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FAIR TRADING COMMISSION
PRESS RELEASE
FAIR TRADING COMMISSION,
VALUERS AND COMMERCIAL BANKS AGREE ON CRITERIA TO GUIDE THE SELECTION OF
QUALIFIED VALUERS
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. |
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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...]
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Fair Trading Commission
Good Hope
Green Hill, St. Michael
Tel: 246-424-0260
Fax: 246-424-0300
Website: www.ftc.gov.bb
August 6th, 2009
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