Backlash by solicitors against HSBC’s new conveyancing panel

The recent launch of HSBC's conveyancing panel, whereby borrowers must use a conveyancer on the bank's panel or pay twice for conveyancing services, is proving to be unpopular among other solicitors not on the panel.

According to The Bold Group, a national network that represents high street law firms across the UK, it has received an unprecedented number of calls and emails from its members, venting their frustration and disappointment as well as seeking advice.

The Bold Group says that those firms who have had their client accounts with HSBC for many years are extremely anger. A number of firms are also considering what action they can take against HSBC.

Rob Hailstone, founder of The Bold Group, said: “It’s understandable that many law firms feel both threatened and angry about HSBC’s decision. Since The Bold Group launched in 2010, we have never seen a single announcement stir up so much furore among our members.

“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’s recent decision will not only cause concern among conveyancing law firms but it will result in increased costs and delays for consumers as well as alarming the thousands of estate agents operating in the UK, who will not welcome unnecessary delays and needless red tape and bureaucracy.

“Instead, I would urge HSBC to look for an alternative solution. By inviting a selection of experienced and respected conveyancing firms to discus and explore the issues HSBC is obviously seeking to resolve through its new panel, I am confident that an improved solution could be reached.”

The Bold Group will be collating feedback and concerns from member organisations, which it plans to submit to HSBC over the coming weeks.