The Council of Mortgage Lenders’ support for The Law Society’s proposed accreditation scheme for conveyancers will hardly come as a surprise in the wake of some high profile fraud cases involving conveyancers.
The proposed accreditation scheme should therefore receive a universal welcome.
Any move to improve the quality and security of service to customers is to be encouraged and if the scheme builds trust between lenders, intermediaries and customers then that is good news indeed.
My only concern is that the scheme will simply be a bureaucratic fudge which masquerades as a step forward but ends up being nothing more than a new exercise in paper management that ticks boxes, adding little in the way of security but much more in time wasting.
My concern is the scheme will be a bureaucratic fudge which masquerades as a step forward but ends up as an exercise in paper management
We’ve been striving to help improve the conveyancing experience for brokers and their clients, which is why we’ve limited our panel of solicitors to just 20 so we can keep a tight rein on the quality of service.
We can only hope that these new hoops conveyancers will have to jump through do not interfere in any way with the excellent administrative procedures that have been developed by the best firms. We shall wait with interest to see the detail behind the scheme.
Clearly The Law Society felt it had to act to ensure that the vital relationship between lenders and conveyancers was strengthened.
But I urge it to take a look at what happens when a regulator overreacts and the cost of execution is out of proportion to the benefit to those it purports to protect. There are plenty of current examples to choose from.