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RICS plans to raise global valuation standards

RICS is to set in motion a global consultation to develop an enhanced regulatory framework for valuations, which it hopes will raise professional standards.

RICS wants to improve confidence for clients and help secure accurate valuations.

If approved, all members involved in the valuation of commercial and residential property and specialist areas such as rural property will have their competence monitored on a continuing basis to satisfy clients, and public authorities that RICS is able to properly regulate its members in a testing environment.

RICS also proposes to introduce an accreditation scheme for RICS valuers which will provide a recognisable ‘kitemark’ covering the method and practice of valuations and require re-accreditation every three years.

A spokesman for RICS, says: “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.

“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.”

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