SRA unveils plans for conveyancing regulation

The SRA has unveiled a plan for dealing with firms handling conveyancing work.

The SRA will hone its current draft supervision and enforcement strategy for this issue this year.

The regulator has also published a document on reforms to compulsory PII arrangements, and will hold a review of conveyancing regulation and the holding of client money this year.

The review will aim to find ways to cut the causes of client complaints and loss leading to compensation fund claims.

SRA executive director, supervision, risks and standards Samantha Barrass said: "There has been a substantial increase in payments made by PII and the compensation fund in the last few years as a result of poor quality and dishonesty in conveyancing transactions. These statistics highlight the need for us to continue to target our regulatory resources on conveyancing – both to assist firms in managing their own risks and compliance and to identify and prevent dishonest behaviour within a small number of firms.”