PIPA Code of Conduct
What is the objective of the PIPA Code of Conduct?
Serving the property investment industry by raising the standards for property professionals.
Code of Conduct
The purpose of the code is to provide a framework for applying and committing to the five core values underpinning PIPA’s commitment to excellence in the areas of professional development, leadership, disclosure, respect, and integrity.
It’s vital for members to be conversant with the code of conduct, which fundamentally is the backbone of the association and creates a point of professional difference for our members.
Members must also be aware that PIPA will investigate any consumer complaints about one of our members and will take necessary action when needed, including membership termination.
PIPA supports successful business and wishes to ensure that all members have the greatest opportunity to operate profitably within the parameters set down by the code of conduct.
Key Elements of the PIPA Code of Conduct:
| RAISE INDUSTRY STANDARDS |
| Members commit to obtaining educational qualifications to better serve their clients and will remain abreast of all industry development through a commitment to the Continuing Professional Development Program offered through PIPA. Eligible PIPA members will ensure that they obtain and maintain a level or qualification equal to or better than the PIPA Accreditation Program course and Qualified Property Investment Adviser membership. |
| UPHOLD REPUTATION AND VALUES |
| Members will uphold the reputation and values of PIPA and avoid any behaviour that would bring discredit to the association. In doing so, members will positively promote PIPA at all times and ensure that consumers are aware of the purpose and core values of the association. |
| RAISE PROFESSIONAL STANDARDS |
| Members will observe the highest standards of professional conduct and ethical behaviour when acting on behalf of PIPA or participating in PIPA-endorsed or related activities, and when servicing your clientele. |
| MANAGE CONFLICTS OF INTERESTS |
| Members will manage any situation in the performance of duties, which may create a conflict of interest. Where a conflict of interest occurs members will advise PIPA immediately and do all they can to indemnify the association against any issues arising. Members will also disclose conflicts of interest to clients as soon as they become aware of this, including any material interest in the accessing of any offered product. |
| COMPLY WITH PIPA RULES, POLICIES, PROCEDURES, AND THE CODE |
| Members will comply with PIPA’s rules, policies, procedures, and the Code of Conduct and promote the same to your clients. |
| FEES AND COMMISSIONS |
| Members will disclose to clients, in writing, all fees and commissions, which are associated with the provision of your services so they may make proper assessment of the value of that service. This includes all commissions, payments, kickbacks, and soft or hard dollar rewards, which may be triggered by the utilisation of any of your services. |
| ABIDE WITH LAWS AND REGULATIONS |
| Members will abide with the laws and regulations in Australia at all times. |
| PROMOTE PIPA |
| Members will utilise the PIPA logo, members’ website, and marketing materials. |
| USE PROPER POSITION FOR PROPER USE |
| Members will use their position for a proper purpose and not take advantage of that position for personal gain or to disadvantage PIPA. |
| ADVOCATE AND REPORT |
| Members will advocate the code and report any breaches to PIPA to deal with them in accordance with appropriate association procedures. PIPA will work to ensure that the matter is dealt with promptly and fairly, and that the person making the report is not disadvantaged in any way, and that the person to whom the report refers is given an opportunity to respond. |
| RESPONSIBILITY TO INDIVIDUALS AND THE COMMUNITY |
| Members will show care and consideration in all relationships. Members will treat fairly individuals and the wider community. |
| PROFESSIONAL INDEMNITY INSURANCE |
| Members must at all times maintain Professional Indemnity Insurance, which is appropriate to their specific service provision. Where the policy is extended to insure agents, sub-agents and/or consultants, it will also be necessary to ensure that such persons and/or companies are named on the policy. |
| COMPETENCE, DILIGENCE, AND DUE CARE |
| Members will employ competence, diligence, and due care in carrying out duties and always act in the best interests of their customers and PIPA. |
| OBSERVE CONFIDENTIALITY OF INFORMATION |
| Members will observe the confidentiality of any information acquired in the conduct of business on behalf of PIPA and not make improper use of that information or disclose it to a third party unless authorised or legally required to do so. |
| USE AND MANAGE PIPA RESOURCES RESPONSIBLY |
| Members will use and manage PIPA resources responsibly and in a manner which is in the best interests of PIPA. |
| COMPLAINTS HANDLING |
| A complaints handling procedure must be formulated and presented to all clients in writing at the first consultation. This complaints’ handling process must include strategies for dealing with complaints and the contact details of an external complaints handling organization. The person assigned to deal with the complaint should have the authority to determine and respond to any complaint made by a consumer. Written notes about any complaint should be made and a copy presented to the complainant. A member must ensure that a consumer is treated courteously when making a complaint. A member must not, subject to statutory requirements, impose any fee on a consumer who makes a complaint. A member must always maintain a record of written complaints made against that member in the form and manner stipulated by the board from time to time. |
| RESPONSIBILITY TO STAKEHOLDERS AND THE INDUSTRY |
| Members will be responsive to the needs of stakeholders and the industry. Members do this to deliver industry relevance, value, and results for your stakeholders. A member must deal with all persons with whom they may come into contact in the course of their professional and commercial activities honestly, honourably, and in good faith. A member must express written terms and conditions of their services in plain language and provide a fair and balanced view of the relationship between the client and the member. A member must not engage in any acts or omissions of a misleading, dishonest, deceptive, or fraudulent nature. A member must ensure that a member’s advertising will not be misleading, dishonest, or deceptive. |
| MEMBERS |
| A member is vicariously liable for any acts or omissions of any employee or representative that embarrasses, impugns, or discredits PIPA or brings PIPA or the property investment industry into disrepute or may do any of those things. Any such acts or omissions are deemed to be a breach of the code by the member. A member must always conduct that member’s business in accordance with the Constitution of PIPA and the code, act in a professional and courteous manner towards consumers and fellow members, and refrain from any conduct which may embarrass, impugn or discredit PIPA or bring PIPA into disrepute. A member must immediately advise any other PIPA member in a transaction of any financial interest, relationship, or association whatsoever with the client. |
| CONFIDENTIALITY |
| A member must at all times keep confidential and secure information provided by a client and will only disclose information as may be required by law or as authorised by the client. |
| SKILLS, CARE, AND DILIGENCE |
| A member must act with all due skill, care, and diligence in their property investment industry dealings, including adherence to the instructions of the client. A member must always ensure that they, their associates, and staff are thoroughly knowledgeable in those areas and aspects of the property investment industry in which they participate. A member must undertake all necessary education and other PIPA endorsed programs to maintain and further their and their staff’s professionalism and skill levels. |
Webinar | PIPA Code of Conduct, Disclosure and Complaints Handling
You can also watch this special webinar with PIPA founding board member Margaret Lomas.
Margaret discusses the association’s Code of Conduct, what disclosure really means, as well as how to prevent an unhappy client from turning into a serious complaint.