HONG KONG, April 3 /PRNewswire-Asia/ -- RICS is to set in motion a global consultation 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.
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 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.
Since 2002, RICS has been involved in an on going process that led to major changes in RICS’ regulatory regime and from 2007 RICS has been operating a “better regulation” model under arms-length governance. With this in mind RICS members voted to approve an independent recommendation of Sir Bryan Carsberg to introduce a system of proactive monitoring to check compliance with the Red Book (which is mandatory for all RICS members and regulated firms). RICS considers that now there is an even greater public demand for measures that ensure that markets and other stakeholders can have the highest level of confidence in the competence and probity of professionals working in key sectors of the economy. RICS expects that the valuation framework will be mandatory for all RICS valuers who are subject to the RICS Red Book from April 2010.
Mr. David Faulkner, Vice Chairman of RICS Hong Kong and RICS Asia representative on the RICS International Valuation Board, commented, “Rapidly moving and varied property markets such as those in Asia, it is essential that valuations are prepared in a transparent and consistent manner. Proactive regulation of members involved in valuing land, buildings, plant and machinery and other assets is an effective way to make sure that standards are being properly applied. This provides the bed rock for the future development of the markets in the region.”
About RICS & RICS Asia
RICS (Royal Institution of Chartered Surveyors) is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity - providing impartial, authoritative advice on key issues affecting businesses and society. RICS is the worlds’ leading qualification when it comes to professional standards in land, property and construction. With over 140,000 members globally, RICS represents, regulates and promotes the work of property professionals throughout 146 countries.
The RICS Asia supports a network of over 11,000 individual professionals across the Asia region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.
The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People’s Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam.
Designated contacts for Hong Kong media:
RICS Hong Kong Public Relations Representatives
Ms Katherine Chow / Ms Kate Kwan
Tel: +852-2372-0090
Fax: +852-2372-0490
Mobile: +852-9256-3223 / +852-9077-1337
Email: kat@creativegp.com / kate@creativegp.com
