Concerns are growing that the restricted size of HSBC’s new conveyancing panel may harm consumer choice. The bank launched the panel this week to provide services to residential mortgage customers. It has 43 members across the UK, 39 of which are solicitor firms and four licensed conveyancing companies.

The Law Society welcomed the bank’s requirement for all solicitor firms on the panel to have its Conveyancing Quality Scheme accreditation. HSBC is the second lender to take that step; Santander, which has 20% of the mortgage market, introduced the requirement last September.

Society chief executive Desmond Hudson hailed the announcement as evidence that the scheme is ‘firmly establishing itself as an essential standard for lenders’. However, he warned that the small size of HSBC’s panel could be damaging to consumers.