The CLC has welcomed the new 'Quality Assured' scheme which was announced by the Society of Licensed Conveyancers on 22 November.
The scheme, which will be open to all CLC licence holders, requires firms to register each new transaction with the SLC. Information about the transaction will be shared with lenders at all key stages of the conveyancing process, as well as with the CLC. The aim is to reduce the risk of fraud by greatly enhancing transparency.
CLC Chief Executive Victor Olowe said: “We believe that regulation by the CLC is a trusted badge of quality. For members of the public, using a conveyancer licensed by us provides assurance of a high standard of work and we are not convinced of the need for any additional accreditation.
“However, we recognise that there is increasing pressure on lenders to demonstrate robust management of their panel lawyers, driven in part by an increase in mortgage fraud across the market. There is an unrivalled low level of mortgage fraud amongst licensed conveyancers, and we welcome this proposed new initiative because it provides lenders with that extra reassurance, and with access to ongoing and even more detailed monitoring information at critical stages of the conveyancing process.
“We will continue to work with the SLC and other partners to ensure that licensed conveyancers remain fairly represented on lenders’ panels, so that members of the public still have a proper choice when they come to choosing a conveyancing service.”
Further information about the new scheme is expected from the SLC in the new year.
