Fractional Association Mission Statement, Vision & Code of Conduct
The Fractional Association’s Mission Statement
The Fractional Association protects, enhances, and promotes fractional ownership and higher standards internationally.
The Fractional Association’s Vision
Fractional Association: The preeminent voice and acknowledged leader for fractional syndicated ownership worldwide.
The Fractional Association’s Code of Conduct
The Fractional Association Code of Conduct is intended to establish a framework for the implementation of best practices in the fractional related ownership relationships of it members. The Code of Conduct represents the ideals to which all Fractional Association members agree to subscribe to in their operational procedures.
The Code of Conduct is one component of the Fractional Association self-regulation program, which also includes the Fractional Association Mediation Ombudsman and revisions to the Fractional Association bylaws that will streamline the enforcement mechanism for the Code of Conduct. The Code of Conduct is not intended to anticipate the solution to every challenge that may arise in a syndicated relationship, but rather to provide a set of core values that are the basis for the resolution of the challenges that may arise in any relationships. Also the Code of Conduct is not intended to establish standards to be applied by third parties, such as the courts, but to create a framework under which Fractional Association and its members will govern themselves. The Fractional Association’s members believe that adherence to the values expressed in the Code of Conduct will result in healthy, productive, and mutually beneficial syndicate operations and member relationships. The Code of Conduct, like our fractional industry, is dynamic and may be revised to reflect the most current developments in structuring and maintaining healthy syndicates.
TRUST, TRUTH, AND HONESTY:
Foundations of the Fractional Association
Every fractional relationship is founded on the mutual commitment of all parties to fulfil their obligations under the syndicate agreement. Each party will fulfil its obligations, will act consistently with the interests of the shareholders, and will not act so as to harm the syndicate and its operation or asset.
Honesty embodies openness, candor, and truthfulness. Syndicators and syndicated shareholders commit to sharing ideas and information and to facing challenges in clear and direct terms. Fractional Association members will be sincere in word, act, and character, always being reputable and without deception.
The public image and reputation of the fractional ownership system is one of its most valuable and enduring assets. A positive image and reputation will create value for syndicators and syndicated shareholders, attract investment in existing and new assets to become syndicated, help capture additional exposure to the whole shared ownership concept, and enhance consumer awareness and satisfaction. This can only be achieved with trust, truth, and honesty between all parties involved in the shared ownership marketplace.
MUTUAL RESPECT AND REWARD:
Winning together, as a team
The success of fractionally owned industry depends upon both syndicators and syndicated shareholders attaining their goals. The Fractional Association’s members believe that syndicators cannot be successful unless their syndicates are also successful, and conversely, that syndicates will not succeed unless their syndicator is also successful. Fractional Association members believe that any syndicator should be committed to help its syndicate shareholders, and that such efforts are likely to create value for the system and attract new investment in the system.
Fractional Association members are committed to showing respect and consideration for each other and to those with whom they do business. Mutual respect includes recognising and honouring extraordinary achievement and exemplary commitment to the system. Fractional Association members believe that syndicators and syndicated shareholders share the responsibility for improving their syndicate in a manner that rewards both syndicators and syndicated shareholders.
OPEN AND FREQUENT COMMUNICATION:
Successful syndicates thrive on good interaction
Fractional Association members recognize that misunderstanding and loss of trust and consensus on the direction of a syndicate can develop when syndicators and syndicated shareholders fail to communicate effectively. Effective communication requires openness, candour, and trust and is an integral component of a successful fractional ownership system. Effective communication is an essential predicate for consensus and collaboration, the resolution of differences, progress, and innovation.
OBEY THE LAW:
A responsibility to preserve the promise of shared ownership
Fractional Association members enthusiastically support full compliance with, and vigorous enforcement of, all applicable local, national and international regulations and laws. This commitment is fundamental to enhancing and safeguarding the business environment for fractional ownership. Fractional Association members believe that the information provided during the pre-sale disclosure process is the cornerstone of a positive climate for syndication, and is the basis for successful and enjoyable ownership experience.
Fractional Association members are realistic about syndicate relationships, and recognise that from time to time disputes will arise in those relationships. Fractional Association members are committed to the amicable and prompt resolution of these disputes. They believe that the Fractional Association has established a method for internal dispute resolution and should utilise and encourage use of The Fractional Association Arbitration Scheme for prompt and satisfactory dispute resolution. The Fractional Association also strongly recommends the use of their Mediation Program when a more structured mediation service is needed to help resolve differences.