Lenders panels
Mike OckendenSLC Secretariat
Society of Licensed Conveyancers
Society of Licensed Conveyancers
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
• 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?