As Vice President of The Law Society, and a newly appointed, non-executive member of Veyo’s Board of Directors, Jonathan Smithers is highly adept at offering sound advice to conveyancers and has great knowledge of best practice and accreditation.
We spoke to Jonathan to find out more about what his plans are within Veyo and discover why being CQS accredited is becoming increasingly prevalent within the conveyancing sector.
What will you bring to the Veyo Board as a non-executive?
“I am looking forward to joining Veyo’s Board of Directors as a non-executive member. As vice-president of the Law Society and as a past chair of its Conveyancing and Land Law Committee, I will be adding my knowledge and experience to the product.
“Having been part of the team which conceived and developed the conveyancing protocol which is an integral part of the VEYO workflow, I know how important the development of this product is for the public and for our members.
“Electronic communication between conveyancers and others in the home moving process, on a common platform, will transform the way our clients buy and sell, and enable the public to have continued access to independent advice from trusted professionals.”
There has been plenty of negative comment about Veyo, what would you say to the naysayers?
“We need to show the profession that the product lives up to the concept developed from many discussions with the profession over an extended period. I have spoken to practitioners all over the country who have shown great enthusiasm for Veyo and can see the opportunities it brings, particularly for smaller firms to compete on a level playing field, using a common technology platform. Now that Veyo pricing has been announced at £20 per transaction and an annual £50 per user administration fee, I hope this will encourage everyone to take a look and register for updates as we head for the launch.”
What are the key concerns you have at the moment for conveyancers?
“Conveyancing is a highly competitive market. There has been an increase in the process requirements of transactions over many years, so there is constant pressure to learn and adapt. At the same time, the highly competitive nature of the market has kept fees low, sometimes lower than is necessary for a proper job to be done. Whilst this may be beneficial for the consumer, it creates risk and is not healthy for the market in the long term.
“Solicitors must remain on a lender’s panel in order to keep or acquire business. Firms can sometimes feel as though they are at the whim of a lender and can be removed without notice. The transparency which can be shown through the use of the Veyo system will, I hope, enable lenders to have a better and more considered view of our work, leading to improved and more consistent panel decisions.
“Solicitors must also be continually vigilant against the presence of fraud and must adhere to strict anti-money laundering and identity check formalities demanded by government and regulators. Firms themselves may be the target of fraudsters, so need to invest in appropriate safeguards and remain ever vigilant.”
Why do you believe it’s important that members of solicitors’ panels are CQS accredited?
“The Conveyancing Quality Scheme provides a recognised quality standard for residential conveyancing practices, providing a level of credibility for member firms with industry stakeholders as well as other member firms and with their clients.”
Do you hope other lenders will follow Nationwide’s lead and require members of their solicitor panels to be CQS accredited and are you in talks with any other lenders to this end?
“A number of lenders already mandate CQS for acceptance onto their lender panels and I see no reason why others may not follow Nationwide. But this isn’t just about lenders; the more firms that sign up to the standard, the better it is for the sector as a whole, as it places more emphasis on firms to move towards to quality which ultimately provides consumers with a service level that they expect.”
How does a non-CQS accredited solicitor go about achieving the accreditation and how long a process is it? Is there an annual review people need to undertake to prove they are up to date with current best practise?
“CQS is an annual accreditation process. The Society is discussing a phased approach for applications with Nationwide. We will be issuing timelines to their members towards the end of March. Firms apply to join the scheme by completing an application form, which can be downloaded from the Law Society website. It should take on average four months to be accredited once we receive a fully completed application.
“Once accredited, we constantly monitor firms to ensure they are complying with the scheme rules and protocols.”
What effect do you think this might have on the conveyancing sector as a whole and might we see more of a focus on best practice?
“We are constantly reviewing what best practice looks like. The sector has undergone a number of changes in the last few years and it’s important that CQS and the protocol behind the standard is aligned with what the market needs. As the process in Veyo is that laid down in the protocol, we need to ensure that the online version properly reflects best practice and continues to be easy, straightforward and flexible.”
In what ways do you feel working with CQS accredited solicitors benefits the consumer and have you heard of any particular cases where a consumer has suffered because of a non-CQS accredited solicitor? Does it offer the consumer more protection?
“The protocol was written by solicitors for solicitors, so it’s not a case of the Law Society dictating how the conveyancing protocol works. Practitioners are best placed to help guide what best practice looks like and therefore to help consumers in their transaction.
“Buying a property can be a stressful process for clients; it is often the largest purchase they will ever likely make. Using a CQS accredited practice should add a layer of assurance for the consumer. Welcoming Nationwide panel members to the scheme will only add to the protection consumers deserve.”
To find out more about becoming CQS accredited, please visit The Law Society website.
Veyo is due to be released April 2015. To stay up to date on the latest news on the new conveyancing portal, please visit www.veyo.co.uk.​
