The Australian Property Institute has called for the establishment of a Royal Commission into banking.
Institute CEO Mike Zissler says he is seeing significant changes in the industry which are not in the best interests of financiers, valuers or the community. He says the industry must change if the valuation profession is to continue to remain an independent, objective and authoritative provider of valuation services.
“We need a reset in which banks and valuers can come into a room and be pragmatic about what is happening,” he says. “Why is there so much distrust and enmity between the parties and why is it that members of the API cannot speak openly with the banks without implied threats and withdrawal of contracts as a punishment for speaking out?
“My members are more than unhappy and feel trapped. They must be able to speak with the lenders, whom they contract with, without fear of reprisal.”