Anger at HSBC conveyancing panel
17th January 2012
The announcement by HSBC earlier this month that the bank is to set up a panel of pre-approved law firms authorised to handle its customers’ property conveyancing has sparked anger amongst those who stand to lose out on the solicitor jobs in London and elsewhere.
The Bold Group, a representative of all kinds of high street legal jobs, has revealed that it has received many complaints from solicitors who believe the move is unfair, unnecessary and will prove to be bad news for consumers.
Under the new system, HSBC’s mortgage customers will have to pay additional charges if they wish to use conveyancing services provided by a law firm outside of the organisation’s specialist panel.
The bank has argued that the changes will lead to consistency and lower costs for customers who go through the panel. Bold Group founder Rob Hailstone, however, claims the measures will be counterproductive, creating needless delays and bureaucracy.