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Regulator tells conveyancers: ‘more rules are not the answer’

  • 22/09/2014
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Regulator tells conveyancers: ‘more rules are not the answer’
The Solicitors Regulation Authority has calmed fears over a possible wave of new regulation in the conveyancing market, telling the industry ‘creating more rules is not the answer’.

In a speech to the Conveyancing Association’s All Members Meeting, the SRA’s executive director for policy Crispin Passmore said the regulator would look instead to work more closely with firms.

“Good regulation is our best guarantee of the market supporting consumers and the public interest,” he said.

“The SRA is picking up the pace so we can do more to reduce unnecessary burdens on conveyancers. I’m very much focused on removing unnecessary barriers and how the SRA can be more proportionate in how we regulate. Simply creating more rules is not the answer.”

Passmore said the major challenges facing the sector included money laundering, fraud and misuse of money. However, he promised the regulator would pursue a principles based system rather than creating new rules.

Eddie Goldsmith, chairman of the Conveyancing Association, welcomed the news and hoped the industry could foster better relationships with the regulator.

“I very much welcome the SRA reaching out to our Association and the industry as a whole. Conveyancers make a significant contribution to the legal market in England and Wales and we welcome this recognition.

“It’s vital that our industry works together with the regulator to ensure that we stamp out bad practice while ensuring that the vast majority of law abiding firms are not hampered in building and growing their businesses.”

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