The Society of Licensed Conveyancers (SLC) has called on residential conveyancing solicitors to boycott the conveyancing seminar being held in London by Metro Bank on 2 July.
Although it might at first seem harsh, the call has been issued because Metro Bank does not include licensed conveyancers on its panel, a strategy which has resulted in strong criticism from SLC and prompted the body to suggest it might refer Metro to the Competition and Markets Authority (CMA) – it is understood that any decision hinges on the SLC’s receipt of legal advice regarding Metro Bank’s panel.
“We have been in correspondence with Metro Bank to try and understand why they wish to discriminate against licensed conveyancers which make up over a fifth of the conveyancing market place – a market share which continues to grow,” commented Simon Law, chairman of SLC.
“There are four licensed conveyancer firms amongst the ten largest firms in the country, including the two largest, and all the other serious mortgage lenders admit licensed conveyancers to their panels. In fact many lenders recognise that licensed conveyancers represent a lower risk than other legal professionals in the conveyancing process.
He added that he felt it was untenable for licensed conveyancers to support an event being put by Metro Bank.”
However, reports indicate that SLC is not alone in its criticism and disapproval of Metro Bank; the Council for Licensed Conveyancers (CLC) is also said to be similarly unimpressed.
Metro Bank has said that it will “consider inclusion of licensed conveyancers at an appropriate time”.
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