The information provided is general and does not constitute personal advice. Clients are encouraged to seek advice particular to their individual situation before acting on any of the information provided. While every care has been taken in preparing the information, Portfolio Management Services Pty Ltd, its employees and officers, provide no warranties, and accept no responsibility for any errors or omissions.
Regulatory Influences
Overview
At Portfolio Management Services Pty Ltd, we believe it is our duty to act in an ethical and socially responsible manner beyond the letter of the law. The company and its associated entities operate under a range of regulations, including State-based real estate laws, the ASIC (Australian Securities and Investment Commission) supervised Financial Services Reform Act, and Corporations Law. We have procedures to ensure these regulations are adhered to and surpassed.
Ethical and Social Responsibility
Reflecting the ethics of its founder, the company operates on the basis that maim dictum pactum - "my word is my bond". We uphold our word, and any client concerns are resolved directly. Concerns not satisfactorily resolved in the first instance can be referred to Jock Bing: 03 9621 1044.
In more than 35 years of operation, Portfolio Management Services has a proud record of no unresolved client concern. However, for added client security, we are a member of a complaints scheme: FICS (Financial Industry Complaints Service). Details of relevant issues can be forwarded to FICS at PO Box 579, Collins Street West, Melbourne 8007. The service can also be contacted on 1300 780 808.
The company takes every reasonable step to ensure clients are never placed in unethical situations. We also ensure that tenant activities are legal, with procedures including vetting and regular property. inspections.
Corporations Law
Property related services, such as acquisition and management, may be provided by the company to managed investment schemes as defined under Corporations Law. These require a Product Disclosure Statement (PDS). The vast majority of our work deals with non-managed investment property. Activities in this area are primarily covered by State based legislation.
Real Estate Legislation
Portfolio Management Services Pty Ltd and its related entities primarily work in Victoria and New South Wales. We are, therefore, bound by the following regulations.
Victoria
* The Estate Agents and Sale of Land Acts (amendment) 2003
* Estate Agents (General, Accounts and Audit) Regulations 1997
* Estate Agents (Professional Conduct) Regulations 1997
* Estate Agents Act 1980
New South Wales
* Property, Stock and Business Agents (General) Regulation 1993
* Property, Stock and Business Agents Act 2002
* Property, Stock and Business Agents Act 1941
Details of these regulations vary, but they are similar in demanding fair dealing with clients, supported by minimum competencies for staff of entities like Portfolio Management Services. By way of example, Jock Bing holds an Estate Agents Licence: Licence Number 044896L and is the 'Officer in Effective control' of our Victorian office. Similarly, all property management personnel have their Agents Representative Course
In New South Wales Jock Bing has the requisite license under the Property, Stock and Agents Licence Act 2002: License Number 1084156.
Memberships
With its head office in Victoria, Portfolio Management Services is a full member of the Real Estate Institute of Victoria (REIV). Our staff abide by the Institute's membership requirements, including those of professional conduct. We also conform to the requirement for a Professional Indemnity policy, though we have never had cause to call on this policy.
Financial Services Reform Act
The Financial Services Reform Act (FSR) took effect on 11 March 2002, but contained transition arrangements for two years until 11 March 2004. Jock Bing, as the CEO of the company, held a pre-FSR Dealers License. Following relevant requirements this licence has been transitioned to a post-FSR licence: Number 246658, granted by ASIC.
While holding this license, Portfolio Management Services Pty Ltd, its related entities, employees and officers do not provide advice to clients. Rather, based on counsel from clients' professional advisors, we provide relevant information and property services to those clients.