RICS appoints expert panel to implement Gray Report

[A PANEL OF nine leading experts have been appointed to lead the implementation of the RICS Valuation Review recommendations. Conducted by Peter Pereira Gray last year, the review into the way valuations of property assets for investment purposes are conducted made 13 recommendations which seek to future-proof valuation practice and improve confidence in valuations upon which third parties rely, for example pension funds and the stock exchange.

Led by Richard Waterhouse FRICS, a valuation expert and member of the RICS's independently-led Standards and Regulation Board, the new team form an interim committee dedicated to implementing Peter Pereira Gray's vision.

Richard Waterhouse commented: “I am delighted with the appointment of the committee to implement the Valuation Review's recommendations. The committee draws expertise from the range of stakeholders, including regulatory, and across a full spectrum of members and firms.

“The committee will ensure the public interest is placed at the centre of the implementation’s design, valuations for the future continue to be underpinned by robust practice and are trusted. Improved education, transparency and inclusivity will guide the implementation combined with a proportionate and clear approach for the regulation.

“With a significant proportion of the world’s wealth held in property it is essential that valuation for financial reporting and decision making continues to attract confidence as markets evolve.”

The nine experts appointed to the new committee are Sara Ensor MRICS of JLL, Ian Hardman MRICS of Colliers, Mark Fox MRICS of Foxglove Property Consultants, Jonathan Theobald MRICS of Derwent London, RoyAlbert MRICS of the Valuation OfficeAgency, Nick French FRICS of the RICS, Leigh Miller FRICS of Ernst & Young LLP, John Boulton of the ICAEW and Rod Lockhart MRICS of LendInvest PLC.

Janet Paraskeva DBE PC, chair of the RICS Standards and Regulation Board, added: “I am pleased to announce the establishment of the Valuation Review Implementation Committee, an interim committee who will be tasked with preparing a plan for effective implementation of the recommendations of the Review of Real Estate Valuations and ensure, on behalf of the Standards and Regulation Board, progress in line with plan.”

The committee's work will be informed by stakeholder consultation on proposed changes to the RICS standards and regulation framework, ensuring it continues to act effectively in the public interest. Its appointment follows an initial consultation on the implementation of recommendations to require a regular rotation of valuation advisors and the introduction of new governance arrangements for the commissioning of valuation reports. That consultation ended on 20 May and the new committee will soon meet to review feedback and set out its next steps afterwards.

The steps needed to respond to the remaining recommendations will progress over the coming months, depending on the complexity of planning, strategic and operational mobilisation, and the resources required. The committee will work with energy and purpose in delivering the necessary changes while ensuring it takes a proportionate approach, the RICS said. q