Member Directory

Code of Conduct

Institute of Valuers of Sri Lanka (Amendment) 15 Act, No. 9 of 2019

SCHEDULE D [Section 22]

Each of the following acts or omissions shall constitute professional misconduct on the part of a Valuer:

1. Unbefitting his status as a member;
2. Discrediting or attempting to discredit the profession of valuation or the Institute;
3. Involving in any act detrimental to the profession of valuation or undermining the interests of the Institute;
4. Discrediting or attempting to discredit the professional reputation or skill of any other member;
5. When acting for a client or when in contemplation of acting for a prospective client, whose interests conflict or may conflict with his own, or those of any of his business associates, not disclosing the relevant facts forthwith to the client or prospective client and to the business associates and where such disclosure is oral, not confirming the same in writing at the earliest opportunity and not informing the client that he will be unable to act or continue to act unless the client requests him to do so;
6. Failure to ensure that neither he personally, nor any firm or company in the profession of valuation, of which he is a Partner or Director, acts for two or more parties with conflicting interests, without disclosing the relevant facts to each of these parties forthwith and if there is a disclosure without confirming such disclosure in writing at the earliest opportunity;
7. Failure to obtain sufficient information to warrant the expression of an opinion;
8. Quoting a fee in competition for professional services without having received an invitation to do so and without sufficient information to enable the member to assess the nature and scope of the services required;
9. Having once quoted a fee for professional services, revising that quotation taking into account the fee quoted by another member for the same service;
10. Quoting a fee for professional services which is to be calculated by reference to the fee quoted or charged by another member;
11. Accepting any professional matter which may embarrass him by reason of his holding any office or appointment or where there is a loss of confidence between a member and his client;
12. Not giving reasonable notice to a client on behalf of whom the member ceases to act:
    Provided that it shall not be a professional misconduct if a member ceases to act for his client being requested to do so, or where the client declines or neglects to give further instructions where the member would be left with no authority of his client in any professional matter or proceeding;
13. Disclosing personal or confidential information acquired in the performance of any professional work except when required to do so by the person who entrusted him with that work or his agent or by a Court of Law, or by a Board or an arbitration appointed by this Law or by any other written Law:
    Provided that the duty on the part of the member to refrain from disclosing such personal or confidential information lies not only during the existence of his professional relationship with the client but indefinitely thereafter, even after the said member has ceased to act for the said client and after the demise of the client as well;
14. Resorting by himself or through another, directly or indirectly, to the practice of soliciting work;
15. Using any advertisement, stationery, card or announcement by a member containing:
    1. An inaccurate statement of fact;
    2. An explicit solicitation of instructions;
    3. An explicit comparison between the services offered by the member and the services offered by other members or firms;
    4. A claim by a member or his firm, to have been Specialized in or Expert in any particular aspect of the profession of valuation;
16. Appearing in any other name or designation different to that by which he is registered in the Institute when he performs any professional functions such as issuing valuation reports and advice on matters relating to valuation unless such name or designation is recognized by the Institute;
17. Displaying gross negligence in the performance of his professional work;
18. Knowingly, negligently or fraudulently expressing an incorrect opinion on valuation or furnishing an incorrect valuation, to a client;
19. Deviating from or failure to comply with any valuation standards determined under section 5, without a reason acceptable to the Council;
20. Tampering with the membership seal or any other form of identity issued to the members by the Institute.