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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.

Update: New Australian Property Institute Valuers Limited Professional Standards Scheme 2021-2026

APIV Scheme Renewal Application 2021-2026

The API is proud to announce that its Australian Property Institute Valuers Limited (APIV) Professional Standards Scheme renewal application for 2021-2026 has been considered by the Professional Standards Councils (PSC) and is now open for public consultation.

Read the full update here.

 

Documentation

  1. The PSC’s Notice of the proposed APIV Scheme
  2. The proposed APIV Scheme Instrument
  3. The APIV Public Consultation Document

 

What are the benefits of being an APIV Scheme Member?

 

 

Enhanced consumer protection
  • Guaranteed adequate compensation Arrangement under PSS
  • Risk Management Strategies based on claims, complaints and audit outcomes and analysis
  • Higher level of standards and quality reports
Enhanced professional risk profile for Members
  • Complaint culture within Membership
  • Stakeholder engagement and education
  • Risk management strategies based on claims, complaints and audit outcomes and analysis
Member benefits
  • Capped Liability
  • Recognition as a profession by PSC
  • External recognition and preferential treatment to non-PSS members (eg. Government contracts, insurers)
  • Enhanced professional risk profile and PI insurance availability
  • Mitigation of personal liability
  • Lower PI insurance premiums
Strong established stakeholder relationships
  • Ongoing stakeholder engagement (eg. Government, Insurance stakeholders, Banks) and consultation of issues affecting profession and related industries
  • Strong relationship with the regulator, Professional Standards Councils
Well-established scheme run by an expert team
  • Know-Hows from 7 years of Scheme Administration
  • Robust enforcement of API and APIV Standards
  • Smooth Administration of PSS
Enhanced PI insurance availability within profession
  • Certainty in insurable Limits. Mitigation of premium pool depletion via capped liability and appropriate exclusions
  • Enhanced long-term PI insurance availability and affordability

Who must join the APIV Scheme?

Membership of the APIV Scheme is currently restricted to members of the API who are practising real property valuers and hold the following API membership/certifications:

All eligible API members must join the APIV Scheme, unless exempted by the APIV.

 

What will be my obligations when I become an APIV Scheme member?

An APIV Scheme Member needs to observe and comply with:

  • the Policies of the APIV and the API;
  • any codes of professional conduct and ethics set out by the API;
  • any practice standards or guidelines set out by the APIV and the API;
  • any valuation and property standards set out by the API; and
  • any Policies or rules relating to CPD requirements prescribed by the APIV and the API.

 

APIV Scheme Resources