‘Cordial’ talks on HSBC panel

first_imgLaw Society chief executive Desmond Hudson has met senior representatives of HSBC a month after the bank caused consternation by announcing a conveyancing panel containing only 39 solicitor firms. Despite a ‘cordial’ meeting, Hudson described the outcomes as ‘disappointing’ and said he did not expect ‘any voluntary change of approach from HSBC’.He said ‘all affected firms and local law societies will need to redouble their efforts to bring pressure to bear’. HSBC has agreed to allow firms excluded or rejected from panel membership to appeal the decision, and has also revised undertakings that HSBC representatives are asking solicitors to sign in separate representation cases.The revisions follow concerns about lack of clarity in the undertakings and requirements which the Society said could clash with the solicitor’s compliance with regulatory obligations and which ‘in effect transfer the lender’s solicitors’ duties on to the borrower or purchaser’s solicitor’.HSBC and the Society have agreed revised undertakings that will be issued to all borrowers’ solicitors instructed in live cases. These are available on the society’s website.A revised version of the undertakings will be sent to solicitors from next month, although the Society continues to advise members not to give undertakings about matters not wholly within their control.last_img

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