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FTC, Valuers and Commercial Banks Agree on Criteria to Guide the Selection of Qualified Valuers PDF Print

Case Opened: June 2007  

The Fair Trading Commission has concluded its investigation into the allegation that commercial banks were restricting their loan clients to choosing property valuers from selected lists provided by the commercial banks.  

The investigation, which began in June 2007 found that the commercial banks' practice of maintaining selected lists was likely to lead to a distortion of competition in the market for the supply of property valuation services. As a result the Commission recommended that:

 (a) Lending institutions should make clear to customers that they have the freedom to choose the service provider of their choice, insofar as the service provider    meets the standards set out in the agreed criteria;
 (b) The qualifications should preferably be those approved by national associations responsible for maintaining high standards within their profession;
 (c) The standards developed by the lending institutions should be impartial and developed on a transparent basis;
 (d) The standards should be made known to the valuers' associations in order that they may inform their members.

The Barbados Bankers' Association agreed with the Commission's recommendations and in response submitted a set of criteria which were developed based on the input of all of their members.

In October, 2008 the Commission hosted a working meeting of valuers, heads of all commercial banks and other interested parties to discuss the criteria. The valuers' associations made several useful suggestions which were accepted by the commercial banks.

The banks also agreed that each bank will ensure that its staff understands that valuers who are currently not on the list may also be considered provided that they meet the agreed criteria.

The Commission wishes to thank all parties for their commitment in bringing this matter to a fair and amicable conclusion.

The criteria to be used for selecting valuers are attached [more...]  

















Case Closed: August 6th, 2009

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