Rules/Ethics/Conduct

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Mind Map on Rules/Ethics/Conduct, created by lpwhitaker88 on 04/25/2014.
lpwhitaker88
Mind Map by lpwhitaker88, updated more than 1 year ago
lpwhitaker88
Created by lpwhitaker88 almost 11 years ago
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Resource summary

Rules/Ethics/Conduct
  1. Fee Negotiations
    1. RICS Guidance Note on Professional Ethics (2000) 'Firms should avoid price fixing, aggressive fee cutting or collusion with competitors'
      1. Fee's should be market based and agreed on an ad-hoc basis with clients
        1. You can enter into further fee negotations with a prospective client after submitting initial fee proposal, as long as you act in a professional manner and don't enter into aggressive fee cutting with competitors
          1. You may wish to vary your level of service however when renegotiating
    2. Gifts, hospitality, bribes and inducements
      1. Hospitality, promo and other business expendiuture which seeks to genuinely promote and improve the key of a firm , is an accepted and key part of doing business
        1. However if accepting a gift, hospitality, payment, bribe or inducement could give the impression that you or your firms impartiality may be compromised, this is illegal and contradictory to the standards of an RICS member
          1. With any question on this: consider:
            1. Bribery Act 2010
              1. Professional objectivity, opennes and transparency
                1. Tax implications and money laundering
                  1. Employment contract details
                2. came into force 1st July 2011
                  1. corporate criminal offence of failing to prevent bribery
                    1. Based on 6 principles
                      1. Proportionality
                        1. Top level commitment
                          1. Directors downwards
                          2. Risk Assessment
                            1. Only really get cash payments when tenants sign up and for survey fees, anything different to this we treat with risk and reject
                            2. Due diligence
                              1. e.g. follow up references.
                              2. Communication
                                1. to ensure act is communicated and trained internally and externally. All companies need to train
                                2. Monitoring and review
                                  1. Regular
                                    1. All companies need to have written anti-bribery guidance and associated training in place
                                      1. No cash payments of more than £1,000
                                  2. (Prob a top risk due 2 com-mon)
                                  3. Firms are responsible unless they can show they have adequate procedures in place
                            3. Be weary of lavish corporate entertainment dressed up as hospitality
                              1. Reasonable and proportionate hospitality is not prohibited and doesn't constitute and offence e.g. tickets to a major music/sporting event and taking clients for meals as long as it is accurately recorded in gift/hospitality register
                                1. Always consider if your professional judgement may be compromised if you accept and whether it could be seen from somebody externally as a bribe or inducement at the present time or in the future
                              2. Illegal to give hospitality in the hope of winning business
                            4. Penalties
                              1. Policed by the SFO (Serious Fraud Office)
                                1. 10 years imprisonment and/or unltd fine for individuals or companies
                            5. Pro bono work
                              1. e.g. if advice is for a friend or pro bono e.g.free of charge for a charity, reject if pii doesn't cover work carried out on a personal basis
                              2. Money Laundering Regs 07
                                1. No cash payments in excess of £10,000 or 15,000 euros
                                2. Cilent Confidentiality
                                  1. RICS Bye laws
                                    1. Client confidentiality must be maintained for all client affairs
                                      1. If a third party wants to access files you must get your client's approval first unless it is a statutory order
                                        1. All old files should be hold for a minimum 6 years before disposal and secure destruction
                                          1. If a surveyor overhears a confidential piece of info regarding a party who is not his client e.g. cc'd in on an email address, he cannot use this for his own purposes. Record a note to firms data compliance officer any any confidential material receivesd in error should be securely disposed
                                        2. CHP & ADR
                                          1. Stage 1 (in-house) written complaint to complaints handling officer, acknowledge receipt within 7 days, investigated within 28 days. Reason given before 28 days if full response won't be available by then
                                            1. Stage 2 (ADR - Third party resolution). Independent redress scheme as approved by RICS Regulatory board. We have chosen The Ombudsman Service : Property.
                                              1. There is also Property ombudsman service and RICS Dispute resolution service
                                              2. All complaints, progress and outcomes should be recorded in a complaints log
                                                1. Not the RICS job to get involved, will only intervene if a member fails to respond to complainant or prevents access to ADR
                                                2. Negligence
                                                  1. Limitation Act 1980
                                                    1. Contract
                                                      1. 6 years from date of breach is contract or 12 years from the date of breach if a deed
                                                      2. Tort
                                                        1. 6 years from date of damage or 3 years from date of knowledge of damage, subject to a 15 year long stop
                                                      3. Avoidance
                                                        1. Understand client's objectives and confirm precise instructions in writing in TOE's
                                                          1. Check you are competent
                                                            1. Undertake in accordance with RICS standards
                                                              1. Make detailed file notes/photos etc
                                                                1. Keep up to date with market knowledge / legislation and quality focused CPD
                                                      4. CPD
                                                        1. Formal - 10 hours
                                                          1. Structured learning with clear objectives and outcomes
                                                            1. online training, courses
                                                          2. Informal - 10 hours
                                                            1. Any self managed learning related to professional role
                                                              1. private study, on the job, informal knowledge sharing seminars
                                                            2. Min 20 hours per year
                                                              1. Ethical element once every 3 years
                                                                1. Record using CPD management system online or on app
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