(CNS Business) Updated: The Cayman Islands is the first county in the Americas where all valuations undertaken by chartered surveyors must be registered valuers, a scheme that was introduced by the local chapter of the Royal Institution of Chartered Surveyors. However, while the Valuer Registration scheme regulates valuation reporting standards, clients should be aware that this is not a qualification but a demonstration that a valuer is open to monitoring by the RICS.
It’s an excellent scheme because clients can be assured that standards are being upheld, Simon Watson of Charterland told CNS Business, but he pointed to “a flaw in the system”, which is that a number of valuers have been grandfathered into the scheme who are not necessarily qualified.
Michael Zuriff, Manager of Regulation for RICS in the Americas, clarified the organisation’s position: “We are pleased to see RICS Valuer Registration adopted widely throughout the Cayman Islands and increasingly in the Caribbean. The program provides confidence to users of RICS members’ services that the work is subject to independent review to ensure compliance with the highest international ethical and professional standards. Feedback from lenders, regulators and investors has helped shape this program for the market, and it further underpins the RICS qualification as the leading global professional credential.
“RICS Rules of Conduct for members prohibit any member from practicing outside of his/her area of expertise. As a regulator, we are concerned with the quality of work produced and Valuer Registration allows us the opportunity to proactively monitor quality across the Cayman Islands. Should RICS members be found to not provide services to the public that is of standard or members are working in areas in which they are not competent, RICS is able to apply a range of sanctions.”
Members of the public are also able to make complaints to RICS should they feel that a member is in breach of the Rules of Conduct. Complaints could be made confidentially by calling +1 646 442 4437 or by emailing firstname.lastname@example.org.