|RICS consultation to tackle dysfunctional PI insurance market|
|Written by Dave Hedgecock|
|Thursday, 01 December 2011 13:53|
"RICS is extremely concerned about the practice of speculative claim letters being sent to property valuers on behalf of banks. For this reason, a working group has been established to assess the problem and create a set of recommendations for our members and the wider public, aimed at tackling the issue.
The proposals have now been drafted and we are interested in hearing from RICS members, or those who have experience and understanding of the issue, in relation to the recommendations. We will be publishing the final report early next year with a view to tackling this problem, which is putting the valuation profession and public protection at serious risk."
Quote Robert Peto, RICS Spokesperson
RICS has today launched a consultation to tackle problems about current risk and pricing in professional indemnity insurance (PII) in the UK valuation sector that are creating market dysfunction.
1 December 2011
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