3 October 2016
A review of the Licensed Valuers Code of Conduct 2011 (old Code) under the Land Valuers Licensing Act 1978 has been completed following a consultation period held in April and May of this year that provided industry members with the opportunity to make comment on the proposed changes to the Code.
The Licensed Valuers Code of Conduct 2016 (new Code) is to be gazetted 30 September 2016 and will take effect on 1 October 2016.
A two-month transition period is in place. During this period, if a licensed valuer fails to comply with the new Code, but does comply with the old Code, they will not be taken to be in breach of the new Code.
Licensed valuers should make it a priority to revisit their business practices and procedures during the transition period, in order to implement any changes necessary to comply with the new Code. The two-month transition period also provides an opportunity for licensed valuers to educate themselves and their staff about the requirements of the new Code.
The redrafting of the rules brings the new Code in line with modern legislative requirements and includes new rules requiring licensed valuers to:
- act in good faith in the best interests of their client;
- complete valuation work within a reasonable time and in accordance with the client’s reasonable instructions;
- appropriately supervise non-licensed assistants who provide support; and
- disclose to their client in writing if they receive a fee or other benefit for referring their client to a third-party service provider.
It is important to note that despite the introduction of a new Code, the underlying duties and responsibilities for industry members remain the same.
The new Code is available on the Department’s website.