It looks as though CQS is facing a credibility challenge as the single conveyancing panel management facility supported by the CML. It appears that the CML as well as lenders such as RBS and Santander are supporting a new lender panel portal to be launched in 2014. The Lender Exchange formerly known as http://www.convey-panel.co.uk is a privately run entity through First Decision Limited.
The new panel management facility has two stated objectives – to minimise the costs and administrative burden on conveyancing solicitors responding to regular duplicate information requests from multiple lenders and to help lenders minimise fraud and negligence through robust due diligence (although it is not yet clear how this second element is to be achieved).
The panel software will give conveyancing firms throughout the UK (not just England and wales) an easy way to submit and update information to lenders about their conveyancing practice through a, secure interface, saving them time and duplication of effort in meeting the terms of their lender panel membership.
Lenders such as Santander, in turn, will be able to access information to enable them to assess the continued suitability of a firm to be on their lender panel, depending on their own individual requirements.
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