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Ethics, Rules of Conduct & Professionalism > Level 1 > Flashcards

Level 1 Flashcards

1
Q

Why do you want to become a member of RICS?

A

A personal proud moment which encapsulates years of focus, drive and determination to become the best version of myself.
Professionally to be recognised as a competent trusted advisor for which clients, colleagues and other professionals alike will respect and trust my advice in relation to the work.

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2
Q

What is the role of RICS?

A

RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society.

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3
Q

What are the key functions of RICS?

A

RICS’ main roles are:

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
Equipping RICS members with leading edge advice, market insight and professional training
Promoting RICS status and standards in key worldwide markets as the mark of property professionalism.

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4
Q

What is a Royal Charter?

A

A Royal Charter is an instrument of incorporation, granted by The King, which confers independent legal personality on an organisation and defines its objectives, constitution and powers to govern its own affairs.

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5
Q

What does the RICS Royal Charter require?

A
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6
Q

What does the Royal Charter incorporate?

A

The original Royal Charter (dated 26 August 1881) and Supplemental Royal Charter (which amends the Original Royal Charter from time to time, the latest changes made in February 2020)

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7
Q

What does the Royal Charter state as the aim of the RICS?

A

To maintain and promote the usefulness of the profession for the public advantage in the UK and in any other part of the world.

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8
Q

Who is the current RICS president?

A

Tina Paillet

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9
Q

What do you understand by the term self-regulation?

A

meaning that it operates within it’s own published regulatory framework, rather than being legislated by Government

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10
Q

Can you tell me what you understand by the principles of better regulation?

A
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11
Q

What is a Byelaw?

A

A byelaw is a set of rules or law established by an organization or community so as to regulate itself, as allowed or provided for by higher authority

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12
Q

Give an example of one of the RICS Byelaws.

A

Membership and registration
Which details the classes of membership (Chartered Members, Non-Chartered Members, Honorary Members), eligibility, procedure and rivileges and obligations of membership

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13
Q

Explain to me the new RICS Rules of Conduct - what do they replace?

A

The new rics rules of conduct is a consolidated report incorporating the former RICS Rules of Conduct for firms and for members and the global professional standards.

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14
Q

When do they (Rules of Conduct) take effect?

A

11 October 2021, effective 02 February 2022

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15
Q

Who do they (Rules of Conduct) relate to?

A

Members and firms regulated by the RICS.

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16
Q

What are the 6 ethical principles that the Rules of Conduct are based on?

A

Honesty, Integrity, competence, service, respect and responsibility

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17
Q

What are the 5 Rules of Conduct?

A

Rule 1 - to be honest and act with integrity and comply with their professional obligations
Rule 2 - maintain their professional competence and ensure services are provided by competent individuals
Rule 3 - must provide good-quality and diligent service
Rule 4 - must treat others with respect and encourage diversity and inclusion
Rule 5 - Act in public interest, take responsibility and maintain public confidence

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18
Q

Give an example behavior’s for each Rule of Conduct.

A

Rule 1 - do not take unfair advantage of others
Rule 2 - only undertake work that they have the knowledge, skills and resources to carry out competently
Rule 3 - understand clients’ needs and objectives before accepting any professional work.
Rule 4 - respect the rights of others and treat others with courtesy.
Rule 5 - respond to complaints made against them promptly, openly and professionally

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19
Q

What are the core professional obligations of firms to RICS?

A

Publish a complaints handling procedure, including ADR, and maintain a complaints log.
Ensure all previous and current professional work is covered by adequate and appropriate professional indemnity cover.
Make appropriate arrangements for professional work to continue where necessary.
Cooperate with RICS.
Promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.
Display on their business literature that they are regulated by RICS.
Report to RICS any matter that they are required to report under the Rules for the Registration of Firms.

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20
Q

What are the core professional obligations of members to RICS?

A

Comply with CPD.
Cooperate with RICS.
Promptly provide all information reasonably requested by the Standards and Regulation Board, or those exercising delegated authority on its behalf.

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21
Q

What disciplinary procedures can the RICS impose?

A

A Regulatory Compliance Order - - where the regulated member admits the allegations.
A single member of the regulatory tribunal - where the regulated member does not admit the allegations.
Disciplinary panel - for serious allegations

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22
Q

In what circumstances can these be imposed?

A

When allegations have been made against a regulated member

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23
Q

When did RICS last update their disciplinary panel rules?

A

02 March 2020 renaming to the Regulatory Tribunal Rules

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24
Q

What are the different levels of action within these procedures?

A

The head of regulation will consider disciplinary action on serious cases, which can be referred to a disciplinary panel.
Disciplinary action can include fixed penalty’s.

A regulatory compliance order will be used to deal with les serious cases or referral to to a single member of the regulatory tribunal to determine the sanction.
RCO can include suspension and expulsion.

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25
Q

What do you understand by the term professional practice?

A

Used to describe activities which will help you apply your knowledge to your industry, job role or workplace.

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26
Q

What money laundering regulations or legislation are you aware of?

A

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

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27
Q

What is a red flag of money laundering?

A

Frequent Cross-Border Money Transfers to Different Accounts

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28
Q

What bribery legislation are you aware of?

A

the Bribery Act 2010

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29
Q

What is a bribe?

A

money or any other valuable consideration given or promised with a view to corrupting the behavior of a person

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30
Q

What are the penalties for accepting a bribe?

A

a fine or imprisonment for up to 10 years

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31
Q

What are the penalties for being involved in money laundering?

A

a jail sentence of up to 14 years or a large fine

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32
Q

What constitutes an offence under the Bribery Act 2010?

A

to pay or receive a bribe, either directly or indirectly.

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33
Q

What constitutes an offence under the current money laundering regulations?

A

concealing, disguising, converting, transferring or removing criminal property

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34
Q

How long should you keep anti money laundering records for?

A

5 Years

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35
Q

What is Professional Indemnity Insurance (PII)?

A

protects firms from negligence claims made by clients unsatisfied with the professional services provided to them

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36
Q

Can you tell me about the RICS requirements in relation to PII?

A

It must provide cover for any one claim or be an aggregate plus unlimited round-the-clock reinstatement basis
fully retroactive, covering claims made during the term of insurance cover irrespective of when the original act occurred
Include RICS minimum policy wording
being written on a full civil liability basis
provide at least the minimum level of indemnity based on the firms turnover in the previous year
provide for a maximum level of uninsured excess based on the sum insured
underwritten by an RICS approved insurer
provide cover for past and present employees.

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37
Q

What is a PII aggregation clause?

A

allows or requires a number of, usually, similar or linked claims to be treated as a single claim.

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38
Q

What does ‘claims made’ mean in terms of PII?

A

the policy must be in place when the claim is made

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39
Q

Is a PII excess usually paid for per claim?

A
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40
Q

In a negligence claim, what would help to show that you acted with consideration and due process?

A
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41
Q

Can good record keeping help to provide a defence in a PII claim?

A

Yes. It allows firms to defend themselves against claims of professional negligence

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42
Q

If you were providing services outside of your usual scope to a client, what might you need to do in relation to your PII cover?

A
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43
Q

What is run off cover?

A

insurance for claims made against a firm after it has stopped doing business.

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44
Q

What RICS requirements are there relating to run off cover?

A

requires that firms have a minimum of £1,000,000 run-off cover, meaning a minimum of six years for consumer claims

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45
Q

What changes did RICS recently make to the Minimum Approved PII Wording?

A

There are no changes to the RICS UK PII requirements

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46
Q

What precedent has caselaw set in terms of keeping adequate site notes (and therefore providing a defence in a PII claim)?

A
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47
Q

Would a dictated report avoid the need to have any written site notes?

A
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48
Q

Explain PII requirements relating to fire safety cover and cyber cover.

A

Fire safety - the minimum terms now state that, absent dispensation, any exclusion in a PII policy ‘will not apply to professional work relating to buildings four storeys or under’

Cyber Security - now exclude claims relating to the use of, or inability to use, a computer system arising from the receipt or transmission of malware, or from so-called ‘cyber acts’ including damage to or destruction of programs, software or stored data

49
Q

How long can a PII claim arise after the work is undertaken?

A

a claim can be brought up to six years after the work was completed or three years after the client could reasonably be expected to know they had a claim.

50
Q

What is the Assigned Risks Pool (ARP)?

A

It provides emergency cover for a period of up to two years so that firms can continue to practise.

51
Q

Who might need to access the ARP?

A

firms that are unable to obtain adequate PII

52
Q

Explain your understanding of the RICS Guidance Note Risk, Liability and Insurance (1st Edition).

A

provide guidance on mitigating or avoiding the risks and liabilities associated with surveying work

53
Q

Explain when you might agree a liability cap.

A

Liability caos must be written explicitly into the a firms Terms of engagement and must be reasonable to be enforceable

54
Q

What is a liability cap

A

limits the amount of damages that can be claimed by a client in the event of loss, even in the event of negligent act. helps firms manage risk around the provision of surveying services

55
Q

How would set out third party reliance in Terms of Engagement?

A

a clause that prevents third-party reliance

56
Q

What are the three key terms that should be considered from a risk perspective in the context of every instruction you undertake?

A

The scope of work.
The basis on which the fee will be calculated.
The liability cap.

57
Q

What is an annual return?

A

Annual registration with the RICS.

58
Q

Tell me what you understand about Complaints Handling Procedures (CHP).

A

It is a best practice complaint handling guide. Should include details of an ADR.

59
Q

When and how can the RICS be involved in a complaint about a firm or member?

A
60
Q

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

A

20 hours of cpd each year by 31 decemeber
recorded online by 31 January
20 hours formal cpd
every 3 years cpd relating to ethics must be undertaken

61
Q

Why is CPD important?

A

maintain a relevant and current understanding of our professional and ethical standards and to keep up to date with industry changes and improving knowledge and understanding

62
Q

Tell me about the RICS’ guidance on 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 Conflicts of Interest in accordance with this professional standard
and
keep records of the decisions made in relation to whether to accept (and where relevant, to continue) individual professional assignments, the obtaining of Informed Consent, and any measures taken to avoid Conflicts of Interest arising

63
Q

What is double dipping (dual agency)?

A

Acting for the buyer and the seller of the same property

64
Q

Why is double dipping (dual agency) an unacceptable practice?

A
65
Q

How would you close down a regulated firm?

A

Agree the closure date
seek advice if the firm is insolvent
inform staff and deal with redundancies
inform clients and let them know if another firm could take over work
deal with outstanding client money
notify PII to arrange run off cover
make arrangements for files and keep them as long as necessary
notify former clients to return any lease
inform rics and fill in deregistration form

66
Q

What can you tell me about RICS guidance relating to bribery, corruption or money laundering?

A

Sets Mandatory requirements for how to act in relation to bribery, corruption and money laundeering

67
Q

What status does it hold? RICS guidance relating to bribery, corruption or money laundering

A

It is a RICS professional standard and must be adhered to.

68
Q

What are some of the key principles of this guidance? RICS guidance relating to bribery, corruption or money laundering

A

firms are required to put systems in place to avoid money laundering and to report suspicious activity and are required to report suspicion of money laundering as soon as possible to the National Crime Agency (NCA)

69
Q

What must/should firms/members do to comply with the guidance? RICS guidance relating to bribery, corruption or money laundering

A

A surveyor must undertake due diligence on clients before accepting instructions. Including checks on both parties to a transaction.

70
Q

What are the current RICS rules for registration of firms?

A

Rules for the registration of firm effective 02 February 2022 sets out:

  • which Firms are required to register with RICS for regulation
  • circumstances in which a Firm is eligible to apply for regulation, even though it is not required to do so
  • the procedure for registration, deregistration and appeal and
  • together with the Rules of Conduct, the obligations of registration.
71
Q

When did these last change? rules for registration of firms

A

02 February 2022

72
Q

What were the key changes? rules for registration of firms

A
73
Q

Who is a ‘qualified member’ of RICS?

A

individuals who have passed the APC and become MRICS.

74
Q

What is a phoenix firm?

A

the practice of carrying on the same business or trade successively through a series of companies where each becomes insolvent (cannot pay their debts) in turn. Each time this happens, the insolvent company’s business, but not its debts, is transferred to a new, similar ‘phoenix’ company. The insolvent company then ceases to trade and might enter into formal insolvency proceedings (liquidation, administration or administrative receivership) or be dissolved.

75
Q

When must a firm register for regulation?

A

the Firm provides surveying services to the public
the Firm is operating in Regulated Area
at least 50% of the Firm’s Principals are RICS Members

76
Q

What are the registration eligibility criteria?

A

the Firm provides surveying services to the public and
at least 25% of the Firm’s Principals are RICS Members.

77
Q

Who is a Responsible Principal?

A

Condition A is that the Head of Regulation is satisfied that the person is appropriate to hold
that appointment.
Condition B is that the Head of Regulation is satisfied that the person:
a is able, through the exercise of executive leadership responsibility, to influence strategic
objectives of, and significant decisions made by, the Firm or
b reports directly to a person who is so able and can demonstrate they have been
delegated authority by the firm to fulfil the role of Responsible Principal.

Condition C is that:
a the person is an RICS Member or
b the person is not an RICS Member but the Head of Regulation is satisfied that:
i it is impracticable for the Firm to appoint an RICS Member and
ii the person selected has sufficient experience in, and understanding of, regulatory
compliance activities to carry out the duties of a Responsible Principal.

78
Q

What is the responsibility of a responsible principal?

A

ensure compliance with RICS regulations and standards

79
Q

What happens if a firm cannot comply with the eligibility criteria?

A
80
Q

What are the rules around use of the RICS logo and ‘Regulated by RICS’ designation?

A

he logo can only be used by a firm that is registered for regulation with RICS – a Registered Firm. It must be used appropriately and professionally. The RICS logo is a registered trademark and should not be used or altered without permission.

81
Q

When did these rules last change? use of the RICS logo and ‘Regulated by RICS’ designation

A

02 February 2022 - Rules for the use of the RICS logo and designation by firms - Version 6

82
Q

What changes were made? use of the RICS logo and ‘Regulated by RICS’ designation

A
83
Q

Tell me about the restrictions to the use of the designation ‘Chartered Surveyors’ by firms.

A
84
Q

What must be included in ToE relating to firm regulation?

A
85
Q

What is a locum and who might need one?

A

another professional who is appointed to ‘stand in’ for the surveyor if they are unable to work
A sloe trader may need one in the event of an accident/illness, unforeseen circumstances, prolonged absence (e.g. holiday or a sabbatical) or death.

86
Q

How could a sole trader set up their CHP using a locum?

A

Appoint a locum to ensure their CHP is run fairly and impartially

87
Q

What RICS guidance relates to handling client money?

A

Client Money Handling UK, 1st Edition October 2019
Effective form 01 january 2020

88
Q

When was this last updated? RICS guidance relates to handling client money

A

01 January 2020

89
Q

What do the RICS Rules of Conduct say about client money?

A

Members and firms must be honest, act with
integrity and comply with their professional obligations, including obligations to RICS
1.10 Firms keep client money safe and have appropriate accounting controls.
1.11 Members do not misuse client money and comply with controls intended to keep it safe.
1.12 Members and firms do not facilitate any financial crime including money laundering, tax
evasion, bribery or corruption. Firms have effective processes to prevent directors, partners or
employees from doing so.

90
Q

Explain your understanding of the RICS Scheme Rules relating to client money protection.

A

provides protection, as a last resort, in instances where an RICS Regulated firm is unable to repay a client’s money, up to the limits and …

91
Q

What are the main schemes available to firms?

A

general client money protection, covering money held by firms undertaking any surveying activities (Client Money …

92
Q

When were these last updated? client money handling

A

Changes as of 25 June 2020 ; New requirements and limits for all surveying services firms holding client money in the UK - 25 June 2020, No requirement ; New .

93
Q

What is the current compensation limit?

A

£50,000

94
Q

What does the annual regulatory review fee relate to?

A

The income generated from these fees covers the operational costs of the client money regulatory review visit programme. The fee is set based on the number of directors/principals in each firm,
which includes both RICS members and non-member individuals.

95
Q

What might client money include?

A

Rent, service charge

96
Q

How does this (Client Money) differ to office money?

A

The client account is for the client only

97
Q

What are some of the key principles of the RICS Professional Statement relating to client money protection?

A

must:
* hold all client money in a client money account over which the RICS-regulated firm has exclusive control at a bank or building society authorised by the relevant banking regulatory body for the jurisdiction
* not hold office money in a client money account unless it is a receipt of mixed monies where the office money is awaiting transfer
* ensure that money held in a client account is immediately available even at the
sacrifice of interest, unless other arrangements are in the best interests of the client
and the client has given express instructions in writing

98
Q

Explain the key themes from the RICS Futures 2020 Report.

A

population growth,

urbanisation

sustainability

99
Q

Explain the potential implications of the Hart v Large case.

A

the importance for surveyors of:

Being clear and advising clients on the survey level and scope of inspection, limitations and caveats

Recommending justifiable further investigation

Considering whether any new information provided after inspecting or reporting affects their original advice, and updating their advice if it is justified to do so

100
Q

Explain your understanding of precedent set in Burgess v Lejonvarn.

A

Whilst there was no contract between the parties, the Defendant did owe the Claimants a duty of care.

101
Q

What is the new maxim of RICS in relation to compliance?

A
102
Q

What do RICS set out as good practice for the use of social media in their Regulation document (June 2021)?

A

platforms can be an effective tool to advertise and promote professional services, provide reviews of services, as well as legitimately warning others about failures in services.

103
Q

Explain your understanding of the RICS Levitt review.

A

It was a treasury managmenet audit which looked to:

To consider the way in which the internal report was commissioned and dealt with and to determine whether there were any shortcomings
To consider whether any shortcomings represented a failure of governance
To make recommendations for the future.

104
Q

What is whistleblowing?

A

Whistleblowing is the term used when a worker passes on information concerning wrongdoing

105
Q

What does good governance mean to you?

A

sytems in place provide good structure and processes for decision making, accountability, control and behaviour.

106
Q

What are the key values of the interim Governing Council statement relating to ethics, behaviour and culture?

A

Integrity
We will reflect the behaviours that we ask of others and ensure that we act with
integrity in every aspect of our work.
Transparency
We will be transparent about what we do, how we are doing it and our use of
resources. We will be accountable to our members and stakeholders through the
information we publish about the outcomes we achieve and the value we deliver for
members and society. Our accountability will be underpinned by open and effective
governance.
Inclusion
We believe in the positive benefits of diversity of race, background, gender, sexual
orientation and physical abilities, thought and outlook, achieved through an
organisation where people feel included, valued, and able to thrive in their own
unique way.
Collaboration
We will seek out insight and feedback from members and stakeholders, listen to what
they say, and undertake activity in a collaborative way. We will also be open to
challenge and change, in pursuit of the highest professional standards.
Advocacy
We will not be afraid to speak up in the public interest on behalf of the profession and
our industry. Through regular commentary and campaigns on key issues, we will
become sponsors of positive change and increased awareness of issues relating to
the natural and built environment.
Passion
Our passion and dedication to the future of our sector will be unstinting. We will
redouble efforts to engage with the next generation of talent and go the extra mile
with training and development to create a sustainable future of which all members
can be proud.

107
Q

Explain what the Pandora Papers are and the ethical issues raised within them.

A

reveal hidden bank accounts, corporate ownership, and P.O. boxes set up in tax havens
the lack of transparency opens the door to money laundeering

108
Q

Explain what you understand by the RICS Bichard Review.

A

an independent review of the RICS’ purpose, governance and strategy.

The aim of the Bichard Review was to ‘create a new sense of purpose and direction so that RICS can once more stand tall as an exemplar professional institution, capable of tackling the challenges which will shape the way we all live in the years to come’.

Providing 36 recommendations.

109
Q

Explain some of the recommendations of the Bichard Review.

A

RICS should make it clearer how clients can complain or seek redress for inadequate service.

A Diversity and Inclusion Panel should be established to provide advice to the RICS Board and Standards and Regulation Board.

The RICS should reaffirm its commitment to work in the public interest and for public advantage.

110
Q

How will these recommendations be implemented by RICS?

A

Through five new working groups and three phases, which are set out in Chapter 7 of the Review

111
Q

How do professional integrity and professional ethics differ?

A

Ethics are principles that guide behaviour while integrity suggest we should carry out ethical principles.

112
Q

What is modern slavery?

A

situations of exploitation that a person cannot refuse or leave because of threats, violence, coercion, deception, and/or abuse of power

113
Q

What are red flags of modern slavery?

A

Appear to be under the control of someone else and reluctant to interact with others.
Have few personal belongings, wear the same clothes every day or wear unsuitable clothes for work.
Not be able to move around freely
may not have access to personal identification.

114
Q

Explain the implications of the Sanctions and Anti-Money Laundering Act 2018.

A
115
Q

What is the Sanctions List and why should you be aware of it?

A

UK financial sanctions apply to all persons within the territory and territorial sea of the UK and to all UK persons, wherever they are in the world. This means that:

all individuals and legal entities who are within or undertake activities within the UK’s territory must comply with UK financial sanctions that are in force

all UK nationals and legal entities established under UK law, including their branches, must also comply with UK financial sanctions that are in force, irrespective of where their activities take place

116
Q

Why was the Register of Overseas Entities introduced?

A

The register forms a key part of the government’s strategy to tackle global economic crime. It requires overseas entities that own UK property or land to declare their beneficial owners or managing officers. Overseas entities cannot buy, sell, transfer, lease, or raise a charge against land in the UK unless they’ve registered with Companies House.

117
Q

What are the six RICS values published as a result of the Levitt review?

A
118
Q

Explain the impact of the Economic Crime (Transparency and Enforcement) Act 2022.

A

An overseas entity must take reasonable steps to:

Identify their registrable beneficial owners.
Provide certain required information about those registrable beneficial owners to register them at Companies House.

overseas entities must send information notices to:

All registrable beneficial owners; or
Any person who might know a registrable beneficial owner’s identity.
Any person served with an information notice must respond within one month or risk criminal and financial penalties.

Ethics, Rules of Conduct & Professionalism (5 decks)

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