Conveyancing Association reiterates opposition to ILCA as MoJ ‘presses on with plans’
Summary
The Conveyancing Association has renewed its opposition to the Ministry of Justice’s proposed Interest on Lawyers’ Client Accounts (ILCA) scheme, arguing that the policy would impose additional costs on conveyancing firms and ultimately on home buyers and sellers. The association is also questioning the MoJ’s process after reports it is recruiting for a role linked to designing and implementing the scheme before publishing its consultation response.
Why it matters
Although this is a conveyancing issue, it could affect transaction costs, client expectations and the wider home-moving process that surveyors often work alongside. Any policy that increases friction or cost in property transactions may have knock-on effects for surveyors involved in sales, valuations and related advisory work.
Key points
- CA says it strongly opposes the proposed ILCA scheme.
- MoJ is reported to be recruiting for a role to support design and implementation before publishing its consultation response.
- CA argues client account interest helps cover compliance and operating costs for conveyancing firms.
- The association warns firms may pass costs on to consumers through higher fees.
- Other bodies, including the Law Society and SLC, have also restated opposition.
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