Solicitors Skeptical about HSBC Conveyancing Panel

Last week, one of the leading UK banks, HSBC has launched a new conveyancing panel. It consists of 43 members, 39 of which are solicitor firms and the remaining 4 - licensed conveyancing companies.

All of the companies in the panel are accredited according to the Conveyancing Quality Scheme, which fact was warmly welcomed by the Law Society.

However, high street solicitors are concerned with the decision of HSBC to have a conveyancing panel with a restricted number of solicitors and conveyancers. In their opinion, it may harm consumers' choice.

As such, Rob Hailstone of The Bold Group, a national network of high street solicitors, said: "I strongly believe that within a relatively short period of time, HSBC and its mortgage customers will regret this badly thought through and poorly implemented development and I would urge HSBC to reconsider its position now."

HSBC experts, however, insist that the new panel is set to protect the bank's customers from mortgage fraud.