View more on these topics

Agents warn clients after HSBC cuts conveyancers

Estate agents have started to alert mortgage borrowers over possible problems in using HSBC because of its recent decision to cut its conveyancing panel to just 42 firms, according to The Law Society.

HSBC made the decision in January and although customers are free to choose their own solicitor, HSBC will still use a panel firm for its own legal work, which could increase costs for clients and lead to delays if consumers choose their own firm.

In a letter to members this week, The Law Society chief executive Desmond Hudson says delays are emerging for mortgage applicants using HSBC. He says: “The society understands that a number of estate agents are beginning to associate HSBC mortgage customers with delays to the process, which threaten what are already delicate property chains.

“We are aware that some estate agents are advising caution to consumers who are considering an HSBC mortgage.”

It says many of its members are highlighting to their clients the potential additional costs and delays associated with HSBC’s current panel and that as a result some clients are opting to go to another lender.

The Law Society says it is making headway with its campaign to alert borrowers of the detrimental effect HSBC’s decision is having, with many of its members lobbying politicians and consumer groups.

It says it has been contacted by a number of MPs, as well as Edwina Hart, the minister for business, enterprise, technology and science, in the Welsh government.

An HSBC spokesman says: “We have seen no evidence to suggest estate agents are advising customers elsewhere, in fact, we have had the strongest ever start to the year for mortgage sales.”

London & Country associate director of communications David Hollingworth says: “For The Law Society to make this sort of announcement it must have serious concerns about the effects HSBC’s slimmed-down panel is having on the cost to customers and service levels.”


‘Lack of state pension clarity will hit advice’

IFAs’ ability to give sound advice on auto-enrolment will be undermined if the Government does not clarify the future of the state pension, says the work and pensions select committee. In July, the Government set out plans for a flat-rate pension but it has not yet published detailed proposals. In January, Labour suggested the Treasury […]


NatWest temporarily suspends interest-only lending

NatWest Intermediary Solutions is to temporarily stop lending on an interest-only basis. From March 23, NIS will only offer residential mortgages on a capital repayment basis only. The move does not affect the direct brands within the Royal Bank of Scotland Group. The move is temporary and the lender will reintroduce an interest-only option on […]

Paraplan and asset allocation modelling services added by Defaqto

Defaqto is launching an asset allocation modelling system and a paraplanning service over the next two months. The asset allocation model will use dynamic modelling rather than stochastic modelling. Advisers will be able to choose a standardised or bes-poke asset allocation service and extend this to include a fund selection service. Defaqto says it has […]


Investors face £60m loss after property firm liquidation

Investors could be facing losses of up to £60m following the liquidation of a specialist property investment firm. A liquidator has been appointed to property management firm Arck LLP following an application by investors to freeze the firm’s assets last December. Two individuals were arrested and bailed earlier this month following allegations of fraud related […]


Natixis Global Asset Management’s quarterly Portfolio Barometer offers insights into UK financial advisers’ model portfolios and the allocation decisions they are making. Natixis’s Portfolio Research & Consulting Group works with financial advisers and other intermediaries to analyse and enhance their model portfolios and help them develop investor portfolios suited to today’s complex markets. The Portfolio […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm