Lenders panels Mike Ockenden SLC Secretariat Society of Licensed Conveyancers

Background Unfortunately our original speaker is unable to attend SLC has concerns about the conduct of lenders The approach to panels is affecting the natural development of the conveyancing market place Why should lenders be able to dictate to lawyers?

Society of Licensed Conveyancers Issues The CML Lenders handbook (BSA Mortgage Instructions) Tracking changes No consultation or input Lawyer acquiescence Lenders approaches to their panels Lack of transparency A money maker for them? Do they not trust the legal profession?

Society of Licensed Conveyancers The SLC Position Lenders should trust lawyers Lenders should properly engage with lawyers The approach to the handbook (Instructions) needs a complete overhaul There needs to be transparency for the benefit of consumers as well as lawyers The market must be allowed to function freely Lenders should be accountable for their panel criteria Lenders should respect the legal profession

Society of Licensed Conveyancers Action to date Engagement with the CLC Letters written to the CML and BSA Meeting held with the BSA Further correspondence with the CML Press release issued (and published) in respect of lenders trusting lawyers Initial conversations with lenders Drafting a ‘straw man’ as the basis for discussion

Society of Licensed Conveyancers Next steps Initial discussion with the Competition Commission Further engagement with the CML and BSA Approach to the Law Society (and CIlex?) PR activity – articles and press releases Support to be sought from other lawyer groups (BLG?)! Further conversations with lenders Further conversations with regulators Engagement with the FCA?

Society of Licensed Conveyancers What do you think Please let us have your views Questions?