Following the Queen’s Speech earlier this week, Parliament is set to schedule digital identity legislation into the next session as part of a data reform bill. This will ensure that digital identities, however they evolve, will be trusted and secure.
The property industry and Government recognise that identity proofing is often a frustrating part of the home buying and selling process for a consumer, who might have to repeat the verification process up to five times, providing similar information each time. This can also cause delays in the sales process and unnecessary cost and frustration for all the stakeholders involved.
The MyIdentity project is intended to put the consumer at the heart of the process by providing a single comprehensive identity check, which can then be used by other parties.
To demonstrate that this process will work, MyIdentity are running a Beta project across England & Wales including estate agents, lawyers/conveyancers, intermediaries and lenders.
They will run real live transactions and identity checks from October 2021 until December 2022.
For more information on what you need to do, what the process involes, and what this means for you as a lawyer or conveyancer, please see this guide to the Beta.
To keep updated on all project participants, including other estate agents, conveyancers, mortgage intermediaries, lenders and identity providers please go HERE. These lists will evolve.
To take part in the Beta please email MyIdentity at s.young@myidentity.org.uk.
The Beta project will be funded by all project participants based on a cost recovery basis.
