The Law Society has criticised Britannia Building Society and The Co-operative Financial Services (CFS) for failing to engage with it after the newly merged building society moved to axe 3,600 sole practitioners from its conveyancing panel.
After being advised last week of the decision to remove the sole practitioners who had been on Britannia's panel prior to its merger with CFS, the Law Society wrote to express its concern and request an urgent meeting with Bob Burlton, CFS chairman.
Today Law Society chief executive Des Hudson said: ‘There has been a complete inability so far to respond to our letter, agree to meet or provide answers. Neither the chairman of the merged organisation nor Britannia has yet responded to our letters, nor confirmed their availability to meet with us.’
‘This is extremely unhelpful to our sole practitioner members. This is their livelihoods that are being toyed with and we would like some answers ASAP.’
A CFS spokesman said: ‘We remain in ongoing communication with the Law Society over this matter. While this was a decision made by our insurers, we are happy to listen to the Society's concerns.’
The CFS said its decision to stop instructing sole practitioners to act for Britannia or the Co-operative’s mortgage arm Platform Home Loans after the merger was due to the fact that its insurers would have withdrawn mortgage fraud cover for the whole business.It said: ‘The insurance market as a whole has hardened over the last 12 months. Cover is more expensive and more restrictive. Our insurers will not give sole practitioner cover and many other insurers won’t either. We owe a duty to our members and customers to ensure best cover at the best price, so we can’t simply choose cover at any cost.’
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