Established in 1961, the Institute of Mercantile Agents Limited (IMA) represents collectors, investigators and field agents throughout Australia. Elected members networked across Australia work on matters of licensing, privacy, training and ethics affecting members. Members generally work as agents for principals such as banks, financiers, lawyers, insurers and the business community. Depending upon State regulations, most members hold a commercial agent/private inquiry agent licence* or equivalent. The IMA demands high standards from its members. IMA membership requires an applicant to abide to the IMA's Code of Conduct and Code of Ethics which encourage recognised professional and ethical standards.