Professional standards: RICS Valuer Registration Scheme

Abstract

PurposeIn the last ten years, there has been much debate about the need for the licensing and regulation of property valuers in Europe. The European Union has “hinted” at the need for a pan‐European licensing scheme in keeping with the model of licensing in the USA. This paper seeks to discuss the option of regulation available and the role of the RICS in introducing a comprehensive self‐regulatory process.Design/methodology/approachThis paper looks at the evolution of the “RICS Valuers Registration Scheme” and the potential impact it will have on raising the standards of valuations not just in the UK but worldwide.FindingsThe RICS Standards require the valuer to undertake valuations in an appropriate and professional manner. The potential impact of the “RICS Valuers Registration Scheme” is that it will educate the profession and thus increase overall standards. Although the system does have sanctions, if required, the intent is not to penalise but to encourage and promote good practice.Originality/valueThis paper is a review of the “RICS Valuers Registration Scheme”. It outlines the history of the development of the scheme and the potential impact that it will have on the quality of valuations worldwide.