CML slams Scottish move on separate representation

Published on

Council of Mortgage Lenders

The Council of Mortgage Lenders (CML) has criticised the announcement by the Law Society of Scotland to move to compulsory separate representation for lenders and buyers in all transactions.

At the Law Society of Scotland’s annual general meeting today, 58 solicitors voted to remove the current exception to Law Society conflict of interest rules, which permits a single solicitor to carry out work for a client wishing to buy a property and their mortgage lender. There were 27 against and three abstentions. Proxy votes were not cast.

The Law Society will now bring forward new practice rules for its members to vote on at a special general meeting (SGM) in September. If voted through at the SGM and subject to approval by the Lord President, solicitors will no longer be able to act for both buyer and lender.

CML director general Paul Smee said: “It is disappointing that a measure which is so blatantly against consumer interests and will impose added costs and added scope for confusion and delay has been voted through, with not even the pretence of wider consultation.

“At a time when housing and mortgage markets are still recovering, this is a protectionist measure with little regard for the interests of consumers.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

1 COMMENT

  1. “……. this is a protectionist measure with little regard for the interests of consumers.”

    What else would anybody ever expect from lawyers?

Comments are closed.

Latest articles

Court approves MFS’s administration

A judge at the Chief Insolvency and Companies Court has approved the administration of...

Adviser optimism on protection rises despite cost pressures

Adviser confidence in demand for protection products has improved heading into 2026 although rising...

Allica Bank secures $155m to drive SME lending growth

Allica Bank has raised $155m in a Series D funding round to accelerate lending...

Spring Statement to deliver stability rather than housing shake-up

The forthcoming Spring Statement is unlikely to bring major housing policy reforms with stability...

Accord cuts residential pricing at lower LTVs and reduces selected BTL rates

Accord Mortgages is reducing rates across parts of its residential and buy-to-let ranges, with...

Latest publication

Other news

Court approves MFS’s administration

A judge at the Chief Insolvency and Companies Court has approved the administration of...

Adviser optimism on protection rises despite cost pressures

Adviser confidence in demand for protection products has improved heading into 2026 although rising...

Allica Bank secures $155m to drive SME lending growth

Allica Bank has raised $155m in a Series D funding round to accelerate lending...