RICS Action On Surveying Standards

Credit crunch losses have massively increased the number of overvaluation claims against surveyors and as a result professional indemnity insurance has become increasingly difficult to obtain.  Several high-profile surveyors' firms have collapsed under the pressure and the profession's reputation has been hit.

As a result, RICS has launched the Valuer Registration Scheme to "ensure that members adhere to, and can be monitored on, practicing the standards contained in the RICS Valuation Standards (also known as the Red Book)".  In essence, the Scheme will require specified information from its members to allow RICS to monitor compliance.  If RICS detect anomalies it can call in surveyors' files, visit members and ultimately use the information to commence disciplinary proceedings.