SLC calls on other lenders to follow HSBCs lead.
With effect from 15th October 2014 all CLC regulated firms will be able to act for HSBC based on regular data feeds from the CLC that keeps them fully up to date with the status of regulated firms.
Simon Law, Chairman of the SLC said ‘whilst it has taken a long time for HSBC to arrive at this position, the Society is delighted with the outcome.We recognise that a lot of time and effort has been expended by the Bank and the CLC in reaching this agreement. We believe that it fully recognises the status of Licensed Conveyancers as well regulated and low risk providers of conveyancing services.
Further we believe it provides a model that all mortgage lenders can follow in how they treat Licensed Conveyancers acting for them. It is well known that Licensed Conveyancers represent a much lower risk in the conveyancing process and this warrants recognition by lenders in the way they manage their conveyancer panels.’