ECCB Recognises RICS Qualification To Ensure High Standards For Appraisers Across ECCU Region

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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.”

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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 

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

3 COMMENTS

  1. This represents nothing more than the RICS colluding with the ECCB to make money in the Caribbean region. There are many fully academically qualified Valuation Surveyors in St. Lucia who have undergone over 3 to 4 years of training at university to attain their degrees but they are being sidelined by anyone who does a 3-month RICS course. The ECCB is influencing the banks to only accept valuation reports from people with the RICS designation which is way below the level of a full degree. This cannot be fair. The ECCB governor is also very complicit in facilitating this level of corruption.

    • RICS requires members to have academic qualifications. They must also undergo screenings and tests to make sure they meet the standard…………………When a valuers attains RICS designation, you agree to be audited by a team of Regulatory Surveyors. They will check that you are complying with all stated mandatory professional standards and following best practice guidelines, and that you have robust processes and procedures in place. ALL professions should be regulated especially valuation surveyors.

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