Conduct rules, ethics and professional practice Flashcards Preview

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Flashcards in Conduct rules, ethics and professional practice Deck (55)
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1

What is RICS Definition of Ethics?

Giving one's best to Ensure the client's interest are properly met, whilst also recognising and respecting the wider publics' interests. 

2

What teams make up the RICS Governance?

It is made up of 4 Teams. 

- Governing Council - Simon Prichard UK Chair

- Presidential Team - Chris Brooke RICS President

- Executive Team - Sean Tomkins CEO

- Regulatory Board - Stephen Haddrill Global Reg Chair

3

What are the RICS Global Standards?

  1. Service - Always provide a high standard of service
  2. Integrity - Always act with integrity 
  3. Respect - Treat Others with respect
  4. Responsibility - Take responsibility 
  5. Trust - Act in a way that promotes trust in the profession.

4

What rules set out the standards of professional conduct and practice expected of members and firms registered for regulation by RICS.

RICS rules of conduct for members

RICS rules of conduct for firms

5

What are the RICS Five Principles for better regulation?

  1. Proportionality 
  2. Accountability 
  3. Consistency 
  4. Targeting 
  5. Transparency 

6

What are the rules of conduct for members (9 in total)?

  1. Interpretation of a member; Chartered, Non-Chartered, Honorary, Members of attached classes. 
  2. Communication used by RICS; Post, Fax, email, In person, Telephone
  3. Ethical Behaviour
  4. Competence
  5. Service
  6. Continuing Professional Development (CPD)
  7. Solvency
  8. Information to RICS Submission; timely manner
  9. Cooperation; with RICS Staff and Reg Board 

7

What are the rules of conduct for firms (15 in total)?

  1. Interpretation of a member; Chartered, Non-Chartered, Honorary, Members of attached classes. 
  2. Communication used by RICS; Post, Fax, email, In person, Telephone
  3. Ethical Behaviour
  4. Competence
  5. Service
  6. Training and CPD
  7. Solvency
  8. Information to RICS Submission; timely manner
  9. Cooperation; with RICS Staff and Reg Board
  10. Compaints Handling; 
  11. Clients' Money; preserve security 
  12. Professional Indemnity Insurance;
  13. Advertising
  14. Arrangements to cover the incapacity or death of a sole practitioner
  15. Use of Designations

8

What are the CPD requirements for a MRICS?

A min of 20 hours every year. 10 formal, 10 informal. 

Formal - structured training, learning that has objectives or an assessment afterwards. 

 

Informal- Private Study and reserach

9

When must CPD be recorded by?

End of December, record on online CPD portal.

10

What are ethics CPD requirements?

One CPD on ethics per year.

11

How should a complaint be dealt with?

Should be acknowledged within 7 days of receipt and responded to in full between 20-28 days.

If a complaint is issued to independent third-party then Inurers need to be notified of complaint. 

12

Who manages complaints at the RICS?

Head of regulation

13

What does a firm need to do to conform with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017?

- Money Laundering and terrorist financing risk assessment

- Implement systems, controls and procedures to address terrorist financing risk assessment

- Apply above across firms structure

- Adopt appropriate internal controls

- Provide training for staff

- Comply with CDD EDD and SDD

- Comply with regulations for PEP

- Record keeping and data protections are compliant

14

Why would you want to be a member of the RICS?

- Part of a large network of  around 130k other members

- international recognition by clients and peers

- competitive advantage

- known mark of quality

- consumer protection for clients due to strict rules of conduct 

- global professional ethical standards

15

Where are hearings posted for claims/cases against surveyors?

In the back of Modus.

16

Why should a chartered surveyor remain solvent?

- It's a rule for members and firms (rules of conduct) - Could be vulnerable to bribery - Doesn't promote trust in the profession.

17

Why do firms have to have PI insurance?

- To protect the client in the case of poor advice. - It's a rule for regulated firms (rules of conduct)

18

Why do chartered surveyors have to do CPD?

- It's a rule of conduct - Market, technology, economy, regulations change, need to keep up to date to offer client informed advice

19

How much PI cover must a regulated firm have?

Turnover £ 100,000 or less = £ 250,000 limit of indemnity £ 100,001 to £ 200,000= £ 500,000 limit of indemnity Over £ 200,00 = £ 1,000,000 limit of indemnity

20

Where can you find out more about PII requirements for RICS firms?

RICS regulation - Professional indemnity insurance requirements (Version 5 with effect from 2 July 2019)

21

What must you do if you were to set up a firm of chartered surveyors?

- State if you are to handle clients money. If so, confirm arrangements for handling clients money - Complaints handling procedure - PII (estimate turnover to calculate) - 50% must be MRICS (until Feb 2020, reduces to 25%) - Company name, number - What the professional service you are offering - Provisions in place for incapacity or death of sole practitioner

22

What would handlings client money procedures have to state?

- Bank account must have "client" in the name - Account must be separate - State arrangement for interest - Transparent with reconciliation - Fast access

23

What are your company's complaints handling procedure?

@@@@@@@@@@@@@@@@@@@ Complaint made Sent to complaints handling person for review Acknowledged Respond Third party organisation used should complainer not be satisfied

24

What is the RICS complaints handling procedure?

@@@@@@@ 28 days

25

What are the RICS global professional and ethical standards?

- Take RESPONSIBILITY - Treat others with RESPECT - Act with INTEGRITY - Provide a high level of SERVICE - Promote TRUST in the profession

26

Give an example of a high level of service.

- Prepare comprehensive handover notes before annual leave, always be available to take a call or reply to an email - Client commendation

27

What does promoting trust in the profession?

- Be careful of your actions outside of the workplace, social media etc. - Promote the profession to external acquaintances

28

What would you do if your colleague was acting outside of the Global Professional and Ethical Standards?

- Ascertain the facts to ensure they are acting outside of the rules - Use ethical decision tree to confirm - Remind them of the rules - If no change, report to RICS

29

What is your company's gift policy?

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30

What does the RICS say about bribery?

RICS have just released: RICS professional standards and guidance GLOBAL "Countering bribery and corruption, money laundering and terrorist financing February 2019."