Conveyancing Association (CA) members have been working with Lloyds Banking Group for the last six months, to develop the way in which data is collected on panel firms. Processses and criteria were tested by members and using these tests systems were further developed. This is to be rolled out to the rest of the conveyancing panel.
Lloyds Banking Group made this move to proactively manage its risk following a rise in mortgage fraud figures over recent years and recent guidance from the Regulator. Lloyds remains committed to keeping a large conveyancing panel to provide choice for its customers, and continues to support an industry wide solution to data collection from panel member firms.
Head of Mortgage Fraud at Lloyds Banking Group, Paul Collins said of the work:
“To help safeguard our business and our customers against mortgage fraud, we need to ensure that the firms that are on our panels achieve certain standards and are familiar with our practices. The work we’ve done with the Conveyancing Association members is very important and I hope it brings us closer to finding an industry wide solution.”
Chairman of the CA, Eddie Goldsmith commented:
“Part of the reason we launched the Conveyancing Association was to help create an industry-wide solution for lenders in the face of increased mortgage fraud. We know it’s not going to ever be fully eradicated but the members that have been involved in this scheme are committed to improving the situation by raising standards and improving due diligence and I look forward to more firms implementing such practises.”
Mark Slade from Fidler & Pepper was involved in the trials. He commented that:
"It’s been very interesting to have been involved in such an important process. As a practitioner I have experienced the problems caused by poorly designed online forms so it has been exciting to be able to help make the online system as effective and easy to use as possible."