CML Approves of Stricter Regulations for UK Conveyancers

Earlier we have reported that the Law Society plans to introduce the accreditation scheme for UK conveyancers in January 2011. It is aimed not only at demonstrating high-quality standards of conveyancing services in England and Wales but also at improving the level of lender and consumer confidence.

The Council of Mortgage Lenders (CML) warmly welcomed the move and urged the Law Society to introduce stricter guidelines for UK conveyancing firms.

As such, the firms will need to comply with new regulations in the following spheres:

• competence
• probity of staff
• administrative processes
• financial standing

The CML also said that many lenders might require CQS accreditation as a pre-requisite for panel membership if the scheme proves to be efficient.

As it was stated by the CML, "it is not simply a matter of ensuring records are up-to-date, but also of acting to prevent entry to the CQS to uphold standards (and to ensure removal of accreditation when problems are identified in future)."