The Solicitors Regulation Authority (SRA) has published a draft supervision and enforcement strategy for firms undertaking conveyancing work.
The strategy, which will be further developed over the course of this year, aims to tackle the risks posed by a small number of firms engaged in fraud and money laundering. Conveyancing is the subject of a high proportion of professional indemnity insurance and compensation fund claims as well as complaints against the profession. Samantha Barrass, the SRA’s executive director, supervision, risk and standards, said: “Our aim is primarily to ensure that firms take seriously the risks in this area and establish good compliance and risk management systems so as to demonstrate an effective degree of internal control.”
Meanwhile, the Law Society has accredited Coles Miller Solicitors of Bournemouth as its 100th Conveyancing Quality Scheme (CQS) member-firm this week.
Law Society president Linda Lee says the society had received more than 800 applications to join the scheme. “The thinking behind CQS was not merely a membership or marketing model, but a scheme whereby high quality standards have to be met and maintained,” she says. “These first 100 firms have shown they have what it takes to deliver in what is fast becoming a new-look conveyancing market.”
