What is the APIV Professional Standards Scheme?
The Australian Property Institute Valuers (‘APIV’) Professional Standards Scheme (‘Scheme’) is an instrument approved under the Professional Standards Act 1994 (NSW) (‘the Act’) and regulated by the Professional Standards Councils (‘PSC’).
The APIV’s current Scheme came into force on 1 September 2016. The Scheme is recognised in all jurisdictions under mutual recognition provisions in the respective professional standards legislation and will expire on 31 August 2021.
The Scheme binds the APIV to monitor and enforce members’ compliance obligations, thereby contributing to the improvement of professional standards of its members. Provided the participant satisfies the various compliance requirements, the Scheme enables APIV members to plead their Scheme membership as a defence to ‘cap’ their occupational liability to the amount of their Monetary Ceiling under the Scheme in the unfortunate event that they are pursued in court.
Further, the approval of the Scheme by the PSC means it is recognised as a professional standards scheme. This distinguishes the APIV and its members as a recognised profession, as well as evidencing the commitment of the API and APIV and their members to maintaining high professional standards.