RICS assembles committee to usher in valuation changes
The Royal Institution of Chartered Surveyors has recruited a nine-strong interim committee to oversee the implementation of changes proposed in Peter Pereira Gray’s independent report into valuations.
Pereira Gray’s report, which was published in January, made 13 recommendations designed to boost compliance and confidence in valuations after assessing industry-wide evidence of conflicts.
The team will be tasked with preparing a plan for “effective” implementation of the proposals and will meet on a monthly basis. It will be chaired by Richard Waterhouse, who is a member of the RICS’ independently led standards and regulation board. He will report to that board.
The Royal Institution of Chartered Surveyors has recruited a nine-strong interim committee to oversee the implementation of changes proposed in Peter Pereira Gray’s independent report into valuations.
Pereira Gray’s report, which was published in January, made 13 recommendations designed to boost compliance and confidence in valuations after assessing industry-wide evidence of conflicts.
The team will be tasked with preparing a plan for “effective” implementation of the proposals and will meet on a monthly basis. It will be chaired by Richard Waterhouse, who is a member of the RICS’ independently led standards and regulation board. He will report to that board.
The nine appointments are:
Sara Ensor MRICS, EMEA head of risk and 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
John Boulton, director, policy, ICAEW
Rod Lockhart MRICS, chief executive, LendInvest
The RICS said: “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.”
The committee’s work will take place over an initial 12-month period.
Waterhouse said: “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 world’s wealth held in property, it is essential that valuation for financial reporting and decision making continues to attract confidence as markets evolve.”
The appointments come after an initial consultation held on 20 May on the implementation of recommendations for a regular rotation of valuation advisers and new governance arrangements for commissioning valuation reports. The committee is set to meet “soon” to review the feedback and set out next steps.
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