M - Ethics Flashcards
What are the five rules of conduct?
- Members and firms must be honest, act with integrity and comply with their professional obligations, including obligations to RICS.
- 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.
- Members and firms must treat others with respect and encourage diversity and inclusion.
- 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.
Can you tell me what PI is?
Professional indemnity (PI) insurance
Commercial policy designed to protect business owners, freelancers and the self-employed if clients claim a service is inadequate.
What is bribery legislation
Bribery Act 2010
What is a conflict of interest? Have you ever had one?
Anything that impedes someones ability to act impartially and in the interest of the client
Example of some of the RICS documents around ethics
- Rules of Conduct 2021
- Risk, Liability and Insurance 2021
- Rules of Registration for Firms - Version 7 2020
- Conflicts of Interest 2017
- Client Money Handling 2019
- Countering Bribery and Corruption, Money Laundering and Terrorist Financing 2019
How do you deal with a tender that is returned late?
- Public sector - Docs cannot be accepted
- Private sector - Should be discussed with client but safest option is not to consider (potential fraud and collusion)
If you wanted to set up your own business what would you need to do?
- Register with RICS
- Set up insurances, CPD and training
- Put in complaints handling procedure
- Open separate bank account for holding client money
What is the difference between formal and informal CPD?
Formal may have a test at the end
What are the offences under the bribery act?
Active bribery - Giving bribe
Passive bribery - Accepting bribe
Bribery of a foreign (non UK) public official
Failure to prevent a bribe
What is RLBs gift policy?
- Put on Gift register.
- Generally accepted if it is reasonable and reciprocal.
- Not to be accepted at times where it may affect your ability to act impartially.
- Reasonable and reciprocal – cup of coffee at a site walk around, return the gift on the next one.
Why do you want to become a member of the RICS?
- Gold standard across the industry
- Personal goal
- More well-rounded professional
- Some clients may request MRICS on projects
Please explain your understanding of the Birchard review
- Independent review of RICS purpose, governance & strategy
- Review advised on 36 recommendations
- Commercial activity separated
- RICS matrix to give younger members a stronger voice
- Diversity & inclusion panel to be set up
- Improvement of technology within RICS
What are the new RICS PI requirements 2022
- Firms must ensure previous and current work is covered by adequate PI cover that meets RICS standards
What are the general requirements regarding Professional Indemnity insurance set by the RICS
– Must be made on each & every claim basis
- RICS sets out minimum levels
- Policy must be fully retro-active
- Max levels of uninsured excess/run off cover must be in place/ policy to cover past/present employees/directors
What is the RICS CPD policy for members
- Minimum 20 hours each year (10 formal)
- Ensures members maintain and enhance their professional knowledge
