About CQS Conveyancing

Tag: CQS Core Practice Management Standard

  • How do the SRA decide which CQS firms to inspect?

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    Simon Seaton
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    The SRA adopt a risk-based approach to AML supervision. The SRA visits a greater number of firms classified as high risk, while also conducting visits to low and medium-risk firms. It is important to note that a visit does not automatically imply that your firm is deemed high risk for potential money laundering activities. To…

  • What is in a CQS Client Care Policy?

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    Simon Seaton
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    The 2022 version of the CQS Core Practice Management Standards (CPMS) mandates CQS firms to establish a policy addressing client care (s6.1). So what does a CQS Client Care Policy Include? As will all policies, the CQS Client Care Policy will need to be drafted or adapted based on the specific approach that your firm takes…

  • Operational Policies for CQS Conveyancing

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    Simon Seaton
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    CQS accredited firms must implement all required modifications to their firm’s policies, controls, and procedures (PCPs). It is essential to provide comprehensive training to staff regarding these changes, clearly documenting the effective date and the potential assessment regime in place, especially in anticipation of the CQS renewal. The adjustments to the CQS Core Practice Management…

  • Preparing a Stamp Duty Land Tax policy

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    Simon Seaton
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    In light of the recent changes to the CQS Core Practice Management Standards (CPMS), it is imperative for CQS-affiliated firms to establish a comprehensive policy pertaining to Stamp Duty Land Tax, as stipulated in section 5.15. This adjustment underscores the importance of compliance with regulatory requirements. CQS compliance consultants strongly advise firms to review and…

  • Exploring Outcomes: The CQS Assessment

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    Simon Seaton
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    In the event of your firm undergoes a CQS audit, it may result in three potential outcomes in accordance with the updated Core Practice Management framework: (1) Manifestation of complete adherence to CQS standards.(2) Identification of minor non-compliance issues, with a stipulated 21-day period provided for rectification.(3) Discovery of major non-compliance issues, accompanied by a…

  • Drafting A CQS Dealing with Lender Policy Template

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    Simon Seaton
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    Section 6.4 of the 2022 Conveyancing Quality Scheme (CQS) Core Practice Management Standards (CPMS) requires CQS-accredited law firms to have a Dealing with Lenders Policy in place. However, it has been brought to my attention that SROs face challenges in formulating this particular CQS policy. A meticulously formulated CQS Dealing with Lenders Policy, should accurately…

  • How will you know when you have been selected for a CQS audit?

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    Simon Seaton
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    The Law Society CQS Team holds the responsibility of making decisions regarding practice assessments, actively and reactively selecting which practices will undergo an audit. The selection process may involve random choices or be based on data indicating a need for engagement. During the annual reaccreditation application process, practices submit extensive information to the Law Society.…

  • CQS Purchase of a Leasehold Policy Template

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    Simon Seaton
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    Back in 2019, the Solicitor’s Regulation Authority (SRA) undertook a Residential Conveyancing Thematic Review. This review emphasised that conveyancing firms were falling short in providing sufficient information to their clients regarding the various types of property ownership and potential buyer implications. Alarmingly, the report uncovered that 23% of observed firms failed to clarify the distinction…

  • CQS Policy Templates Now Available Via Lexsure

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    Simon Seaton
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    CQS firms are now obliged to make all necessary changes to their policies, controls and procedures (PCPs) and ensure additional training is provided to staff on the changes. The changes to the CQS Core Practice Management Standard (CPMS) were published in February 2022 and took effect from 1 May 2022. Conveyancing firms must carefully read…

  • CQS CPMS is evolving. Ready for the changes?

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    Simon Seaton
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    Effective May 2022, modifications to the Conveyancing Quality Scheme (CQS) practices for Part 2 of the UK Finance Lenders’ Handbook will be implemented. The newly introduced Core Practice Management Standards (CPMS) by CQS outline updated procedural guidelines for Part 2 of the handbook, mandating adherence. 6.4(b) of the the new CPMs requires that firms must…