Santander has informed its existing panel member firms that those without Conveyancing Quality Scheme (CQS) accreditation must secure the quality mark by 31 March 2013. Those with CQS and who are already Santander panel members need not take any action.
All CQS members are automatically part of HSBC's and Clydesdale and Yorkshire Banks' lender panels.
Law Society chief executive Desmond Hudson said:
'Santander has previously made CQS a requirement for all new applicants to its conveyancing panel. This latest move, to require all panel members to have CQS by 31 March 2013, appears to be a step up from Santander's previous approach to CQS. The scheme continues to gain traction with lenders and this certainly illustrates growing confidence in CQS.
‘We continue in our talks with Santander about panel management issues, and CQS forms part of those ongoing discussions. However, it would be unwise to regard this change by Santander as an answer to the specific or wider panel issues.’
Last week the Law Society contacted business secretary Vince Cable asking him to lead on talks between the Society, lenders and other parties on the wider topic of lender panels. We will keep you updated on any further developments for CQS, lender panel-related or otherwise, in the near future.