Conveyancing fraud attacks on the rise: CLC

37 firms regulated by the CLC say they have repelled attempted frauds in the past year and nearly all regulated firms provided all of their staff with training on anti-fraud measures.

11 firms reported having been the victims of fraud. Of those, eight had experienced it once, two firms twice and the other three times.

Elsewhere, the research found that 41% of firms expected their volume of work to grow over the next 12 months, compared to 53% last year, with signs of concerns about the impact of Brexit on the property market.

26% said they had felt pressure to reduce the cost of their services during the year – although few did so – while 34% expected their fees to increase over the next 12 months.

When asked to report the greatest opportunities that firms expect to have over the next 12 months, growth due to recommendation (18%) and branching out into new or niche areas of work (15%) were the most commonly cited.

Sheila Kumar, CEO of the Council for Licensed Conveyancers, said: “It is reassuring for clients and for us as a regulator to know that licensed conveyancers are taking their responsibilities to combat fraud seriously. It continues to be a priority for the CLC to support its regulated community in protecting themselves and their clients from criminals and recognising the risks they face on a daily basis. We will continue to provide tailored guidance and to signpost to the regulated community authoritative resources to strengthen their defences.

“At a time when we know firms are growing more concerned about the state of the property market, the results showed a profession in good shape. It is interesting to see how ABSs – which are generally larger businesses – are still optimistic and we are pleased to have created a risk-led and principles-based regulatory environment where they and every other firm can seek to thrive while we work together to maintain high standards of consumer protection.”