The Law Society’s chief of corporate affairs has written an open letter to the profession providing an update on the Law Society’s involvement with Lender Exchange
You may have recently received a letter from Decision First advising you that you need to register on their Lender Exchange system in order to join or remain on some lenders’ conveyancing panels. Whilst the decision to participate in Lender Exchange is one for individual firms to make, I wanted to update you regarding our involvement with Lender Exchange.
Our discussions with Decision First regarding the terms and conditions firms must accept in order to participate in Lender Exchange are drawing to a close. I assure you that the Law Society has done all it can to represent members’ concerns and ensure they were addressed. I am pleased to advise that issues we raised and amendments we requested were accepted by Decision First and incorporated into the terms and conditions.
Some examples of the changes we successfully negotiated to the terms and conditions include:
- strengthening the data protection provisions to ensure that a firm’s/solicitor’s information was securely handled
- the inclusion of terms to ensure that information collected was only used for appropriate purposes
- ensuring the grounds on which Decision First can terminate the agreement are set out
- ensuring there was reciprocal indemnity provisions with respect to certain breaches
We will continue to liaise with Decision First as required and will provide you with as much information as possible to support your decisions regarding Lender Exchange.
If you have any questions regarding Lender Exchange, please contact the CQS Office on 020 7316 5550 or CQS@lawsociety.org.uk.
Chief of Corporate Affairs