Annual Report 2012/2013 Professional Standards Councils
Tabled paper 503
Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT
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Annual Report 20121317 Case Study Australian Property Institute Valuers (APIV) Limited is a subsidiary of the Australian Property Institute (API), the association for Australian property professionals. APIVs primary role is to set and maintain the highest standards of professional practice, education, ethics and conduct for its property valuer members. When the property market began declining, some parties were dissatisfi ed with their reduced valuations and took legal action, which damaged the industrys reputation. The situation was not helped by the fact that some valuers did not uphold the standards API demanded. As a result, some professional indemnity insurers were reluctant to provide cover, while others raised premiums to unaffordable levels. There was also no limit to valuers liability they could still lose everything regardless of the extent of their insurance cover. To address these and other issues, APIV worked with stakeholders to establish consistent standards of practice, ethics and conduct. After setting up plans to implement these requirements, APIV successfully applied for a Cover of Excellence scheme. The industry recognises that APIV has improved its professional standards by implementing risk management strategies and adhering to professional indemnity insurance standards. There is now a common set of standards and processes that everyone members, insurers, brokers, underwriters and APIV must follow, said Betty Lehman, National Professional Indemnity and Compliance Manager. Because we can regulate our members activities, we have effectively removed the risks that made insurers wary of our industry, resulting in more stable premiums. Our members risk of liability is reduced. Consumers can also be confi dent that their valuer is not only properly qualifi ed and adheres to the highest standards of professional practice and conduct, but is also monitored and randomly audited to ensure compliance, she added. Another benefi t is that members are enjoying improved services. For example, APIV will review insurance contracts, negotiate and review engagement terms, and assist members with dispute resolution and claims settlement. The Cover of Excellence scheme provided the impetus we needed to evolve and enhance our services and processes, said Lehman. The scheme changed the way we worked with each other and our stakeholders. Its changed our culture and our profession. APIV REDUCES RISK for valuers and protects consumers APIV APIV IS A SUBSIDIARY OF THE AUSTRALIAN PROPERTY INSTITUTE, THE ASSOCIATION FOR AUSTRALIAN PROPERTY PROFESSIONALS. APIV WORKED WITH STAKEHOLDERS TO ESTABLISH CONSISTENT STANDARDS OF PRACTICE, ETHICS AND CONDUCT.
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