The ECCB recognizes the RICS qualification to ensure high standards for valuers across the ECCU region

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The Royal Institute of Chartered Surveyors (RICS), the global professional body for high land and environmental standards, has announced that the Eastern Caribbean Central Bank (ECCB) now includes RICS membership as one of the qualifications to be used by banks ECCB members to engage appraisers in the loan approval process.

To build confidence in the rating and rating process in the eight ECCB member countries, RICS is working with the respective ECCU banking associations and rating and rating organizations to train, qualify and regulate local practitioners in the region.

At a time when the global economic and real estate markets are uncertain, we are committed to ensuring that professionals in our region provide reliable and solid valuations through best practices and internationally recognized ethical standards.said ECCB Governor Timothy NJ Antoine,

The governor added that “Working with RICS, a globally recognized leader in built environment valuation, appraisal and consultancy services, is a major step in ensuring professional confidence and financial stability..”

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The boards of directors of all financial institutions licensed under the ECCB are responsible for adopting and reviewing policies and procedures that establish effective real estate valuation policies.

At least once a year, member banks should review their property valuation policies and procedures to ensure that they are properly aligned with international best practice.

In addition, licensed financial institutions are required to monitor the performance of assessors, and qualification with RICS will now be an accepted key qualification for these professionals.

RICS will help to ensure that practitioners are impartial, have the appropriate training, expertise and experience in valuation or collateral valuation for the types of properties to be valued and continually update their knowledge through a continuing education process, among other requirements.

We are proud to work with the ECCB, which provides crucial oversight to banking professionals in a region important to the global economic market.“, said Neil Shah, Director of Strategic Partnerships, RICS. “RICS will help ensure public confidence in valuation professionals by providing continued high standards at the ECCB.”

THE SOURCE: Eastern Caribbean Central Bank/ SLT

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