The panel has already been shared with the Council of Mortgage Lenders and the Building Societies Association and is designed to reduce the risk of fraud for lenders who opt to use panel members.
At the same time, the panel ensures that all SLC member firms have access to all mortgage lenders’ panels.
The SLC Quality Assured proposition was designed with the Council for Licensed Conveyancers, the statutory regulator.
Panel firms will be required to register every new transaction with the SLC system and information on the transaction’s progress will be made available to the lender at key points throughout the process. This information will also be made available to the regulator.
John Clay, chairman of the SLC, said: “Through SLC Quality Assured lenders will be able to benefit from reduced fraud risk and additional transaction protection. The solution will also allow lenders to demonstrate an inclusive policy with regards to licensed conveyancers and smaller firms.
“While the Law Society’s Conveyancing Quality Scheme has gone some way to addressing the issues associated with lenders’ panels, it has been our experience that lenders see the CQS as just part of the overall solution.
“We felt there was a gap in the market for a universally accepted and recognised standard, designed specifically for licensed conveyancers, which builds on the strong regulatory framework provided by the CLC. We believe that SLC Quality Assured will fill this gap.”
