“Undeniably positive”: a member’s experience with RICS regulatory review

Kenneth Ma, the director of Moore Transaction Services Limited, a registered valuer, whose work has recently undergone a valuation review by the Royal Institution of Chartered Surveyors (RICS), shares his first-hand experience with the RICS Regulatory Review:

“I submitted my work for review by RICS as a proactive measure to assure the public, consumers, the profession, and stakeholders of our unwavering dedication to maintaining professional conduct and high levels of expertise.

As a global, leading professional body, embodying the highest standards in the industry, a review by RICS demonstrates a commitment to promoting ethical and professional standards, setting us apart from non-registered counterparts.

During the review, I submitted a selection of valuation files for assessment by an RICS professional. This process ensures proper valuation practices according to RICS Valuation – Global Standards, fostering professionalism and trust within the industry.

The files are evaluated in a secure data room. The evaluation covers various aspects, including conflict checks, engagement terms, site inspection notes, client-provided information, valuation methodology, and the final valuation report. Beyond identifying areas for improvement, the review also highlights exemplary practices that benefit the professional community.

This supportive process enhances adherence to RICS standards, fostering professionalism and trust in valuers.

The review process led to refinements in my valuation practices, improving compliance with RICS rules and lowering professional risks. It also helped our firm enhance its valuation practices in line with RICS regulations.

Following the review, I received feedback and recommendations, offering clarity on expected standards. This constructive feedback empowered me to refine my valuation practices, fostering compliance, reducing professional risks, and building trust in the valuation industry.

In conclusion, my experience with the RICS regulatory review process was undeniably positive, and I encourage all valuers to actively participate. We firmly believe that the regulatory review process constitutes a pivotal aspect of our commitment to delivering top-notch valuation services to our clients. It's especially crucial given recent valuation pitfalls identified by regulatory bodies. I'm grateful to RICS for its ongoing support and look forward to upholding the highest professional standards within the valuation industry.”