On Friday 12th October, Thirdfort hosted a roundtable with industry regulators and representatives to discuss how digital technology could streamline and improve identity verification in the homemoving process.
Attendees included HM Land Registry, Matt Prior of the Ministry of Housing, Communities and Local Government, regulators SRA, CLC, CILEx and HMRC, representative bodies including the Law Society and UK Finance, and practitioners from Countrywide, Chestertons and Mishcon de Reya.
The discussion revolved around how rapidly changing cyber-crime risk causes an ever increasing compliance burden for practitioners which feeds into a worsening experience for home buying consumers.
Matt Prior explained how the Government want to improve the home moving process and ensure that consumers are protected and that compliance and risk management is safe and proportionate to the issues involved.
Chris Harris, Managing Director of Lawyer Checker, Chaired the event and commented: “It was great to hear the consensus that consumers face significant challenges having to produce identification to multiple professionals throughout the home buying process.
“Views differed on how this could be resolved or who should be responsible for solving this issue but there was active engagement in understanding how technology could result in more reliable identification and could facilitate sharing of identity validation to make the process better for everyone.”
Olly Thornton-Berry of Thirdfort, said: “This was a productive roundtable with the aim of discussing challenges holding back tech driven initiatives to enhance how identity is captured and validated within property transactions. With key government and regulator representatives present, there was a real sense that improvements are needed in capturing and validating identity, which technology can help drive.”
As the collaborative process intensified, ideas discussed at the meeting included whether regulators across professions should work together to define minimum standards to ensure that there isn’t a race to the bottom by less ethical property professions.
Additionally, the discussions considered whether blockchain could help consumers control and share identity verification data, documents and information to multiple property professionals in a safe and straightforward manner to improve the process.
For further information please contact Olly Thornton-Berry, Director of Thirdfort on the contact details below.
Thirdfort is a secure, digital platform for lawyers and consumers to verify one another while safely moving and storing client money.
Thirdfort Limited is building an exchange platform for homemovers, legal and property professionals helping bridge trust with a digital experience.
Olly Thornton-Berry – Co-founder, [email protected]
This article was submitted to be published by thirdfort as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.