Brokers play vital role in safeguarding clients from bogus solicitors, says GW

Highlighting the potential threat posed by fraudsters setting themselves up as bogus law firms, the feature will undoubtedly provoke questions for Brokers about this issue. 

Eddie Goldsmith, Senior Partner at Goldsmith Williams, remarked:

"This is nothing new actually. Those working in the industry have been aware of this risk and proactively managing it for some time.  The example outlined on Money Box concerned a purchaser whose money was lost when the seller’s solicitor was found to be bogus after the monies had been transferred. 

"In my own firm we operate a number of checks to root out fraudsters and protect our clients’ interests. Right from the initial instruction when we receive documents from the seller’s solicitor we check that solicitors contact and registration details on the Law Society’s roll of solicitors or, if the seller instructed a Licensed Conveyancer, we would check on the Council for Licensed Conveyancers website.  Checking early means that, if any information emerges that causes us concern, we have sufficient time to thoroughly investigate and satisfy ourselves that there is no fraud taking place or take the appropriate action to address our concerns. 

"Clients unsettled by this publicity will be looking to their broker to leverage their professional networks and point them towards highly regarded and skilled firms who offer a quality service and demonstrate vigilance in the checks they conduct.  As brokers undertake due diligence within their law firm selection process, they are best placed to offer reassurance to their clients and recommend reputable firms of solicitors to purchasers.  
"In this way Brokers and Law Firms working together both play a part in combating fraud and safeguarding the client’s financial interests."