RICS also proposes to introduce an accreditation scheme for RICS valuers which will provide a recognisable "kitemark" covering the method and practice of valuations and require re-accreditation every three years.
Since 2002, RICS has been involved in an on going process that led to major changes in RICS’ regulatory regime and from 2007 RICS has been operating a "better regulation" model under arms-length governance.
With this in mind RICS members voted to approve an independent recommendation of Sir Bryan Carsberg to introduce a system of proactive monitoring to check compliance with the Red Book (which is mandatory for all RICS members and regulated firms).
RICS said it considered that now there was an even greater public demand for measures that ensure that markets and other stakeholders could have the highest level of confidence in the competence and probity of professionals working in key sectors of the economy.
RICS expects that the valuation framework will be mandatory for all RICS valuers who are subject to the RICS Red Book from April 2010.
Spokesman Mark Gerold said: "The value of property is the key component which underpins economic activity. It is vital that there is an effectively regulated gold standard for valuation across the globe which inspires public confidence in the profession. The economic and social importance of all property assets can not be underestimated especially towards wealth generation in a functioning economy. The current financial turmoil highlights the need for raising standards to ensure a stabilising foundation for future economic development."
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