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Press release

1 JUN 2022

Experts appointed to Valuation Review Implementation Committee

Nine leading experts have been appointed to lead the implementation of the Valuation Review recommendations, the Royal Institution of Charted Surveyors has revealed today (Wednesday 1 June).

Conducted by Peter Pereira Gray last year (2021), his review into the way valuations of property assets for investment purposes are conducted made thirteen recommendations which seek to future-proof valuation practice and improve confidence in valuations upon which third parties rely, for example pension funds and stock exchange.

Led by Richard Waterhouse FRICS, a valuation expert and member of the RICS’ independently led Standards and Regulation Board, the new team form an interim Committee dedicated to implementing Peter’s vision.

Richard Waterhouse, Chair of the Valuation Review Implementation Committee said:

“I am delighted with the appointment of the committee to implement the Valuation Review’s recommendations. The committee draws expertise from the range of stakeholders, including regulatory, and across a full spectrum of members and firms. 

“The committee will ensure the public interest is placed at the centre of the implementation’s design, valuations for the future continuing to be underpinned by robust practice and are trusted.

“Improved education, transparency and inclusivity will guide the implementation combined with a proportionate and clear approach for the regulation. 

“With a significant proportion of the worlds wealth held in property it is essential that valuation for financial reporting and decision making, continues to attract confidence as markets evolve.”

Dame Janet Paraskeva DBE PC, Chair, RICS Standards and Regulation Board, added: 

“I am pleased to announce the establishment of the Valuation Review Implementation Committee, an interim Committee, who will be tasked with preparing a plan for effective implementation of the recommendations of the Review of Real Estate Valuations and ensure, on behalf of the Standards and Regulation Board, progress in line with plan.”

The nine experts appointed to the new committee are:

  • Sara Ensor MRICS, EMEA Head of Risk & Compliance – Valuation Advisory, JLL
  • Ian Hardman MRICS, Head of Risk Management, Colliers
  • Mark Fox MRICS, Director, Foxglove Property Consultants
  • Jonathan Theobald MRICS, Head of Investment Analytics, Derwent London
  • Roy Albert MRICS, Lead Surveyor, Valuation Office Agency
  • Nick French FRICS, Chair RICS Global Valuation Standards Expert Working Group
  • Leigh Miller FRICS, Global Conflicts Leader, Ernst & Young LLP
  • John Boulton, Director, Policy, ICAEW
  • Rod Lockhart MRICS, CEO, LendInvest Plc

The Committee’s work will be informed by stakeholder consultation on proposed changes to RICS’ standards and regulation framework, ensuring it continues to act effectively in the public interest.

Its appointment follows an initial consultation on the implementation of recommendations to require a regular rotation of valuation advisors and the introduction of new governance arrangements for the commissioning of valuation reports. This consultation ended on Friday 20 May and the new committee will soon meet to review feedback and set out its next steps afterwards.

The steps needed to respond to the remaining recommendations will progress over the coming months depending on the complexity of planning, strategic and operational mobilisation, and the resources required. The committee will work with energy and purpose in delivering the necessary changes while ensuring it takes a proportionate approach.

-ENDS-

ADDITIONAL INFORMATION

For more information on each of the nine new committee members, please visit the Valuation Review hub

FAQs

  1. How often will the committee meet?
  2. As set out in the terms of reference, the Valuation Review Implementation Committee will meet on a monthly basis. The chairman will report his progress to the Standards and Regulation Board, an independent body within RICS.
  3. Are all those appointed to the committee members of RICS?
  4. We have recruited experts who have an understanding of the need for good valuation practice and governance to ensure high quality outputs – including a chartered accountant from outside the surveying profession.

This breadth of experience will provide, a good range of advice and technical expertise considered essential, as recommendations are implemented.

  1. When will the committee conclude its work and disband?
  2. The Implementation Committee’s work will take place over an initial period of 12 months so that all the recommendations are implemented in a timely way over the coming years. It’s crucial that all views are taken into consideration and that Peter’s recommendations are implemented with the full involvement of our professionals.

About RICS

We are RICS. Everything we do 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.

FOR MORE INFORMATION:

John Bayliss: jbayliss@rics.org

Rebecca Hunt: rhunt@rics.org