Summary Report on Consultation Responses

RICS has published today (21st October) a summary report on responses to its consultation on a proposed valuer accreditation and regulation scheme as part of its commitment to transparency and engagement with its members and stakeholders.
 
RICS’ proposal set out an approach to maintain professional standards and consumer confidence in accurate property valuations which are a key component underpinning most economic activity.  More than 800 separate written responses were received in a ten week consultation period earlier this year.

Both members and stakeholders supported the need to maintain and raise professional standards but were keen to debate what level of regulation and monitoring was necessary to secure this. Following extensive consultation it was clear that there were concerns about the proposal on offer and that some wished to consider other options more appropriate to achieve proportionate and better regulation in the market place.

Non-member stakeholders were broadly in favour of the proposal to develop an enhanced regulatory framework for valuation.  Larger property firms and RICS members in Europe supported the general proposal to regulate valuation in some way.  Smaller UK chartered surveying firms were more concerned about specific elements of the proposal and how it would be implemented.

RICS’ Valuation Group Working Party* will review the responses and revise the proposals taking into account the key themes that the process has highlighted, including the scale and the scope of the scheme; criteria for joining the scheme; how it will be regulated; at what cost; how to apply it internationally; and what designation it should have. The revised proposals will be considered by various relevant RICS member committees before formal consideration by RICS’ Governing Council in November.

Rupert Dodson FRICS, Chair of the Valuation Group Working Party, comments:

“It is essential that in the next stage of this process we develop an approach that is fit for purpose and protects the public interest.  The views and feedback from our members, and stakeholders, will help us achieve this. Ultimately it will be the members who will decide on the best solution for both practitioners in the marketplace, and consumers, who will all benefit from a system that works.”