Ethics Revision Session

Question 1

Why is it important for an RICS-regulated firm to have a Complaints Handling Procedure (CHP)?

Answer 1

• Ensures transparency, Protects the client and Demonstrates taking responsibility
  whilst promoting trust, aligning to the RICS Rules of Conduct

A well-defined CHP is essential for maintaining trust and accountability in professional services.

Question 2

How would you respond to a Complaint being submitted to you?

Answer 2

• Refer to my company’s Complaints Handling Procedure (Aligns to RICS)
• Acknowledge the complaint within 7 days
• Provide a detailed response within 28 days
• Refer to mechanisms for redress if client is not satisfied
• Reflect on the complaint for improvement
• Notify PII insurer

Following these steps ensures a structured and timely response to complaints.

Question 3

What dispute resolution methods are available?

Answer 3

• Negotiation
• Mediation
• Conciliation
• Adjudication
• Arbitration
• Litigation

These methods provide various avenues for resolving disputes without resorting to litigation.

Question 4

What is the difference between adjudication and arbitration?

Answer 4

• Adjudication: fast, statutory process, temporarily binding decision
• Arbitration: formal process under the Arbitration Act 1996, final and binding decision
• Adjudication can be referred to Arbitration
• Arbitration is very limited grounds to appeal but can through Litigation

Understanding these differences is crucial for selecting the appropriate dispute resolution method.

Question 5

What is the RICS Matrics?

Answer 5

• Young professionals’ network within the RICS
• Supports early-career surveyors with networking, mentoring, and professional development

RICS Matrics plays a vital role in fostering the growth of young professionals in the surveying field.

Question 6

What is your company’s PII Cover?

Answer 6

£15m per claim

Professional Indemnity Insurance is essential for protecting against claims arising from professional services.

Question 7

Are you aware of any RICS Charity Organisations?

Answer 7

• LionHeart: supports RICS Professionals
• Offers financial assistance, wellbeing, and career support

These organizations provide valuable resources for professionals in need.

Question 8

What is Run off Cover?

Answer 8

• Professional Indemnity Insurance maintained after a firm ceases trading
• Protects against claims arising from past work

Run off Cover is crucial for safeguarding against future claims after a firm has closed.

Question 9

What is the RICS Requirement for Run off Cover?

Answer 9

• Maintain run-off cover for a minimum of 6 years
• Can be 12 years if signed as a deed
• Some can extend to 15 years

Compliance with these requirements is essential for protecting against claims after a firm has ceased operations.

Question 10

Are you aware of any legislation within the UK around Bribery?

Answer 10

The Bribery Act 2010

This act is the principal legislation addressing bribery and corruption in the UK.

Question 11

What is the Bribery Act 2010?

Answer 11

The UK’s principal anti-corruption legislation regarding bribery, extending worldwide to UK citizens and organizations

It establishes legal frameworks for preventing bribery and corruption.

Question 12

What are the penalties under the Bribery Act 2010?

Answer 12

• 10 years imprisonment
• Unlimited fines

These penalties highlight the seriousness of bribery offenses under UK law.

Question 13

How must RICS Regulated firms include for Anti-Bribery?

Answer 13

• Clear Anti-Bribery Policy
• Staff Training & Awareness
• Risk Assessment of Bribery Exposure
• Monitoring and Review of Procedures

Implementing these measures is essential for compliance and ethical conduct.

Question 14

What are the principles for the Bribery Act?

Answer 14

• Proportionality
• Top Level Commitment
• Due Diligence
• Risk Assessment
• Communication & Training
• Monitor & Review

These principles guide organizations in establishing effective anti-bribery measures.

Question 15

What is your company’s ABC Policy?

Answer 15

• Zero tolerance for bribery (No offer, receive, give, accept or request a bribe)
• Complies with the Bribery Act 2010
• Gifts/Hospitality must be reasonable and proportionate
• Any gifts or hospitality must be logged in the Gifts/Hospitality Register

A clear ABC Policy is vital for maintaining ethical standards in business practices.

Question 16

Response to any gifts in accordance with T&T Policy.

Answer 16

• Decline anything perceived as influencing professional judgment
• Gifts over £25 must be declared and recorded in the Gifts & Hospitality Register

This policy ensures transparency and integrity in professional relationships.

Question 17

What factors should be considered in a Scenario Based question regarding Gifts/Hospitality?

Answer 17

• Value of the gift (must be reasonable and proportionate)
• Timing of the gift
• Determine if the gift is for me or the team
• Generally, if it could be perceived as influencing my professional judgment than I would decline.

Evaluating these factors helps in making ethical decisions regarding gifts and hospitality.

Question 18

What is a Bribe?

Answer 18

Offering something to influence their actions or decisions.