Law Society call on conveyancers to act
Law Society Chief Executive Desmond Hudson told a meeting of the Conveyancing Association that they had a role to play in shaping the regulator.
At the meeting, last Thursday, Mr Hudson talked about the changing nature of the market and said that solicitors need to respond in order to sustain their businesses.
He said that solicitors had a role as the only professionals in the housing market who acted exclusively in the interests of the home buyer.
His talk touched on a number of issues affecting the industry, including the recent SRA interventions in Yorkshire firm Atteys and Birmingham firm Blakemores which cost the SRA £1m and £800,000 respectively.
Instead of paying other firms to handle the files of failed practices, Mr Hudson suggested that the SRA invite firms to bid to take on their caseloads.
Mr Hudson also warned firms to give careful thought to the role and obligation of their compliance officer for finance and administration (COFA).
He said: “Regulators may look to COFAs as a new weapon in their armoury and may want to know about the adequacy of a firm’s capital reserves, its distribution of profits and financial resilience.
“If I were a COFA I’d look at these issues and discuss them with the senior manager.”