New Rules of Professional Conduct Effective Date Postponed from 28 February to 4 April 2021
Published 26 February, 2021
In October 2020, the API announced that the new Rules of Professional Conduct (Rules) would come into effective on 28 February 2021.
As a result of recent, important member feedback as well as feedback from the API Complaints Committee, the Rules have been updated and approved by the Board with an effective date of 4 April 2021.
The recent updates to the Rules have provided more clarity to the new Rules. The updates have not changed the intent or purpose of the Rules instead they have clarified the new Rules “… to ensure that high standards of professional behaviour are observed by all members.”
The following clarifying updates have been made to the Rules:
Major Clarifying Changes
- Removal of defined terms for ‘Valuation’ and ‘Restricted Assessment’.
- To follow the IVS glossary definitions, the addition of defined terms for ‘may’, ‘must’, and ‘should’. These will apply throughout the Rules.
- Updated/re-worded some of the ‘rules’ to provide additional clarity and guidance on what is required to comply, including those situations when a Member must notify the API of a finding of professional misconduct against them.
Minor Clarifying Changes
- Combining the previous rules relating to full inspection valuations and restricted/limited inspection assessments into one rule ‘Undertaking Valuations’.
- All defined terms are italicised throughout the document. No longer capitalised, which assists with the reading and understanding of the document.
- Definitions section moved to the start of the document and applicable to all the Rules.
- Relocating ‘Statutory Valuations’ rule to before ‘Student and Provisional Members’ rule.
- Combining the former Appendix 1 – Rules for Valuers in the main rules.
The API encourages all Members to read the new Rules, which are available here.
What version is current?
The new Rules will come into effect from Sunday 4 April 2021. The existing Code of Professional Conduct (dated 15 June 2015) remains in effect until 4 April 2021. The 28 February 2021 Rules are obsolete.
An online education module will be released to members on the new Rules to ensure that all members are up to date with the changes and members can practically use the Rules, as guiding principles, on a day-to-day basis.
If there are any questions or comments regarding the new Rules, please do not hesitate to contact us at [email protected].
Posted on March 1, 2021
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