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Licensed conveyancers unveil rival to CQS amid warning that lenders are becoming backdoor regulators
Thursday, 24 November 2011The body representing licensed conveyancers has launched a quality assurance scheme uniquely linked to their regulator in a bid to help detect mortgage fraud. The move by the Society of Licensed Conveyancers goes significantly further than the Law Society’s Conveyancing Quality Scheme.
Tags: conveyancing, Council for Licensed Conveyancers, Legal Services Consumer Panel, licensed conveyancers, mortgage fraud, Society of Licensed Conveyancers
Posted in Competence, News, Other lawyers, Solicitors
Claims against solicitors over mortgage fraud shoot up to £173m
Thursday, 17 November 2011New figures from the Solicitors Regulation Authority indicate that the long-predicted wave of claims against solicitors over mortgage fraud is fast becoming a reality. There are now 770 open claims against the Solicitors Compensation Fund relating to mortgage fraud.
Tags: conveyancing, conveyancing quality scheme, Law Society, mortgage fraud, Solicitors Compensation Fund, Solicitors Regulation Authority
Posted in Competence, News, Solicitors
Fewer law firms shut down but SRA reports rise in mortgage fraud claims
Tuesday, 1 November 2011The number of law firms being closed by the Solicitors Regulation Authority has fallen to a four-year low, new figures have shown. But it has also received a record number of claims for compensation for mortgage fraud in the last quarter.
Tags: intervention, mortgage fraud, Solicitors Regulation Authority
Posted in News, Solicitors
Claims for compensation over solicitor mortgage fraud shoot up
Tuesday, 27 September 2011The number of claims against the Solicitors Compensation Fund arising out of mortgage fraud have shot up by 140%, it has emerged. However, the time lag in claims reaching the fund means the figures disguise a “marked decrease” in mortgage fraud cases, according to the SRA.
Tags: ABS, Alternative business structures, mortgage fraud, Solicitors Compensation Fund, Solicitors Regulation Authority
Posted in News, Solicitors
Law Society to hand over solicitor data in bid to negate need for lender panel fees
Thursday, 8 September 2011The Law Society will next month begin sharing information about conveyancing solicitors with a lender as part of moves to discourage lenders from charging a compliance fee for firms that want to be on their panels. Meanwhile, standard mortgage instructions for solicitors acting just for lenders should be released in early 2012.
Tags: ABS, Alternative business structures, conveyancing, conveyancing quality scheme, mortgage fraud
Posted in News
“Perfect storm” set to slash number of conveyancing firms, says survey
Monday, 25 July 2011Competition over fees, reduced work volumes and other worries will result in far fewer firms specialising in conveyancing in the future, a new survey has predicted. The poll of Conveyancing Association members found them anxious about the future, with alternative business structures and reduced lender panels key sources of concern.
Tags: ABS, Alternative business structures, conveyancing, conveyancing quality scheme, mortgage fraud, professional indemnity insurance
Posted in Market monitor, News
CML reluctantly accepts growth in separate representation of borrowers
Thursday, 30 June 2011The growth of separate representation of lender and borrower in residential property deals has prompted the Council of Mortgage Lenders to draft instructions for conveyancers acting solely for lenders. The move has been welcomed by a leading body representing conveyancers.
Tags: conveyancing, conveyancing quality scheme, mortgage fraud
Posted in News, Solicitors
Rising fraud means open conveyancing panels are at an end, warns CML chief
Friday, 13 May 2011The growth of property fraud means that lenders’ open panels of conveyancing firms are at an end, the director-general of the Council of Mortgage Lenders has warned. Michael Coogan added that lenders remain unsure about the impact of the Conveyancing Quality Scheme.
Tags: conveyancing, conveyancing quality scheme, CQS, mortgage fraud
Posted in News
SRA poised to mystery shop conveyancing firms over fees and publicity
Thursday, 21 April 2011The Solicitors Regulation Authority could “mystery shop” conveyancing firms to check whether their costs information and publicity about charges are misleading, it has revealed. At the same time, the Legal Services Board announced that it is to consider a major review of conveyancing.
Tags: conveyancing, Legal Services Board, mortgage fraud, referral fees, reserved legal activities, Solicitors Regulation Authority, will-writing
Posted in News, Solicitors
Solicitors innocently caught up in mortgage fraud liable for whole loss
Tuesday, 23 November 2010Solicitors innocently caught up in frauds on mortgage lenders can find themselves liable for the whole loss if they release funds before receiving documents needed to prove title, even if the lender is negligent.
Tags: mortgage fraud
Posted in Competence, Latest news
Blog
Five key issues to consider when adopting an AI-based legal tech
As generative AI starts to play a bigger role in our working lives, there are some key issues that your law firm needs to consider when adopting an AI-based legal tech.
Bulk litigation – not always working in consumers interests
For consumers to get the benefit, bulk litigation needs to be done well, and we are increasingly concerned that there are significant problems in some areas of this market.
ABSs, cost and audits – fixing regulation after Axiom Ince
A feature of law firm collapses and frauds has sometimes been the over-concentration of power in outdated and overburdened systems of control.
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