5 Benefits of being an RICS member
Status
Recognition
Market advantage
Knowledge
Network
Requirement for registration with the RICS
If 50% of principles in the firm are RICS members then must be registered
If 25% are members - can be regulated
Each firm must nominate a ‘responsible principal’ for ensure compliance with rics registration
Three types of Conflict
Party - working on the same or related instruction for two different parties
Own interest - personal interest
Confidential information - work between 2 parties that is confidential
Legislation that guides conflicts
RICS professional standard: conflict of interest 2017
Levels of Professional Indemnity Insurance
Turnover £100,000 or less - £250,000 pf Cover
Turnover £100,001 to £200,000 - £500,000 of cover
Turnover £200,001 or more - £1,000,000 of cover
Found in the RICS Professional Indemnity Insurance Requirements 2024
Run off cover
Appropriate level compared to turnover for a period of 6 years
Legislation governing handling client money
RICS Professional Standard: Handling client money, 2019
Starting up a practice
Inform RICS
Appoint a responsible principal
Register with RICS
Arrange PII
Set up procedure for handling client money
Set up complaints log
Appoint a complaints handling offier
Get a logo compliant with RICS
Closing a practice
Inform RICS of closure
Inform clients of closure
Ensure client money is returned
Inform insurers and put in place run off cover
Retain a copy of client files and records for a minimum of 6 years
Legislation around bribery
Bribery act 2010
Four offences of bribery
Bribing
Receiving a bribe
Brining a foreign official
Failing to prevent a bribe
Key provisions of Money laundering, terrorist financing and transfer of funds regulations 2017
AML and terrorist financial written risk assessment
Implement systems and controls to prevent them
provide staff training
comply with new customer, enhanced and simplified due dilegence
comply with requirements for PEPs
Health and Safety legislation
Health and safety at work act 1974
What is a method statement
document that details the way a task or process is to be completed, outlining the hazards and control measures
main duty holders in cdm
client
principal designer
principal contractor
Legislation covering cdm
CDM regulations 2015
Contents of public limited company accounts
chairmans statement
independant auditors report
income statement (profit and loss)
statement of financial position (balance sheet)
corportae governance report
renumertaon report
Balance Sheet (statement of financial position)
statement showing a companies financial position, showing assets and liabilities at a given date
Assets include cash, property, debtors and other investments
Liabilities include borrowings, overdrafts, loans and crediotrs
Profit and Loss (income statement)
summary of a businesses income and expenditure, usually prepared on an annual basis
Legislation governing gdpr
General data protection regulation and data protection act 2018
Protected characteristics
9 of which
gender
sex
sexual oritentation
age
disabiulity
race
religion
marriage
pregnancy
