COLP/COFA proposals risk diverting work away from small practices and reducing consumer choice – CTF
Summary
The Conveyancing Task Force has warned that the Solicitors Regulation Authority’s proposed COLP/COFA changes could disproportionately affect small conveyancing firms, particularly those handling higher-value transactions. The SRA has paused implementation pending further review after concerns that the thresholds and role-separation requirements may reduce consumer choice and divert work to larger providers.
Why it matters
Residential property surveyors rely on a functioning conveyancing market, and changes that pressure small firms could affect transaction capacity, local service availability and the pace of sales. The issue is also relevant where surveyors work alongside conveyancers on high-value or regionally expensive property transactions.
Key points
- The SRA proposed separating COLP/COFA roles for firms holding more than £2 million in client money and with turnover above £600,000.
- The Conveyancing Task Force says the thresholds may be disproportionate for small firms and do not reflect regional property value differences.
- The SRA has paused the changes until 2027 implementation is reconsidered.
- Concerns centre on reduced consumer choice and work shifting to larger conveyancing providers.
- The CTF is asking the SRA for evidence that the proposals would improve client protection and prevent past regulatory failures.
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