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Expiry of the RICS Valuers Limited Scheme

Expiry of the RICS Valuers Limited SchemeThe Professional Standards Council of New South Wales advises that the RICS Valuers Limited Scheme will expire on 31 December 2021.

The scheme commenced on 1 January 2016 and was approved to operate for a period of five years in New South Wales, Victoria, South Australia, the Australian Capital Territory, the Northern Territory, Queensland, and Western Australia. The scheme was extended by Ministerial authority to operate for an additional year.

The scheme applies to all members of the Chartered Surveyors Limited (formerly RICS Valuers Limited) unless an association approved exemption was granted to a certain Chartered Surveyors Limited member.

The Council has informed Chartered Surveyors Limited of its obligations to inform its members to: ·

  • stop using the disclosure statement required under regulations which, without a scheme, may constitute a false and misleading representation under Australian Consumer Law
  • tell their clients that the previous limitation of liability will not apply from the expiry date · tell their insurance provider that the scheme will no longer apply
  • re-evaluate their insurance requirements. Any clients of a member of the scheme are advised to ask them what changes there may be to any business arrangements they currently have or may have in the future.

If you would like more information about this notice, please call the Professional Standards Authority on (02) 8315 0800 or email pscinfo@psc.gov.au.