Lloyds’ panel cull is a stealth reduction in consumer choice

I was intrigued by the news last week that Lloyds Banking Group is cutting its solicitor panel. All I can say is – what a lot of tosh.

If Lloyds has a problem with a particular law firm or conveyancer by all means remove them, but this plan will lead to a restriction by stealth on consumers’ choice of solicitor.

Lloyds should know that it’s not the solicitor’s choice which company a borrower has a mortgage with – they are simply presented with a fait accompli.

Equally, the volume of business a solicitor has done with a member of Lloyds group has nothing to do with their ability to be good at conveyancing.

It seems that Lloyds is interested in volume rather than quality, which can be just as good from a small solicitor at a lower volume – if not better.
danny lovey