RICS to raise global valuation standards
The Royal Institution of Chartered Surveyors (RICS) will soon begin a global consultation to develop an enhanced regulatory framework for valuation. This framework, RICS expects, will raise professional standards, improve confidence for clients and help secure the accurate valuations that underpin most economic activity.
RICS has invited views not only from its members but also regulated firms worldwide, lenders, regulatory bodies and professionals dealing with issues of accreditation and competence for the valuation profession.
If approved, all members involved in valuation 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.