Valuation Assurance Committee

Established by the RICS Standards and Regulation Board (SRB), the Valuation Assurance Committee (VAC), with Victor Olowe appointed as the Independent Chair, oversees the regulatory quality assurance framework for RICS Registered Valuers and RICS Regulated Firms undertaking valuation services. The Committee was formed in response to one of the key recommendations arising from the Review of Real Estate Investment Valuation (the Review).

As outlined in its Terms of Reference, the VAC reports directly to the SRB and is responsible for:

Overseeing the Registration of RICS Registered Valuers and RICS Regulated Firms that undertake valuation services on an approved list (or lists).
Monitoring, including audit arrangements of RICS Registered Valuers and RICS Regulated Firms that undertake valuation services on the approved list(s), to provide assurance of their compliance with the requirements of the registration scheme.
Providing advice and insight on valuation matters to inform necessary updates and enhancements to the regulatory quality assurance framework.
Liaising and collaborating with appropriate regulators and stakeholders on valuation-related matters.
Recommending topics for mandatory or recommended CPD for RICS Registered Valuers to the SRB.

Publishing valuation assurance-related commentary to RICS Registered Valuers to support the understanding and application of RICS’ standards and assurance on issues such as regulatory risks, ethics, conflicts of interest and governance process.

Valuation Assurance Committee (VAC) update

One of the tasks of VAC under its terms of reference is to publish valuation assurance-related commentary to RICS Registered Valuers to support the understanding and application of RICS’ standards and assurance activities.

The most recent VAC meeting of 30 April 2026 aligned with the end of the transition period for the UK regulated purpose valuation – mandatory rotation policy (UK VPS 3.3).

The Committee have considered insight and regulatory data in respect of the application and administration of the policy, following up on the survey undertaken in 2025.

The Committee wishes to draw the attention of RICS Registered Valuers and RICS regulated firms to the following:

During the period 1 May 2024 up to and including 30 April 2026, responsible valuers and valuation firms could undertake the valuation of an asset that would otherwise be in breach of the mandatory rotation policy where they were under an existing engagement to do so, or where this was necessary to allow the client to organise an orderly transfer to a new responsible valuer or valuation firm. The transition period has now ended, and the transition policy no longer applies.
UK VPS 3.3 paragraph 6 recognises that in limited ‘exceptional circumstances’ the mandatory rotation policy can be breached, subject to following strict criteria. The exceptional circumstances policy was designed to alleviate situations where a client was genuinely unable to instruct a valuer other than in breach of the rotation policy, not merely because it was inconvenient or administratively challenging to do so. It should also be emphasised that any such breaches must be disclosed to RICS in accordance with the requirements set out under this section.

In line with its terms of reference, VAC will continue to receive and analyse data from regulation activities and valuation stakeholders, in order to monitor the ongoing application of the mandatory rotation policy and to identify where further support would be appropriate to enable consistent compliance or to enable enhanced compliance with the policy.

To support RICS members and RICS regulated firms undertaking UK regulated purpose valuations, VAC have asked for the Red Book UK Supplement FAQs to be frequently reviewed and updated to reflect latest insight. This process map of the rotation policy may also be useful.

Meet the Valuation Assurance Committee

Chair

Victor Olowe

Independent Chair

Victor Olowe is a governance consultant, board reviewer and a former Chief Executive of the Council for Licensed Conveyancers with expertise in professional regulation, consumer protection, quality assurance and board governance. Victor is currently a Non-Executive Director/Member in a number of organisations related to regulation and raising professional and industry standards, including: • Chair of the Quality Assurance Scheme Committee at the Institute and Faculty of Actuaries • Chair of the CGMA Examination Board at CIMA/AICPA • Chair of Water UK’s Independent Sewerage and Water Adoption Panels • Vice Chair of Morley College London. Victor was appointed Chair in August 2024.

Amrita Aurora

Amrita is an accomplished Board Advisor and financial services Director in Governance, Risk and Transformation with experience in products ranging from payments, travel, banking and health insurance. With professional and lived experiences in Asia, North America and the UK, Amrita has driven strategic, operational and regulatory transformation across diverse functions, cultures and jurisdictions. In addition to a long career at American Express, Amrita held leadership roles at AXA and through the consulting firm Protiviti. Amrita is a Trustee on the Board of Girlguiding in the UK and a member of their Audit and Risk Committee. For her passion for diversity and inclusion, Amrita has been ranked as one of the top 5 Diversity Champions in the UK.

Iain Ritchie

Iain Ritchie is a Chartered Surveyor, having been a member since 2003. Iain is Global Director of Risk & Compliance within the Value and Risk Advisory business of JLL where he is an advocate of ensuring that best practices are embedded within the organisation. His global role promotes consistency across geographies on all Risk & Compliance Matters. Previously Iain was Head of Valuation and Insurance at Dubai based conglomerate Majid Al Futtaim (MAF). During his time at MAF, Iain managed the valuation of a multi-billion-dollar portfolio of international investment assets and development projects. The role involved the adoption of the highest international valuation standards, portfolio risk monitoring, providing asset management advice and performing due diligence on new acquisitions and projects. Earlier in his career, Iain was Head of Valuation at CBRE Middle East where he worked on many high-profile instructions including iconic leisure projects, IPO’s and large government portfolios. Iain has been involved with RICS throughout his career including being a Board Member of the UAE National Association and Chair of the APC Middle East Appeals Panel.

Peter Jacob

Since 2018, Peter has led the London Valuation Advisory team at BNP Paribas Real Estate and is responsible for valuations of commercial property throughout the UK, but with a particular focus on Greater London. His client base has facilitated providing Red Book valuations for audited accounts, acquisitions / disposals, tax, disputes and secured lending purposes. His day-to-day role encapsulates engagements for all major banks and building societies, as well as private equity firms, re-structuring professionals, property companies and institutions. Peter has considerable experience in every commercial sector, particularly office, industrial and retail property with an emphasis on large Central London assets, portfolios and logistics warehousing. He holds a Master of Science in both Geography from the University of Bristol and Real Estate from the University of Reading, and away from surveying acts as Vice-Chair to the Board of Trustees for a regional branch of the UK charity, Home-Start.

Trevor Barratt

Trevor has over 25 years’ experience as a senior executive in governance and risk management, with most of this time spent in retail and commercial banking. For several years he was the Head of Strategic Risk for Lloyds Bank Plc, working within the Group Risk function, and subsequently he became the Chief Risk Officer of Charities Aid Foundation Bank, before moving to Duncan Lawrie Private Banking Group as an Executive Director. He was an Independent Non-Executive Director (iNED) of a private bank, with an international clientele and as an iNED Chaired the Risk Committee at Monmouthshire Building Society until he completed the maximum 9 year tenure at the end of 2024. Skills and Experience - With extensive experience across both small and large entities, Trevor is a specialist in risk management. He is a Fellow of the International Compliance Association. He also holds the FT Advanced NED Diploma. An Associate of the Chartered Institute of Financial Services, Trevor holds a Master of Business Administration (MBA).

Richard Thorpe

Richard Thorpe is a chartered accountant who worked for over thirty-five years in financial services regulation and global standard-setting, at the Financial Services Authority, Financial Stability Board (at the Bank for International Settlement in Basel) and at the IFRS Foundation. Richard has been a member of and chaired national, regional and global boards and working parties that have developed standards, codes and guidance for accounting, auditing and prudential regulation of banks, insurers and financial intermediaries. He also helped to develop the TCFD’s framework of public disclosure standards for global companies that has been adopted by the International Sustainability Standards Board. He is currently a member of the Nominating Committee of the Public Interest Oversight Board that appoints members of the International Auditing and Assurance Board and International Ethical Standards Board for Accountants and a member of the ICAEW Regulatory Board as well as being a local councillor in the Royal Borough of Kingston upon Thames.

Marina Petrova MRICS

Senior Venture Capital Advisor

Marina Petrova has over 10 years of experience in property advisory. With her career beginning in state valuer`s certification in Bulgaria, becoming a Chartered Valuation Surveyor in 2018. She has an extensive background, being mentored in RICS regulated companies and by qualified members. Prior to her current occupation as Head of Commercial Assets Valuation in UAE, she worked in Eurobank and institutional asset management divisions. She was part of a teams who led projects in risk management, portfolio assessment and acquisitions, and the integration of PropTech within real estate, leveraging her extensive corporate expertise to enhance valuation consulting services in the UAE. Marina has developed a diverse skill set encompassing technical, financial, and reporting expertise, along with a strong grasp of legal aspects and in-depth knowledge of valuation process management. Marina has initiated collateral valuation procedure establishment in Piraeus Bank & Eurobank international divisions, managed projects consisting of asset quality reviews. She took part in mergers and acquisitions due diligence, international asset portfolios rating and evaluations. Since 2024, Marina has been a member of Emirates Green Building Council.

Dermot Charleson

Dermot Charleson is a Chartered Surveyor with almost 40 years of professional experience. He is Director and founder of Star Advisors, an independent valuation assurance consultant to practitioners and users of valuations. This role gives him wide exposure to the valuation community and deep insight into the compliance challenges facing the profession. Dermot has a degree in Urban Land Economics and he began his career with Fletcher King in London. He has held senior roles in valuation both in the UK and internationally. He set up JLL’s commercial valuation division in Spain in the 1990s, which he headed for 6 years. Dermot has been a European Director at JLL where he led the EMEA Valuation team, delivering valuation services across multiple jurisdictions for investors, lending institutions, corporates and public bodies. He has been a member of valuation boards in the UK and Spain during his career. He is committed to fostering integrity within the profession and has held governance roles on valuation activity across the EMEA region. He has a strong grasp of the complexity of setting professional standards, having worked as a consultant to RICS on Red Book and IVS compliance of Registered Valuers and Regulated firms in the both the UK and continental Europe.

Valuation Assurance Committee