HSBC conveyancer panel criticised by solicitors

Tue, 17 Jan 2012

High street solicitors have hit out at the recent launch of HSBC's conveyancing panel, whereby borrowers must use a conveyancer on the bank's panel or pay twice for conveyancing services .

The Bold Group, a national network representing high street law firms across the UK, said it has received a huge number of complaints from its members over HSBC’s decision to use a restricted panel.

The panel consists of 42 firms and although customers are free to use their own solicitor or conveyancer, HSBC will still use a firm from the panel for its own legal work if they do so.

Rob Hailstone, founder of The Bold Group said: "It’s understandable that many law firms feel both threatened and angry about HSBC’s decision. Since The Bold Group launched in 2010, we have never seen a single announcement stir up so much furore among our members."

"I strongly believe that within a relatively short period of time, HSBC and its mortgage customers will regret this badly thought through and poorly implemented development and I would urge HSBC to reconsider its position now."

Desmond Hudson, chief executive of the Law Society, commented: "Although HSBC has a relatively small share of the mortgage market, such a low number of firms could struggle to provide all consumers - those who struggle to communicate other than in person or those who would prefer to use a local solicitor - with the service they seek."

"With more than 1,000 firms holding the CQS accreditation mark in England and Wales, HSBC need not limit its panel to 42. It is disappointing that HSBC failed to consult the Law Society."

The Bold Group said it will be collating feedback and concerns from its members and submitting them to HSBC over the coming weeks.
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