Member Support Visits: What they are & how they can provide helpful feedback 

Member Support Visits: What they are & how they can provide helpful feedback 

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Member Support Visits: What they are & how they can provide helpful feedback 

By Paddy Darmody FSCSI FRICS, Commercial Agency Surveyor & SCSI Staff Member, Profession Support and Assurance Technical Specialist (Surveying), RICS Valuer Registration Scheme,

Background on Valuer Registration Scheme

All Chartered Surveyors undertaking valuations must be members of the RICS Valuer Registration Scheme.  A key part of the VR Scheme is that valuer’s processes are subject to monitoring of the valuer’s compliance with RICS Valuation – Global Standards (Red Book) and Rules of Conduct.  Monitoring of Irish based members commenced in 2018 and many members will have received a Regulatory Review Visit (RRV).  Visits were suspended in March 2020 due to Covid 19 considerations.

New Member Support Visits

A new scheme of monitoring is commencing with the rollout of Member Support Visits and members can now expect to receive notification shortly if selected for a visit.  MSV’s will be carried out virtually with members requested to upload certain documents and sample valuation files to a secure data-sharing site.  Once uploaded, the documents will be reviewed and a date agreed for a ‘visit’ via a Microsoft Teams call.  During the visit, the member will receive feedback regarding compliance and non-compliance issues, and will be supplied with the tools and documents necessary to fill any gaps in compliance.

Particular attention will be paid to compliance with the standards contained in Red Book:

PS 1 – Compliance with standards

PS 2 – Ethics, competency and objectivity, including conflict of interest issues

VPS 1 – Terms of engagement – what is required in a compliant TOE

VPS 2 – Inspections, investigations and records – how to keep you file compliant

VPS 3 – Reports – what is required in a compliant valuation report

VPS 4 – Basis of value, assumptions and special assumptions – understanding the importance of using a correct basis of value and the drafting of assumptions

VPS 5 – Valuation approaches and methods – the responsibility of adopting appropriate valuation approaches

Rules of Conduct issues – including Complaints Handling Procedures and the requirement for a Locum Agreement in certain circumstances

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