The Royal Institute of Chartered Surveyors (RICS), the global professional body for high standards in land and the environment, has announced that the Eastern Caribbean Central Bank (ECCB) now includes RICS membership as one of the qualifications to be used by ECCB member banks to engage appraisers in the loan approval process.
To build trust in the valuation and appraisal process across the eight ECCB member countries, RICS is working with the respective ECCU banking associations and valuation and appraisal organizations to train, qualify and regulate local practitioners in the region.
“At a time when the global economic and property markets show uncertainty, we are committed to ensuring that our region’s professionals are providing trusted and robust assessments through internationally recognized best practices and ethical standards” said Governor of the ECCB, Timothy N.J. Antoine,
The Governor added that, “Working with RICS, a globally recognised leader in valuation, appraisal and advisory services for the built environment, is a major step in ensuring professional confidence and financial stability.”
The Boards of Directors of all licensed financial institutions under the ECCB are responsible for adopting and reviewing policies and procedures that establish effective real estate valuation policies.
At least once per year, member banks must review real estate valuation policies and procedures to ensure that they are adequately aligned with international best practices.
Additionally, licensed financial institutions are required to monitor the performance of appraisers, and qualification with RICS will now be a key accepted qualification for these professionals.
RICS will help ensure that practitioners are unbiased, possess the appropriate appraisal or collateral valuation education, expertise and experience for the types of properties being valued and continually update their knowledge through a process of continuing education, among other requirements.
“We are proud to work with the ECCB, which provides crucial oversight for banking professionals across a region that is important to the global economic market,” said Neil Shah, Director of Strategic Partnerships, RICS. “RICS will help ensure public trust in valuation professionals by providing continuing high standards for the ECCB.”
SOURCE: Eastern Caribbean Central Bank/ SLT