Deregulation of valuing industry a concern: REINSW

The repeal of the Valuers Act 2003 which will see the deregulation of the valuing industry in NSW is cause for concern.

Minister for Innovation and Better Regulation Victor Dominello last week introduced a bill to repeal 30 laws including the Valuers Act 2003 which will see the deregulation of the valuing industry in NSW and will remove government controlled licences.

If the government does not participate in the controls and oversight of the profession then the potential for detriment exists.

We find it alarming that the government is on a constant campaign of delicensing.

REINSW sees a role for the professional bodies working co-corporately with government for the oversight of compliance with the regulatory environment and the maintenance of professional standards.

While industry must be involved in the process of regulation, it alone should not be solely responsible. 

Malcolm Gunning is president of the Real Estate Institute of New South Wales and can be contacted here.