Society of Licensed Conveyancers
Lenders panels
Mike Ockenden
SLC Secretariat
Society of Licensed Conveyancers
Background
• Unfortunately our original speaker is unable to
attend
• SLC has concerns about the conduct of
lenders
• The approach to panels is affecting the natural
development of the conveyancing market
place
• Why should lenders be able to dictate to
lawyers?
Society of Licensed Conveyancers
Issues
• The CML Lenders handbook (BSA Mortgage
Instructions)
• Tracking changes
• No consultation or input
• Lawyer acquiescence
• Lenders approaches to their panels
• Lack of transparency
• A money maker for them?
• Do they not trust the legal profession?
Society of Licensed Conveyancers
The SLC Position
• Lenders should trust lawyers
• Lenders should properly engage with lawyers
• The approach to the handbook (Instructions)
needs a complete overhaul
• There needs to be transparency for the benefit
of consumers as well as lawyers
• The market must be allowed to function freely
• Lenders should be accountable for their panel
criteria
• Lenders should respect the legal profession
Society of Licensed Conveyancers
Action to date
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•
•
•
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Engagement with the CLC
Letters written to the CML and BSA
Meeting held with the BSA
Further correspondence with the CML
Press release issued (and published) in
respect of lenders trusting lawyers
• Initial conversations with lenders
• Drafting a ‘straw man’ as the basis for
discussion
Society of Licensed Conveyancers
Next steps
• Initial discussion with the Competition
Commission
• Further engagement with the CML and BSA
• Approach to the Law Society (and CIlex?)
• PR activity – articles and press releases
• Support to be sought from other lawyer groups
(BLG?)!
• Further conversations with lenders
• Further conversations with regulators
• Engagement with the FCA?
Society of Licensed Conveyancers
What do you think
• Please let us have your views
• Questions?
Society of Licensed Conveyancers