As part of the continuing professional development of the BIA member base, and to further enhance confidence in the boat-buying process, BIA has launched a new accreditation program for the more than 90 Marine Broker members of the association.
Marine Brokers provide a valuable service in the boat ownership lifecycle, supporting the buying and selling of used boats. This service includes listing & promoting vessels, liaising with prospective purchasers, contracting offers and sales in accordance with legal and ethical practice, and distributing funds.
Many brokers provide additional services such as guidance on vessel selection, recommendation of marine surveyors and other service providers, pre-sale preparation of the boat, valuation services, and after-sale care of customer including introduction to the boat, its systems, and safe operations.
Accreditation Objective
The BIA Marine Brokers Accreditation Program ensures that customers engaging the services of BIA Accredited Marine Brokers have positive experiences, with transparent adherence to best practice as well as statutory requirements. The program’s key objective is to ensure that the process of buying and selling boats does not detract from the appeal and experience of boat ownership, and that any inherent risks are well managed.
Why do we need it?
Consumers prefer to do business with qualified and experienced trading entities, who are properly structured and insured and who are ethical and professional in their dealings with the general public.
This is especially so where significant cost is attached to the product or service, and where the consumer relies heavily on the skill and judgement of the provider for the integrity, aptitude, and safety of the product.
Additionally, Federal and State Government bodies have shown an inclination toward regulation of the boating industry, or increased monitoring of its conduct. This may be influenced by recent noteworthy boating-related incidents, with regard to fair-trading and safety considerations.
Market and Regulatory forces are driving preferences toward increased consumer protection. Historically, self-regulation has been shown to be preferable to the alternative, resulting in lower cost and burden on the regulated, but with comparable outcomes.
What does the accreditation program deliver?
The BIA Broker Accreditation Program requires that Accredited Brokers meet criteria that helps to protect and assure the best interests of the consumer.
BIA Accredited Brokers are favoured as ‘preferred providers’ in the eyes of the consumer and recognised in the eyes of regulators as being professional and adhering to standards.
A new dedicated promotional program, featuring the “BIA Accredited Marine Broker” brand, will inform the consumer of the benefits of dealing with Accredited entities, and provide a means for the consumer to identify, locate, and access the services of BIA Accredited Brokerage businesses.
The BIA Accreditation Program will produce benefits in dealings with regulators, insurers, and user/ consumer-representative bodies.
How does it work?
Requirement Structure
The BIA Accredited Marine Brokerage is required to:
- Hold BIA membership in order that the obligation to comply with the BIA Code of Practice is in force.
- Unless otherwise agreed, transact all brokerage business using BIA-approved documentation.
- Agree to participate in dispute resolution processes – over and above the requirements of BIA membership
- Demonstrate compliance with all statutory requirements
- Demonstrate compliance with best practice guidelines as developed from time to time, including processes for listing boats, contracting sales, holding and disbursing funds
- Cooperate with any accreditation compliance audits organised by the BIA
- Use a ‘trust style’ bank account for the holding of client funds.
The Principal in the BIA Accredited Marine Brokerage will be required to:
- Demonstrate sound knowledge of, and compliance with statutory obligations & best practice
- Undertake a training program, or otherwise demonstrate sound knowledge via an evidence submission
- Participate in a Continuing Professional Development program
Continuing Professional Development
The BIA will provide access to training opportunities for individual Marine Brokers (other than the Principal) working within the BIA Accredited Marine Brokerage in order that they may qualify (over a 2 to 3-year period) to the initial standard required of the Principal.
Each individual Marine Broker will be required to complete Marine Card workplace health and safety training and participate in annually in a Continuing Professional Development (CPD) program.
Cost of Accreditation
An annual fee in addition to BIA membership subscriptions is payable by BIA Accredited Marine Brokerages. Accredited businesses have the right to display approved branding at premises, in marketing material, and in business documentation.
The cost of Accreditation goes toward the delivery and promotion of the program.
Audit of Accreditation
Periodic Renewal
On joining the program, brokerage members make a submission of a Declaration by the applicant that all criteria and requirements of the Brokerage Accreditation Program are currently being met, and that the applicant undertakes to maintain this compliance for the duration of Membership.
Brokers agree to participate in the BIA compliance program, which will consist of best practice workshops, improvement notices and in the case of demonstrated non-adherence to the standards, suspension or removal of accreditation.
Promotion of Accreditation
The BIA promotes participating accredited Marine Brokerages to ensure that consumers are educated on the point of difference established by participation of the Brokerage in the BIA Accreditation Program and recommending that consumers engage the services of a BIA Accredited Brokerage for buying and selling with confidence.
Who stands to benefit from BIA Accreditation – how and why?
The Consumer – who will be able to identify the most ethical, responsible, capable, and committed providers of goods and services in the recreational boating industry.
Accredited Entities – who will become preferred providers in the eye of consumers, enabling improved sales volume and yields, and market penetration.
Accredited Entities – who will develop well-structured and professionally operated businesses, and improved business processes.
The Boating Industry – which will be perceived as “professional”, uplifting consumer confidence in suppliers of boating-related goods and services.
Personnel (owners, managers, staff and contractors) – who will have access to training and development opportunities presently not available to them, and incentive to participate in such.
For more information or to apply to be part of the Marine Broker Accreditation program, please contact membership@bia.org.au
