Twenty7tec launches Rate Watch to streamline adviser Consumer Duty Requirements
Twenty7tec has announced a new update to its COMMUNICATE digital marketing platform to help advisers streamline their latest requirements under the FCA’s Consumer Duty. Rate Watch will notify an adviser, administrator or client if a lender announces a Rate Reduction, meaning that everyone will have access to real-time updates, and advisers can immediately notify their […]
LSB confirms appointment of two new members of the Legal Services Consumer Panel
The Legal Services Board (LSB) has announced the appointment of Liz Coll and Adhir Ramdarshan to the Legal Services Consumer Panel (the Consumer Panel). Liz Coll will take up appointment from 1st January 2024 for an initial three-year term. Liz replaces Mark McLaren, whose second three-year term of office ends on 31 December 2023. Adhir […]
Lack of consumer understanding prevents fee increases
A fundamental lack of understanding amongst home movers on the complexity of the conveyancing, and home moving, process is preventing fees from being increased. The failure of conveyancers to properly explain the value of conveyancing; the confidence that you own the property that you think you own, and that you understand everything about it that […]
Could the proposed SRA regulation of CILEX risk consumer confusion?
The Law Society of England and Wales have shared their concerns in a press release regarding the proposed changes over the regulation of Chartered Institute of Legal Executive (CILEX) members, stating that it could risk causing consumer confusion if regulated by the SRA. The Solicitors Regulation Authority’s (SRA) consultation on the regulation of CILEX members […]
UK consumers showing signs of optimism about property market despite continued financial pinch
UK consumers are feeling financially worse off than they were a year ago, especially those aged 35-54, according to Dye & Durham’s newly launched UK Pulse Report for Q3 2023. The survey of 2,151 UK adults conducted by YouGov explores trends in the economy, the property market and technology. Almost half of respondents (47%) confirm […]
Consumers urge legal providers to use complaints feedback to improve services, research shows
The Legal Services Board has published new research on the challenges consumers face when complaining to lawyers and law firms about their services, with recommendations for improvements. Participants in this “deliberative” research said the ideal complaint process would be based on empathy, transparency, accessibility, fairness, and ease. They said providers should make it easy for […]
Calls for LISA reform amidst Consumer Duty ‘foreseeable harm’ rule
The number of people making unauthorised withdrawals from a Lifetime ISA (LISA) rose by 56% to 74,650 in the 2022/23 tax year – up from 47,850 in 2021/22 – leading to calls for reform in the context of the Consumer Duty’s “foreseeable harm” rule. The withdrawals amounted to a huge £47.2 million hit to savers […]
Industry reacts as FCA’s Consumer Duty comes into force
The Financial Conduct Authority’s (FCA) Consumer Duty comes into force from 31st July 2023 for existing products and services, seeks to ensure customers receive these “good outcomes” and that firms provide evidence that these outcomes are being met, according to UK Finance. How has the industry reacted? Chris Kneen, Managing Director of UK & Ireland […]
RICS releases consumer guide on spray foam insulation
The Royal Institution of Chartered Surveyors (RICS) has launched a new guide to update consumers on the implications of the use of spray foam as a method of insulating residential properties. RICS said that spray foam, which has been widely used for several decades, “can all too often be marketed as an easy and simplistic […]
Why shopping for insurance quotes is not the same for lawyers as for consumers
When looking for home, car and pet insurance, we often use comparison sites to find the best price and coverage. This approach is perfectly suitable for consumers of these products. However, the same approach may not be suitable for lawyers when looking to obtain legal indemnity quotations. Why? Because a lawyer is bound by The […]
The (r)evolution of the consumer legal services market
In the first epsiode of the second series of the Today’s Conveyancer Podcast host David Opie is joined by Muve CEO David Jabbari. David was part of one of the first Alternative Business Structures (ABS) to be launched following the Legal Services Act, dubbed “Tesco Law.” At the time it was feared the Act would […]
SRA announces new, consumer focused, indemnity scheme
The Solicitors Regulation Authority’s (SRA) proposals for a new post six year run-off cover (PSYROC) scheme should secure long-term consumer protection, the Law Society of England and Wales said today in response to a consumer-focused consultation. Law Society President Lubna Shuja said: “These proposals will enable consumers to claim compensation if there is a rare […]
RICS updates consumer flooding guide due to increasingly severe weather conditions
The Royal Institution of Chartered Surveyors (RICS) has relaunched its consumer guide on flooding amid reports that extreme flooding could become more common in the UK due to the effects of climate change. The publication is a guide for home owners, helping them amongst other things to identify flood risks to their property. Other topics include: […]
20 years of high standards of consumer protection and product quality
The CON29DW Residential was developed in 2002 and 20 years on still provides vital drainage and water information for homebuyers. In September 2021, DWSN and the Law Society launched an updated CON29DW Commercial which standardised the commercial questions and also made provision for questions regarding wayleaves and easements. DWSN sets out clear Standards that ensure […]
Law Society: SRA “moving in right direction” on consumer protections
The Law Society of England and Wales has responded to a Solicitors Regulation Authority (SRA) discussion paper on the future of the Solicitors Indemnity Fund (SIF), outlining three key principles for consumer protection in relation to negligence claims brought more than six years after a firm has closed. Here, Law Society president I. Stephanie Boyce […]
What can law firms learn from consumer-centric sectors?
We have a new paper for law firms that looks specifically at the consumerisation of the legal sector which has been happening for some time now. Driven by growing competition in the market, and changing client behaviour and expectations has meant a complete change in focus for the majority of the people you are targeting […]
New “Find an Expert” service will help consumers find conveyancers
The Conveyancing Association (CA) has launched a new “Find an Expert” service via its website for those seeking access to quality conveyancing services via CA member firms. Accessible via the CA website home page, users can input their postcode in order to find conveyancing firms local to them, while the search also details those firms who […]
FCA’s Consumer Duty to lead “major shift” in financial services
The Financial Conduct Authority (FCA) has confirmed its plans to bring in a new Consumer Duty, which will “fundamentally improve” how firms serve consumers. It will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first. The Duty is made up of an overarching principle […]
Logbook company establishes first-ever “consumer data standard” for new homes
Property Logbook company Chimni has issued a first-ever “consumer data standard” for new homes, outlining the data and digital information that housebuilders should increasingly expect to deliver to buyers as part of their core product at handover. Outlined in a new white paper – “The Data Home” – the data standard is a product of […]
Lawyers and consumers wary of lawtech, research reveals
New research jointly commissioned by the Legal Services Board (LSB) and the Solicitors Regulation Authority (SRA) explores the attitudes of the public and solicitors towards using technology to deliver legal services. It showed that the public is generally willing to use technology that is well-established and familiar to them such as video consultations (66%), and e-signatures […]