Other Flashcards
Explain the key themes from the RICS Futures 2020 Report.
Themes: shape the surveying sector in response to global trends
Concepts for Change:
* Roads made out of plastic
* Utility from big data
* Drone technology
* Protect cities from climate change
* Ethics data and the built environment
Explain your understanding of precedent set in Burgess v Lejonvarn.
- Professionals who provide services graciously and without a contract owe a duty of care in tort to act with reasonable care and skill in respect of the services provided
- They are under no duty to advise or give warnings and they will not be liable for work they do or do not do
Explain your understanding of the RICS Levitt review.
- RICS commissioned a Treasury Management audit in 2018
- Four non-executive Board members then raised concerns that the audit had been suppressed and were dismissed from the Board.
- RICS Governing Council commissioned the Independent Review in January 2021
- In short, sound governance principles were not followed by RICS
- The review found that the non-exec Board members’ concerns were legitimate and they were wrongly dismissed
- A key contributing factor was the lack of clarity around the roles and responsibilities of the various RICS Boards, senior leadership and management
- Prior to the report’s publication, a number of key RICS figures stood down including the CEO and President
- The review contains 18 specific recommendations including recommendations on governance, executive remuneration, whistle blowing and legal advice. The RICS Governing Council accepted all recommendations
What is whistleblowing?
When a worker provides information about activity that is deemed illegal, immoral, illicit, unsafe or fraudulent which has come to their attention, usually to the employer or regulator
What does good governance mean to you?
- Transparency
- Integrity
- Lawfulness
- Sound policy
- Participation
- Accountability
- Responsiveness
- The absence of corruption and wrongdoing
What are the key values of the interim Governing Council statement relating to ethics, behaviour and culture?
- Integrity
- Transparency
- Inclusion
- Collaboration
- Advocacy
- Passion
Explain what the Pandora Papers are and the ethical issues raised within them.
- The Pandora Papers revealed that high-level officials, oligarchs and billionaires are using shell companies to move wealth offshore, anonymously buying real estate or luxury goods, and avoiding paying huge sums of tax revenue
- The Papers revealed the inner workings of a shadow financial world exploited to hide the wealth (and hypocrisy) of democratically elected leaders
- Security and intelligence services are also worried that offshore financial services are used as a vehicle for financing acts of terror.
- Commentators are calling for stricter regulations and anti-money laundering laws, as well as measures to make financial service companies and banks more accountable for enabling (knowingly or not) organised crime or terror networks
Explain what you understand by the RICS Bichard review.
- An independent review of the RICS’ purpose, governance and strategy
- Commissioned in December 2021 following the Levitt Review
How will these recommendations be implemented by RICS?
- Governing Council are working to implement all of the recommendations
- This will be through 5 new working groups and 3 phases, which are set out in Chapter 7 of the Review
How do professional integrity and professional ethics differ?
“Ethics” are principles that guide behaviour, while “integrity” suggests that we should carry out ethical principles in our daily lives and activities, rather than adopting an ideal and then doing something contradictory
What is modern slavery and how would identify red flags of it?
- Trafficking into criminal activities like cannabis farming, sexual exploitation, domestic slavery
- Forced labour on farms, in construction, shops, bars, nail bars, car washes or manufacturing
- Rarely allowed to travel on their own
- Appear to be under the control of others
- Tend not to interact with other people
- Seem unfamiliar with their neighbourhood or where they work
- Don’t have access to their personal identification
- Few personal possessions
Explain the implications of the Sanctions and Anti-Money Laundering Act 2018.
- Enabled the UK to create its own sanctions framework rather than adopting EU or UN models
- Made provisions for the purposes of the detection, investigation and prevention of ML and TF
What is the Sanctions List and why should you be aware of it?
- The UK government publishes the UK Sanctions List, which provides details of those designated under regulations made under the Sanctions Act
- The list also details which sanctions measures apply to these persons or ships, and in the case of UK designations, provides a statement of reasons for the designation
- Important to use for CDD checks
Why was the Register of Overseas Entities introduced?
It was introduced to address concerns regarding a lack of transparency around who ultimately owns land in the UK
What are the six RICS values published as a result of the Levitt review?
- Integrity
- Transparency
- Inclusion
- Collaboration
- Advocacy
- Passion
