The RICS has appointed Victor Olowe to chair its new Valuation Assurance Committee, which has been established with the aim of making the valuation process more responsive and independent.
Olowe is a former chief executive of the Council for Licensed Conveyancers and currently chairs organisations within the Institute and Faculty of Actuaries as well as an exam board and the water industry. He is also vice chair of Morley College, London.
The VAC will be a permanent subcommittee of the RICS Standards and Regulations Board, which was rocked by mass walkouts last year. RICS is recruiting further members and plans for the VAC to be fully operational by the end of the year.
The committee was one of the key recommendations of the Independent Review of Real Estate Investment Valuations, which RICS commissioned in response to concerns over valuations not responding to changing market dynamics and a perceived lack of valuer independence.
RICS SRB chair Nigel Clarke said: “Following a competitive recruitment process, Victor was appointed to the role, to which he brings extensive expertise as a chair and experience working within professional regulation, standards setting, and quality assurance.”
Image from RICS
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