Valuation Governance

Robust governance of valuation practice is essential in ensuring that trust in the sector is upheld and improved, particularly through the reduction of risk and the strengthening of accountability.

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Standards and Regulation Board

The Interim Standards and Regulation Board has exclusive responsibility for exercising RICS' regulatory functions, including strategy, governance, structure, policy and operational oversight in the public interest.

Valuation Review

To keep pace with the ever-changing real estate landscape and strengthen practices, we are continually updating valuation standards and guidelines. This includes making significant progress over the last few years in implementing the recommendations put forward by the review chair Peter Periera Gray in the Valuation Review. This has been a crucial initiative for RICS to advance and ensure practices in real estate investment valuation remain future-proof and in the public interest.

Implementations of the review recommendations have been made through feedback from public consultations, gathering feedback from members; external stakeholders; expert groups in collaboration with the Valuation Review Implementation Committee, and the Standards and Regulation Board. All have helped to ensure any changes we make are fit for purpose.  

You can read more about t our progress against each recommendation here.

For further information about the Valuation Review and the report download, see the Archive section at the bottom of this page.

Valuation Professional Standards and Practice Information

The Global Red Book must be followed by all Registered Valuers and members of RICS who work in Valuation.

Valuation Standards

Red Book Global Standards

The latest edition of Red Book Global Standards took effect on 31 January 2022, the same date as the latest edition of the IVS

Valuation Assurance

The Valuation Review recommended the creation of a dedicated, independently-led valuation regulatory quality assurance panel, under the jurisdiction of the RICS Standards and Regulation Board. The Valuation Assurance Committee (VAC) is now being created to address this recommendation.

The Review also recommended RICS should build on its existing ‘RICS responsible principal’ obligation by developing a Valuation Compliance Officer role to specifically cover valuation process and conduct. A Consultation on the proposed Valuation Compliance Officer role and regulation of valuers ran from 12 Sept – 12 Dec 2023 on this and decisions will be made by the VAC once it is set up, to progress this.

Archive

Responding to feedback and rapidly changing market dynamics, the RICS Standards and Regulation Board commissioned the Valuation Review in the public interest to future-proof practices in the valuation of real estate assets for investment purposes.

The Valuation Review was led by Peter Pereira Gray, supported by an expert advisory group, and gathered insights through a public call for evidence and engagement with a broad range of stakeholders.

“I commend the RICS Standards and Regulation Board for commissioning this objective and transparent review and for accepting all of the recommendations. It is my belief that implementing these recommendations as a package will lead to a greater and more enduring trust in the work of RICS Registered Valuers”