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Professional indemnity crisis pushes new quality standards
Australia’s property valuers and certifiers are banding to develop a new scheme of professional standards to ensure a “robust industry” with high professional standards that will better protect consumers in the wake of a professional indemnity “crisis”.
The Australian Property Institute Valuers Limited (APIV) has indicated that it will be partnering with the Association of Accredited Certifiers (AAC) to develop the AAC’s Professional Standards Scheme (AACPSS).
Such a scheme will see the occupational liability of eligible AAC members capped.
API CEO Amelia Hodge outlined that “to operate effectively, we need a robust industry with high professional standards and an accessible PI market that together act to protect consumers”.
She said, “The API is committed to helping improve outcomes for all parties in any way we can, and we are therefore very pleased to be in a position to partner with the AAC to develop a PSS with the APIV.”
The APIV was first established in 2010 by the Australian Property Institute to administer the APIV Professional Standards Scheme for those API members undertaking valuations of real property.
AAC CEO Jill Brookfield said the AAC “believes that the development of the AACPSS demonstrates our commitment to improving the professional standard of our industry and protecting the interests of consumers throughout NSW”.
She said the professional indemnity crisis facing accredited certifiers “poses a serious risk to the entire construction industry and to the public, and we are committed to working with industry partners to develop long-term solutions”.
“We look forward to working with the APIV on this important initiative, which demonstrates our shared commitment to continually drive improvements in the industry,” Ms Brookfield commented.
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