FCA mortgages market study interim report - Law Society response
The majority of lenders operate a panel-based system to select law firms to act on behalf of that lender in mortgage transactions. Some lenders employ a panel management company, such as Lender Exchange or Legal Marketing Services, to manage the panel on their behalf.
However, lender panels and the way in which they operate are not addressed in this report. We believe that practices adopted by lenders give rise to factors that might affect how the mortgages market works for consumers, therefore those factors are relevant to the review and should be considered by the FCA.