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?