Tuesday, 10 August 2010

What do regulators mean by “ Risk based approach “ to regulation ?

The 2010 business plan for the Council for Licensed Conveyancers reveals that the CLC will be moving closer towards implementing an outcomes and risk based approach to regulation. They further confirm that this has been on their radar since 2008.

The CLC have blamed the slow progress in this area due to limited resources but now express confidence that they have now addressed that resource challenge through the imminent
introduction of a new Management Information System and a new organisational structure.

It will be fascinating to see how a Management Information System will deal with risk unless the conveyancer inputs date into a system which could be integrated with the Land Registry. It is lamentable that the Chain Matrix was shelved as this would have proved to be the ultimate panel manager technology which would have been invaluable for the Regulators and Lenders alike.

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