It said the new mark will improve confidence among lenders and consumers, becoming a pre-requisite for joining lenders’ conveyancing panels.
Firms wishing to achieve CQS accreditation will be required to comply with the Law Society’s standards, covering the competence of staff, the financial standing of the firm and the existence of effective supervision. In particular, extensive identity and other checks will be made on relevant staff.
In addition, the Law Society will monitor accredited firms to ensure standards are maintained, carrying out random monitoring and assessment visits.
Michael Coogan, director general of the CML, said: “We are encouraged by the initial interest from solicitor firms that have already applied to the scheme. We urge conveyancing firms to join the scheme and to do so quickly so that their business is not adversely affected.”
He said: “Any conveyancing firm which wants to continue to act on behalf of lenders should expect the CQS to become an important new criterion for panel management, and expect to be asked by their clients whether their firm has been accredited.”
Linda Lee, president of the Law Society, said: “In our ongoing talks on the wider issue of membership of mortgage lender panels with the CML and major lenders, it is clear that there is support for the CQS.
“Not only will it help deter fraud, it will also drive up practice management standards and provide a beacon of quality for home buyers.”
The Law Society will launch a consumer campaign at the end of April aimed at informing home buyers and the public about the scheme and how it benefits them.
