The Law Society has warned conveyancing solicitors that should they choose to ignore the Society’s Conveyancing Quality Scheme (CQS), they do so at their own risk.
The number of accredited firms has now tipped the scales at over 200 firms and this has prompted the Law Society to remind its members that mortgage lenders, consumers and insurers will all be looking for the new mark of quality when it comes to conveyancing practices.
Law Society Chief Executive, Desmond Hudson, says:
“With 202 firms now accredited and another 750 applications to be assessed, CQS has arrived and is clearly on the home buying industry’s radar as a key requirement for conveyancing solicitors.
Accredited firms have already reported that new clients are checking whether they are a CQS accredited firm and we are seeing a high level of traffic online going to CQS firms via our CQS consumer website. Firms without CQS accreditation could find themselves left behind.
We have had almost 1000 applications so far having only opened for business in January, and while 202 accredited out of 1000 applied might look low the point is that this was never supposed to be a rubber stamping exercise. These firms are being thoroughly assessed on a range of factors, including client care. This is not just some marketing gimmick. Quality in relation to CQS means quality rather than simply being a label.”
It’s that time of year when Professional Indemnity Insurance is also in everyone’s thoughts and Mr Hudson continues:
"We cannot know for sure whether CQS will be a factor in PII premiums for conveyancing firms, but the fact the scheme is supported by insurers suggests that CQS cannot be anything other than a positive step for PII.
"Firms need to ask themselves whether it is worth the risk in not seeking to secure CQS accreditation."
Open only to firms regulated by the Solicitors Regulations Authority and with the support of the Council of Mortgage Lenders, the Building Societies Association, Legal Ombudsman and the Association of British Insurers what will happen to CLC members?
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