Long Lists Flashcards
What is the Governance Structure ?
“1. Privy Council
2. Governing Council
3. Standard and Regulations Board
4. RICS board management
5. Audit, Risk, Assurance and finance committee
6. Nominations and reumeration committee
7. World regional boards and market advisory panel”
What are the 7 recommendations made by Bichard?
“1. Renewed and improved focus on public interest of the RICS
2. Maintaining self regulation
3. Increased focus on diversity and inclusion
4.Focussing on regional support and renewing focus on younger members
5. Undertaking a review of the RICS every 5 years
6. A new simplified governance structure
7. Showing greater leadership on issues such as climate change and sustainability. “
What are the five benefits of being a member of the RICS ?
“1. Status - unrivelled client confidence
2. Recognition - promotion of professional excellence to global markets.
3. Market advantage - status and standards can provide a competitive advantage.
4. Knowledge
5. Network - access to 140,000 professionals worldwide.”
What information is required by the RICS for Firm regulation ? (RICS Financial return)
“1. Type of business and staffing details
2. Name of the responsible principal
3. Nature of Business
4. Statutory Activities (finance).
5. Complaints handling procedure
6. Personal Indemnity Insurance
7. Weather the client holds money “
What was the rationale for developing the new rules ?
“1.Simpler structure
2. Clear examples
3. Focus on diversity and inclusion
4. Understanding evolving technologies
5. Greater focus on tacking global challenges such as climate change”
What are the five ethical principals?
“1.Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to the RICS.
2. Members and firms must maintain their professional competence and ensure that services are provided by competent individuals who have the necessary expertise.
3. Members and firms must provide good quality and diligent service
4. Members and firms must treat others with respect and encourage diversity and inclusion.
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.”
What must regulated firms follow under the ROC app A (7 things)?
“1. Publish a complaints handing procedure - including ADR and a complaints log.
2. Ensure current and previous work is covered by PII.
3. If sole practitioner, make arrangements in the event of death or inability to work.
4. Cooperate with the RICS
5. Promptly provide all information requested by the standards boards and regulations.
6. Display literature in accordance with RICS policy.
7. Report any matter that they are required to report under the rules for registration for firms.”
What are the 3 levels of disciplinery action?
“1. Action by the Head of Regulation
2. Disciplinery panel
3. Appeal panel”
What 4 actions can the head of regulation initiate upon completion of their investigations?
“1.Serve a fixed price penalty
2. Make a regulatory compliance order
3. Refer the matter to a single member of the Regulatory tribunal for consideration.
4.Refer the matter to the disciplinery panel.”
What penalties are available for the Regulatory Tribunal Disciplinery panel?
“1.Issue a regulatory compliance order.
2. Fine
3. Reprimand
4.Impose conditions upon future continued RICS registration
5. Expulsion from membership or removal of firm.
6. Impose an unlimited fine per offense.
7. Publication of the results of the hearing.”
When would it be appropriate to decline an instruction ?
“1. If there is a conflict of interest.
2. If you are not professionally competent
3. If you do not have all the facts
4. If the proposed client will not sign the Terms of Engagement
5. If the Professional Indemnity Insurance Liability Cap cannot be agreed.
6. If the Client is on the UK sanctions list
7. If you would not make your decision public
8. If the advice is to a friend or on a probono basis.”
What is included within the CHP guidance?
“1. Complaints must be given in writing.
2. Notify proofessional indemnity insurance of the complaint or this could be neglifence.
3. Keep a complaints log.
4. Details of the complaints handling procedure must be issued to the client upon terms of engagement.”
What 6 areas of good practice are set out in this document? RICS Client Money 2019
“1. Holding Client Money
2. Providing information to clients
3. Receipt of client money
4 Payment from client accounts
5. Accounting record and control
6. Compliance”
What are the 6 principals of the Bribery Act 2010?
“1. Proportionality
2. Top level commitment
3. Risk assessment
4. Due Diligence
5. Communication
6. Monitoring and review”
What are the 4 offenses of the Bribery Act 2010?
“1. Bribing
2. Receiving a bribe
3. Bribing a foreign public official
4. Failing to prevent bribery”
What steps can a company take to prevent bribery?
“1. Identification of potential risks
2. Staff training
3. Provision of clear policies
4. Regular reviews.”
What are the provisions within the ML and TF Regulations?
“1. Requirement to have a money laundering and terrorist financing risk assessment.
2. Impliment systems, policies and controls to address ML and TF.
3. Adopt appropriate internal controls.
4. Provide Staff Training
5. Complying with requirements relating to PEPs.
6. AML checks - identifying purchasers source of funds
7. Additional high risk factors assessing the need for enhanced due diligence.”
Other requirements of the regulations include ?
“1. A limit of 1000 euros for the acceptance of cash
2. The ongoing business relationship should be monitored
3. Detailed record keeping of procedures
4. A nominated Money Laundering Reporting Officers must report suspicious activity to the national crime agency.
5. A firm must maintain records for a minimum of 5 years.”
What are the AML checks for a private limited company?
Proof of ownership
Name of directors
Company registration number
Certificate of incorporation
Four key points for PII?
“1. Policy should be fully retroactive (Cover all work covered by the past).
2. Certificates are sent to the RICS on an annual basis.
3. Early notification to insurers when a potential claim arises.
4. Adequate run off cover is required for when the firm stops trading.”
How can negligence claims be avoided or reduced?
“1. Clearly understand the clients objective and confirm these in the terms of engagement.
2. Ensure you are competent to undertake the instruction.
3. Undertake the work with relavent Professional Standard Information.
4. Make detailed notes and photographs
5.Keep up-to-date with market knowledge and legislation.
6. Cap the professional liability excess on you policy in the ToE.
“
What are the requirements for firm registration?
1) Type of business and staffing details
2) Name on responsible director
3) Statutory activities
4) Nature of business
5) Details of CHP including an ADR
6) PII
7) Weather the company holds client money
How do you close down a firm?
“Inform the RICS
Inform clients and arrange them to be handed over to a new firm
return any client money
Set up professional indemnity run-off cover for a minimum of 6 years.
Retain a copy of client file on record for a minimum of 6 years”
What procedures do surveyots need to be aware of when dealing with client money ?
“Client accounts must be kept separately and clearly identified
The word ‘client’ is on the bank account and check book
Client must be able to have their monies on demand
Payment of Interest is agreed with a client and accounts must be kept in order.
Accurate records must be kept with a running balance.”
What are the types of negotiation?
“Competition (win-lose)
Collaboration (win-win)
Compromise (split the difference)
Accomodation (lose-win)
Avoidance (lose-lose)”
What is the 6 stepped approach to risk assessments?
“1. Identify the Hazards
2. Identify the people at risk from the Hazards
3. Evaluate the risk (likelihood and severity).
4. Record findings.
5. Review risk assessment regularly
6 Advise all those affected by the outcome of the risk assessment and the precautions to minimise or eliminate the risk.”
What are the statutory obligations of a commerical/residential property owner?
“1. Asbestos management
2. Contamination
3. Fire safety
4. Health and Safety
6. EPC
7.Legionnaires
8. Waste management”
What is the structure of the RICS Professional Statement Surveying Safely ?
“1. Personal responsibilities for the RICS members and firms
2. Assessing hazards and risks
3. Workplace health and safety
4. Occupational hygiene and health
5. Visiting premises and sites
6. Fire safety
7. Residential property surveying
8. Procurement and management of contractors.”
What 4 things must RICS regulated firms ensure they provide?
“1. A safe working environment
2. Safe work equiptment
3. Safe systems of work
4. Competent staff”
What is the Heirachy of Hazard Control ?
“Heirarchy of hazard control is a system used in industry to minimize or eliminate exposure to hazards.
Elimination
Substitution
Engineering Controls
Administrative Controls
PPE”
