • Self-regulated and internally monitored by it’s Bye-Laws.
  • Governing Council manage and agree strategy.
  • Regulatory board, audit committee and Management board execute the strategy.
25
Q

When were the RICS Professional Indemnity Requirements updated?

A

Updated following issue of UK Professional Indemnity Insurance requirements Version 9 with effect 1st April 2022

(changes to maximum uninsured excess - previously based on level of cover).

26
Q

What is the purpose of PII?

A
  • To provide financial cover in the event a client suffers financial loss as a breach of professional duty.
  • The professional is protected from financial losses.
  • The firm does not have to meet the claim from their own assets and resources.
27
Q

On what basis is PII underwritten in the UK?

A
  • On a claims made basis.
  • The insurance policy used is the one at the time of breach (not when breach is made).
28
Q

What limitation periods are in place under hand and deed forms of contract?

A

6 years when executed under hand.

12 years when executed as a deed.

29
Q

What are the minimum levels of indemnity?

A

If firms turnover:

<£100k = £250 cover
£100k-£200k = £500k cover
£200k+ = £1m cover

30
Q

What are the PII excess requirements?

A

Based on turnover, the MAXIMUM excess is as follows:

<£10m turnover = greater of £10,000 or 2.5% of insured sum.
£10m+ turnover = no maximum limit of uninsured excess

31
Q

What happened in Merrit vs Babb?

A

Surveyor sued for negligence by client.

As firm shut down the individual surveyor was perused for damages successfully.

Need to ensure run-off cover in place.

32
Q

What is the RICS requirement for having run off cover?

A

Must be in place for AT LEAST 6 years.

33
Q

Who should the PI cover include?

A

Past and present employees, directors and partners.

34
Q

What are the steps for setting your own firm?

A
  1. Contact RICS for company start up pack
  2. Inform RICS and register for regulation
  3. Appoint contact officer for RICS communication
  4. Prepare complaints handling procedure
  5. Obtain PI cover.
  6. Abide by Rules of Conduct for Firms
  7. Use designation ‘Regulated by RICS’ on all practice material.
35
Q

What are professional obligations of firms?

A
  1. Complaints handling procedure (RICS approved ADR provided and maintain log)
  2. PI cover
  3. Arrangements if sole principal for death/incapacity
  4. Cooperate with RICS
  5. Info for standards and regs boards
  6. Firms display literature in accordance with RICS policy
  7. Report any matter required to Registration of firms
35
Q

What should be included in the Complaints Handling Procedure?

A

Minimum 2 stage procedure with redress mechanism.
Policy issued in Terms of Engagement.
Complaint must be investigated within 28 days.
Note to advice PI Insurers immediately.

36
Q

What TEN things must RICS regulated firms do when handling clients money?

A
  1. Clear duties for employees
  2. A Principal to oversee
  3. Principals cannot override controls.
  4. Competent staff
  5. Accounting systems secure
  6. Kept separate in ‘client’ named account
  7. Clients should always have access to funds
  8. Agree terms and advise client on bank details
  9. The account must not be overdrawn
  10. Maintain client ledgers and provide running balance.
37
Q

How do you carry out the annual return? What if you don’t?

A

Annual return (online)
Failure to do so leads to fixed penalty.

38
Q

What FIVE things are included in the annual return?

A
  1. Type of business and staffing.
  2. Nature of clients.
  3. Training provision.
  4. PI insurance details.
  5. Whether a firm holds clients’ money.
39
Q

Are you aware of any guidance that applies to RICS members when using social media?

A

Guidance Note ‘Use of Social Media: Guidance for Members Version 1’
Effective June 2021
Rules of Conduct should be applied to social media.

40
Q

How do you ensure you operate inline with RICS guidance on the use of social media?

A

Be responsible and professional.
Use respectful language .
Never be dishonest or cause offence.
Realise public confidence risk in trust in profession.

41
Q

When would the RICS investigate a Social Media post made by one of its members?

A

If it is:
o Discriminatory.
o Dishonest.
o Abusive or threatening.
o Likely to cause significant harm, distress or offence to a person.
o Shows a pattern of frequent or large number of concerning communications.
o Ignores previous advice or warnings about concerns.

42
Q

Please explain your understanding of the recent updates to RICS
Professional Indemnity Insurance Cover around Fire Safety?

A

Fire safety cover removed from PII following Grenfell.

43
Q
A

Jenny APC (19 decks)

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