The Australian Competition and Consumer Commission today issued a determination varying authorisation A90545 granted to the Australian Property Institute*.
The API's authorisation A90545** covers the API's code of ethics, rules of conduct and specific clauses of the API's constitution and by laws along with relevant definitions.
"The ACCC considers that the proposed changes lodged by the API are minor in nature and do not reduce the benefits associated with the authorisation," ACCC Chairman, Mr Graeme Samuel, said today.
In particular the ACCC considers that its previous concerns have been addressed with API now allowing appeal processes in relation to lower level complaints. The ACCC considers that this variation will better ensure procedural fairness.
The ACCC has also accepted that there is likely to be an increased benefit to the public by preventing student members from conducting unsupervised valuations, which is currently permitted by the API rules.