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Auctioneers - draft code of conduct announced

The South African Institute of Auctioneers (SAIA) has announced a draft code of conduct to regulate and professionalise the industry which has been tarnished by scandals in recent months.

The code will be established in terms of Section 82 of the Consumer Protection Act, CPA.
Saia embarked on an extensive roadshow over the past two months to garner support from stakeholders to build a credible auction industry. These include the National Consumer Commission, the Estate Agency Affairs Board, the Financial Services Board, the Banking Association and the banking ombudsman.

“There is unanimity about the critical importance of a credible auction industry in society, particularly the immediate (quick turnaround) liquidation of assets which saves sellers time, holding costs and the deterioration of assets,” Saia chairperson Tirhani Mabunda, told a press briefing in Johannesburg on Monday.

(Moneyweb)



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