The Law Society has responded robustly to last week’s suggestion that the Office of Fair Trading will not investigate HSBC over the small size of its conveyancing panel. Sole practitioner Elaine McGloin had complained that the lender’s action restricted freedom of consumer choice and was anti-competitive, but the watchdog told her it would not act because HSBC’s actions ‘are not having any appreciable effect on competition at this time’.

However, Desmond Hudson, the Society’s chief executive, insisted that this avenue of redress remains open. ‘While the OFT may have offered an individual response to Ms McGloin, I certainly don’t think the door has closed on this issue,’ he said. ‘The Society has had recent contact from the OFT, requesting additional information on these and related issues. We have provided a detailed response. If the OFT were to act, it would most likely take the form of a study into the wider lending market, rather than merely an investigation into an individual lender. We will be in contact with Ms McGloin to add her concerns to our other evidence.’

Hudson added that it would be ‘helpful’ if members continue to contact the Society first rather than approach bodies such as the OFT directly, so the profession can properly coordinate its campaign to persuade HSBC to reconsider. He added: ‘In the meantime, the pressure felt by HSBC as a result of the campaign by the Law Society and its members is undoubtedly mounting. We will continue to press for a change in the bank’s approach to its conveyancing panel, in our members’ interests and in the interests of consumers.’

Chancery Lane and the Gazette have received numerous allegations from solicitors that transactions have been delayed following HSBC’s introduction of the new panel. The profession is expected to use the lender’s annual general meeting in London on 25 May as another public platform for its lobbying efforts.