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Professional Standards Scheme in Australia - RICS Valuers Limited

Professional Standards Scheme in Australia – RICS Valuers Limited

RICS Valuers Limited (RICSV) is a Professional Standards Scheme that is available to RICS Regulated Firms and RICS Registered Valuers.

The Scheme

RICSV is a legal instrument that can cap the occupational liability of a compliant Scheme participant in the event of a professional indemnity claim. Unlike other professional standards schemes for valuers, the liability cap is determined by the valuation figure. This means that all valuations conducted exclusively under RICSV are capped.

The Scheme is statutorily compliant under the Professional Standards Act 1994 (NSW) as approved by the Professional Standards Councils (PSC) in Australia.

RICSV is effective in states and territories in Australia except for Tasmania. The statutory requirements for participants in the Scheme are in addition to those under RICS Valuer Registration (VR) and RICS Firm Regulation (FR).

Our compliance framework is based on the statutory requirements under RICSV, the Rules attached to VR and FR, and the Valuation – Global Standards (Red Book), one of the most rigorous sets of global standards for valuation. Collectively this framework makes up RICS’ Valuation Assurance Regime in Australia.

For more information on eligibility, how to apply, the compliance requirements and the benefits over other Schemes, please read the RICSV, VR and FR FAQs and Infographics in the downloads section.

In Queensland, Western Australia and New Zealand, you are required to be licenced before you can practise as a valuer. RICS Valuer Registration is not a licence to practise, nor does it replace or satisfy the requirement to register with the respective licencing authority. You must ensure that you are licenced to conduct valuation work where required in your State or Country.

Contact us

If you have any questions about RICSV, please contact the Scheme Manager. The same address can be used for general questions about Regulation.