Skip to main content

The Latest Battle That Seems Awfully Familiar

By

A battle is brewing as three lenders -- Lloyds, RBS and Santander -- are telling their conveyancing panel solicitors that they are required to register with the the respective bank’s panel management service via the Lender Exchange platform run by Decision First, the CML's chosen supplier.

It seems like deja’ vu of HSBC’s conveyancing panel cull in 2012, which ended with the lender backtracking. Now, the Law Society is challenging the CML and the Decision First process in the strongest terms. With battle lines being drawn, the Law Society is building what is shaping up to be a powerful campaign. In a recent communication to members, the Law Society has advised that it’s planning to raise its concerns about the Lender Exchange with the Government and mortgage companies. A briefing document has been prepared which states: "We are engaging with the CML and lenders to express our concerns about the lack of transparency, of published objective criteria, and of an appeals process, and to seek a sensible and practical solution, as we did with HSBC in 2012." As part of this dialogue, we are also engaging with the Government to secure the support of Ministers and civil servants to work with us and the mortgage industry to broker a long term solution that is in the interests of consumers, lenders and the profession’.

I would encourage readers to weigh in on this matter. A copy of a sample letter to be sent to MPs can be found here. For a copy of the briefing package contact your local Law Society or contact the Law Society’s Government and Parliamentary Affairs Unit on 020 7320 5858 or parliamentary@lawsociety.org.uk.

Labels:

Comments

Post a Comment

Popular posts from this blog

Argie Bargie over Home Information Packs

By
In response to a question from Conservative MP David Amess on what methodology would be used to use to evaluate the effectiveness of the Home Information Pack programme, Communities and Local Government Minister Ian Austin was involved in heated argument. The wording of the debate ( reported in Hansard ) makes interesting reading, so I thought I would share it with you : Mr. David Amess (Southend, West) (Con): What methodology his Department plans to use to evaluate the effectiveness of the home information pack programme; and if he will make a statement. Mr. Andrew Mackay (Bracknell) (Con): What methodology his Department plans to use to evaluate the effectiveness of the home information pack programme; and if he will make a statement. Mr. David Jones (Clwyd, West) (Con): What methodology his Department plans to use to evaluate the effectiveness of the home information pack programme; and if he will make a statement. The Parliamentary Under-Secretary of State for Communities and Local...
Post a Comment
Read more

Paperwork is not a shield: Why your SRA aml audit demands more than just a dusty manual

By
The Solicitors Regulation Authority continues its aggressive crackdown on financial crime with a recent fine issued against Whiteheads Solicitors (Staffordshire) Ltd . This decision serves as a stark reminder that the regulator is looking far beyond simple paperwork during an SRA aml audit . The firm was fined 2,584 GBP plus 600 GBP in costs following an investigation into its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. While the firm had a firm-wide risk assessment and general policies in place, the SRA identified critical failures at the matter level. Key compliance failures included: Failure to conduct adequate client and matter risk assessments . The SRA found a consistent pattern where the firm failed to sufficiently assess client matter risk levels as required by Regulation 28. Inadequate scrutiny of source of funds . In one specific property transaction, the firm failed to properly investigate the origin of funds provided by ...
Post a Comment
Read more

The High Street Practitioner’s Guide to Surviving the FCA

By
For a sole practitioner or the MLRO in a small high-street firm, "AML compliance" often feels like just another mountain of paperwork standing between you and your actual work. When you are juggling a heavy conveyancing caseload, a sensitive probate matter, and the day-to-day survival of your practice, the last thing you need is a new regulator with a reputation for being data-heavy and "zero-tolerance." But the ground is shifting. As the Financial Conduct Authority (FCA) takes over AML supervision from the SRA, the "high-street way" of doing things—relying on long-standing local reputations and gut instinct—is being replaced by a requirement for hard, documented proof. The end of "I’ve known them for years" In a small town, you often act for the same families for generations. You know their business, their parents, and their reputation. Under the old mindset, that felt like enough. Under the FCA, it isn’t. T...
Post a Comment
Read more