SLC reaffirms strong opposition to ‘fundamentally flawed’ ILCA proposals
Summary
The Society of Licensed Conveyancers has reiterated strong opposition to the Ministry of Justice’s proposed interest on lawyers’ client accounts (ILCA) scheme, arguing it is unfair, operationally burdensome and should not proceed before the consultation outcome is published. It says the proposal could add compliance costs and uncertainty for conveyancing firms while setting an unwelcome precedent for the use of client monies.
Why it matters
Residential property surveyors may encounter knock-on effects if conveyancing processes become slower, more costly or more uncertain due to additional legal-sector compliance burdens. The issue is relevant to the wider housing transaction chain and to the regulatory environment affecting property professionals.
Key points
- SLC says the ILCA proposal is fundamentally flawed and should not proceed.
- The body is concerned work may be advancing before the consultation response is published.
- It warns the scheme could increase administrative and compliance burdens for conveyancers.
- SLC argues client account interest should not be used as a source of government revenue.
- The group says the policy could affect housing transactions and access to legal services.
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