The repeal of the Valuers Act 2003, which will see the deregulation of the valuing industry in NSW, is concerning, warns the Real Estate Institute of New South Wales (REINSW).
Last week, the Minister for Innovation and Better Regulation, Victor Dominello, introduced a bill to repeal 30 laws including the Valuers Act 2003. The revoking of the Valuers Act will see the deregulation of the valuing industry in NSW and will remove government controlled licences.
However, REINSW president Malcolm Gunning says it would be detrimental if the government does not participate in the controls and oversight of the valuing profession.
“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,” he said.
“While industry must be involved in the process of regulation, it alone should not be solely responsible.”