The Council for Licensed Conveyancers have announced their intention to cut fees for those it regulated by a fifth with the changes set to come into effect at the beginning of November.
According to the CLC, the Financial Statements and the Annual Report published in February show a year of wide-reaching change including the CLC’s staffing restructure, investments in improved processes and IT, and a move to premises more suited to the organisation’s current work.
The CLC believe these changes put them on a new footing for the future with their new business model maintaining regulatory standards and consumer protection at their usual high levels but at lower cost than in recent years.
Sheila Kumar, Chief Executive of the Council for Licensed Conveyancers said: “I am delighted to confirm that the CLC’s future operations will continue to deliver the same high standards of regulation and consumer protection at a much reduced cost to the regulated community that is sustainable in the long term. The new staff team, which has been through significant change over the last 18 months, is operating in a focused and cost-effective way. The period of transition to this more efficient model was smooth and saw no interruption to service to clients or the regulated community over 2015.
“The savings to our cost base, which will begin to be realised in 2016, can be built into our planning for the coming years. Those savings have given the Council confidence to announce a 20% reduction in entity regulation fee rates across the board from the beginning of the next licence year on 1st November 2016. Alongside the review of the CLC’s Handbook that is now underway, these changes demonstrate our commitment to ensuring that specialist regulation of specialist property lawyers is as tailored and proportionate as possible so that we continue to support innovation and growth in the sector.”