The Royal Institute of Chartered Surveyors (RICS) has set in motion a global consultation on its proposal to develop an enhanced regulatory framework for valuation that will raise professional standards, improve confidence for clients and help secure the accurate valuations that underpin most economic activity (1 April 2009).
The Royal Institute of Chartered Surveyors (RICS) has set in motion a global consultation on its proposal to develop an enhanced regulatory framework for valuation that will raise professional standards, improve confidence for clients and help secure the accurate valuations that underpin most economic activity (1 April 2009).
If approved, all RICS members involved in the valuation of commercial and residential property and specialist areas such as rural property, plant and equipment, personal and business property along with mineral asset valuations will have their competence monitored on a continuing basis to satisfy clients and public authorities that RICS is competent to regulate its members in a testing environment. The new accreditation scheme for RICS valuers will provide a recognisable 'mark of trust and integrity' covering the method and practice of valuations and require re-accreditation every three years.
The scheme is proposed to be launched on April 2010 and to be mandatory for all those members undertaking valuation activities in accordance with the Valuation Standards set out in RICS' 'Red Book'. Those RICS members who join and meet the standards imposed by the scheme will be able to call themselves 'RICS Accredited Valuer'.
With this initiative, the organisation wants to deliver clarity to markets about valuation standards and provide additional public confidence in the quality and professionalism of the accredited valuers. At the same time, those who join the scheme will be able to benefit from a globally recognised mark of valuation expertise and branded qualification.
'The value of property is the key component which underpins economic activity. It is vital that there is an effectively regulated gold standard for valuation across the globe which inspires public confidence in the profession,' said RICS spokesman Mark Gerold. 'The economic and social importance of all property assets can not be underestimated especially towards wealth generation in a functioning economy. The current financial turmoil highlights the need for raising standards to ensure a stabilising foundation for future economic development.'
