Conveyancing Regulator Announces 30% Regulatory Fees Reduction
The Council for Licensed Conveyancers (CLC) is set to reduce its regulatory fees and practice fee rates by 30%.
The consultation on the 2020 practice fee rates in May indicated that fees could be reduced by a fifth.
However, the CLC have now applied to the Legal Services Board (LSB) to gain approval for a 30% reduction.
This will mark the third significant decrease property lawyers and firms regulated by the CLC have enjoyed in recent years. In 2016, fees were cut by 20% with a further 10% decrease in 2018.
Since 2011, the base compensation fund contribution has remained at 0.4% of turnover. If changes are approved by the LSB, this will reduce to 0.16%.
The CLC have also promised to review the regulatory fee rate in 12 months’ time to assess whether a further reduction is viable.
Similarly, the Solicitors Regulation Authority (SRA) has also proposed for all PC fees to remain stable over the next year.
Sheila Kumar, CEO of the Council for Licensed Conveyancers, commented:
“There are real benefits for all, particularly consumers, when our approach as a risk-based independent regulator, working with our regulated community, enables us to pass on regulatory savings in the form of lower fees.
“Our focused approach means we are in close touch with those we regulate, with regulatory supervision managers who understand not only the regulatory but also the business risks the regulated community faces.
“This means we take the action that is needed to ensure licensed conveyancers deliver a high-quality service, while not burdening them with unduly costly and onerous regulation. It is especially pleasing that we are able to go further than initially indicated, in line with our ambition to be the regulator of choice in our specialist areas.”
Will these reducing fees encourage more firms to migrate over to CLC regulation?