Licensed conveyancers to launch lender’s panel solution

The Society of Licensed Conveyancers (SLC), the trade body representing the conveyancing profession, has unveiled its lender’s panel proposition.

SLC Quality Assured aims to reduce the risk of mortgage fraud for lenders who opt to use SLC's panel members, while allowing SLC member firms access to all lenders’ panels.

With mortgage fraud high on the agenda for lenders due to unprecedented losses, many are undertaking new measures to restrict those conveyancers accepted onto their panels. SLC Quality Assured is designed to help the licensed conveyancing community by ensuring they are part of any restricted panels.

As part of this new solution, the Council for Licensed Conveyancers (CLC) - the statutory regulator - will take on the role of gatekeeper, controlling panel qualification and providing lenders with the added assurance that all SLC panel firms are fully regulated and bound by a rigorous set of criteria.

Licensed conveyancers, licensed by the CLC, will be automatically ‘passported’ onto SLC Quality Assured and can apply to become panel members, which will activate the certification process.

Once activated, panel firms must register every new transaction with the SLC system, and information on the transaction’s progress will be made available to the lender at critical points throughout the process. This information will also be made available to the regulator.

Throughout the process, constant monitoring of the firm managing the transaction will be undertaken by a central operations team, provided by the SLC, alongside monitoring of the ‘other party’ firm.

John Clay, chairman of the Society of Licensed Conveyancers, commented: “Through our new solution, which covers the licensed conveyancing community across England and Wales, lenders will be able to benefit from reduced fraud risk and additional transaction protection. The solution will also allow lenders to demonstrate an inclusive policy with regards to licensed conveyancers and smaller firms.

“While the Law Society’s Conveyancing Quality Scheme (CQS) has gone some way to addressing the issues associated with lenders’ panels, it has been our experience that lenders see the CQS as just part of the overall solution.

“We felt there was a gap in the market for a universally accepted and recognised standard, designed specifically for licensed conveyancers, which builds on the strong regulatory framework provided by the CLC. We believe that SLC Quality Assured will fill this gap.”