13 JAN 2022
A major review published today calls for stronger oversight and stricter rules governing property valuation. The review, commissioned by the independently-led Standards and Regulation Board (SRB) of the Royal Institution of Chartered Surveyors (RICS), was carried out by Peter Pereira Gray, Chief Executive of the Wellcome Trust’s Investment Division.
Property makes up an estimated 70% of global wealth and the Review’s recommendations apply to major UK and global assets such as shopping centres, offices and business parks. RICS members and registered firms play a market leading role in this crucial sector around the world, delivering confidence to the public, industry and markets.
The Board’s Chair, Dame Janet Paraskeva, said:
“The recommended changes for stronger oversight will underpin future stability and market confidence in this major asset class - much of which is funded through pensions and savings - and are therefore very much in the public interest. These changes are critical to ensure that RICS-regulated professionals and firms operating in this sector remain relevant and trusted. The Board welcomes and accepts all 13 recommendations of the Review.”
The Board has committed to detailed discussion with the profession, with particular focus on three major changes:
The Board will also consult with other industry regulators to scope any changes needed to its valuation standards and related regulatory framework.
Peter Pereira Gray, chair of the Valuation Review, said:
“I commend the RICS Standards and Regulation Board for commissioning this objective and transparent review and for accepting all of the recommendations.
“It is my belief that implementing these recommendations as a package will lead to a greater and more enduring trust in the work of RICS Registered Valuers.
“The Review noted the substantial progress that RICS has made over the past 10 years and more to uphold standards, under independently-led regulation. Building upon that work, when implemented, the recommendations will provide stronger assurance with stricter rules governing property valuation. Ultimately, this will deliver the best possible outcomes for markets and the public.”
NOTES TO EDITORS
Please note that while this report has been conducted on a global level, some recommendations (if accepted) will apply and work differently depending on the local regulatory framework.
About the review
Established in October 2020, the review has been led by Peter Pereira Gray, who was appointed by RICS independent led Standards & Regulation Board.
The review itself was asked to specifically consider the ability of valuers to keep pace with market changes including:
All RICS’ work is designed to effect positive change in the built and natural environments. Through our respected global standards, leading professional progression and our trusted data and insight, we promote and enforce the highest professional standards in the development and management of land, real estate, construction and infrastructure.
Our work with others provides a foundation for confident markets, pioneers better places to live and work and is a force for positive social impact.
About The RICS Standards and Regulation Board
The Standards and Regulation Board has exclusive responsibility for strategy, policy and operational oversight of the standards, entry and admission to the profession (through RICS’ education and qualification standards), and regulatory functions of RICS. The Board is comprised of non-members (independent) and members of RICS, and reports to Governing Council.
For more information: