Complaint to CMA under consideration.
The Society of Licensed Conveyancers (SLC) have called on its members and all other Licensed Conveyancers to boycott a seminar that Metro Bank is staging on 2nd July in London. The Society also announced that it is considering referring Metro Bank to the Competition and Markets Authority (CMA) in respect of its stance to refuse Licensed Conveyancers access to its legal panel.
Simon Law, Chairman of the SLC said: “We have been in correspondence with Metro Bank to try and understand why they wish to discriminate against Licensed Conveyancers which make up over a fifth of the conveyancing market place – a market share which continues to grow. There are four Licensed Conveyancer firms amongst the ten largest firms in the country, including the two largest, and all the other serious mortgage lenders admit Licensed Conveyancers to their panels. In fact many lenders recognise that Licensed Conveyancers represent a lower risk than other legal professionals in the conveyancing process.
“It is untenable that Licensed Conveyancers should in any way support an event that is being staged by Metro Bank. “
The Society understands that other parties, including the Council for Licensed Conveyancers have challenged Metro Bank over their stance.
The board of the SLC is taking advice over referring Metro Bank to the CMA in respect of its anti-competitive stance.