Cyber security tools for conveyancers from the experts
For all its awfulness, it’s clear there is never a time when conveyancing firms, and their clients, aren’t – at the very least – being considered by fraudsters as a potential target, or actively being probed for areas of weakness, particularly from a cyber point of view. That will not be anything new to conveyancing […]
LSB launches consultation into how regulators will oversee prevention and detection of economic crime
A consultation on how legal regulators, including the Solicitors Regulation Authority (SRA) and Council for Licensed Conveyancers (CLC), can ‘promote the prevention and detection of economic crime’ has been launched by super-regulator, the Legal Services Board (LSB). Launched on 15th November 2024, the consultation will run until 7th February 2025 with the objective to ‘underline […]
“Sharp rise” in interventions prompts client account consultation
The Solicitors Regulation Authority (SRA) has launched its anticipated consultation on client money in legal services to review whether it remains appropriate for law firms to continue to hold significant funds in their accounts. The regulator announced plans to launch its consultation last week with SRA Chair Anna Bradley saying the reforms would tighten the […]
Enhancing identity verification: How conveyancers can navigate the future UK housing boom
It’s been a sluggish few years for the UK housing market. Data from Nationwide shows market activity has remained broadly flat over the past 12 months, and is 15% lower than pre-Covid levels in 2019. This has naturally led to less work for conveyancers, with data from Search Acumen’s Conveyancing Market Tracker showing that the […]
Bank delays could put paid to simultaneous exchange and completion
Clearly one of the big stories over the last couple of weeks – presuming you are not a civil servant paid more than the Prime Minister stepping down to avoid being the centre of attention – has been the new powers that are going to be afforded to banks to allow them to pause payments […]
Watchdog will name firms under financial investigation
A watchdog has said it will name and shame firms who are under investigation in the name of ‘public interest’, which has been met with furious backlash. The Financial Conduct Authority (FCA) outlined proposals to release the names of firms who are being investigated for financial breaches. Despite fierce opposition the joint executive director of […]
Ex-Conveyancer launches onboarding platform having secured £500,000 funding
A conveyancing prop-tech has officially launched after securing £500,000 in seed funding, supported by an Innovate UK grant. ProConvey’s digital onboarding solution aims to “transform traditional conveyancing” reduce manual errors, and improve client satisfaction through its platform. It has been developed by ex-conveyancer Chris Scantlebury who began work on the project in January 2023. Having […]
Companies House clamping down as new anti-fraud measures aim to ‘stop the UK from playing host to the world’s scammers’
Companies House has new and enhanced powers to improve the quality and reliability of its data and tackle misuse of the companies register, in a move the CEO has called ‘significant’. The first measures under the Economic Crime and Corporate Transparency Act 2023 came into force on today in a bid to tackle fraud, money […]
New service aims to stop payment fraud
A new service will aim to stop payment fraud by verifying the name of a bank account owner with the name of the intended payee. While confirmation of payee is largely default for consumer banking, Cashroom, who have implemented the service within their client portal, say it is a first in legal services. Confirmation of […]
9 month suspended sentence for tipping off
In a first for the legal profession, a solicitor has been handed a 9 month prison sentence, suspended for 18 months, for “tipping off” a client about a Serious Fraud Office (SFO) investigation into the funding of a property purchase. William Osmond, co-founder of Osmond and Osmond Solicitors Ltd, is the first solicitor to be […]
Availability of homeowner data enables title fraud warns tech entrepreneur
The wide availability of home owner data empowers criminals and enables title fraud warns the founder of a new service designed to tackle the issue of property being sold from under the noses of the home owner. John Daw, founder of Title Guardian points to the case of Reverend Mike Hall, whose house was stolen […]
Research reveals the regions at higher risk of property fraud
New research from client compliance platform Thirdfort reveals that the East Midlands, North East, North West and Scotland are the regions of the United Kingdom that may be at higher risk of property fraud. Fraud and fake identity documents are on the rise. Criminals will stop at nothing to bypass controls and use many methods to engage […]
New-style scam alert warning
An outsourced compliance service provider has warned of a new-style scam they have intercepted involving criminals impersonating the Solicitors Regulation Authority (SRA). The methodology involves individuals contacting law firms alleging to be from the SRA and asking to attend their offices onsite for a “pre audit meeting.” Contact is made via phone call from a […]
Fines totalling £25,000 highlight risk of non-compliance
Four SRA regulated law firms have fallen foul of Anti-Money Laundering and Transparency regulations and received fines totalling over £25,000. Some of the first published fines are now coming light following the extension of SRA fining powers in July 2022, which empowered the SRA to fine firms for a broad range of offences without having […]
The perils of paying lip service to cyber risk
In this latest Today’s Conveyancer podcast, host David Opie is joined by Emma Green, Managing Partner at Cyber Data Law Solicitors. A regular commentator on national radio and television, Emma is an expert on cyber crime and alongside spending her time educating firms on the perils of cyber attack, has also spent time negotiating with […]
Register of Overseas Entities – what does it mean for conveyancers?
The implementation of a Register of Overseas Entities (ROE) will help law firms tackle the opaque nature of foreign ownership and support efforts to tackle money laundering in the UK property market, says Mike Ward, Executive Chairman of Armalytix on the latest Today’s Conveyancer Podcast Effective today, 1st August, overseas entities are required to provide […]
Open Banking: Protecting conveyancers from fraud
In this Today’s Conveyancer Podcast David Opie is joined by Cashroom’s Chris and Steven O’Day, CEO and Head of Technology respectively and Tom Lyes, Head of Legal at Armalytix. The discussion centres on the opportunity presented by open banking in reducing the risk of fraud across the conveyancing transaction, from initial onboarding through to completion […]
Does ID/AML have to be a drama?
The recent thought-provoking ITV drama “Our Home” highlighted the possible nightmare scenario of going away for a few days and coming back to find strangers moving into your house. A cleverly orchestrated fraud (if a little too simplistic) sees a London home sold fraudulently, demonstrating real challenges that exist in our system if quite simple […]
LMS launches confirmly to safeguard conveyancing process
LMS, the UK’s leading panel management specialist, has announced the launch of confirmly: a fast, trusted and secure law firm identity checking technology, designed to reduce risk and prevent scams when transferring conveyancing funds and client monies. Confirmly provides real time monitoring for law firms by harnessing LMS Panel Link and specialist data to verify bank […]
What is open banking and what does it mean for legal services?
January marked Open Banking’s fourth birthday, but it is still a foreign concept for many, including the legal sector. Questions as to what Open Banking even is, and how it can be applied, remain unanswered. To help shed some light on this, Open Banking experts, Cashroom and Armalytix, tackled some key questions around the applications […]
