August 2018 – Managers Newsletter

Manager newsletter

A reminder that this newsletter is for managers and head of practice at CLC licensed entities and focuses on issues of compliance with the CLC’s Regulatory Arrangements and the management of your firms as well as matters of particular concern to those with managerial responsibilities.

We continue to circulate a more general monthly update for all those individuals we regulate and others in law firms who have subscribed to those.

We hope that you find this newsletter useful and we would welcome feedback. Just write to us at clc@clc-uk.org

ICO Data-breach Webinar

The Information Commissioners Office has published a webinar that is aimed at Data Controllers and gives advice and guidance on how and when to report security breaches to the ICO. We recommend it to firms as providing helpful information.  We would also remind you that compliance with the GDPR is ongoing and shouldn’t be forgotten now that 25 May has passed.

Quick guide to Acting as Ancillary Insurance Intermediaries

We have published a quick guide to the Acting as Ancillary Insurance Intermediaries (AAIIC) which is intended only as an introduction to AAIIC and to help you understand the nature of the changes which are being introduced on 1 October 2018.

CLC qualitative research

We will soon be commissioning some qualitative research that will seek to better understand client understanding of the conveyancing process and their confidence that it delivers the outcomes that it should. We will be looking for our research agency IFF to carry out phone interviews split between first time buyers and more experienced buyers and within each of these 2 groups by whether a conveyancing transaction has fallen through or experienced no problems – all to be from instructions from March 2018 onwards. We need your assistance in identifying potential interviewees and will be in contact soon to see ask for details.

Annual Regulatory Return

The Annual Regulatory Return exercise is now under way and practice contacts should have received the questionnaire from our research agency IFF. You have until 24 August to complete the survey and participation is mandatory.

Law Commission SARs regime consultation

The Law Commission has published a consultation on the review of the consent regime which aims to improve the effectiveness of the regime and reduce the number of ‘low quality’ suspicious activity reports (SARs) submitted to the National Crime Agency.  The CLC will be submitting a response to the consultation which runs until 5 October 2018.

New UK Finance Disclosure Form

UK Finance has publishing a new Disclosure Form for use during residential conveyancing. The Disclosure combines financial information about the sale of newly built, converted and renovated property transactions into a central place.

The form replaces the Disclosure of Incentives Form. It can be completed by a property seller or developer and should be provided to a lender’s solicitor, conveyancer and valuer on request.

The Disclosure Form is available to download at: www.ukfinance.org.uk/lenders-handbook/disclosure-form

Background information and FAQs are available to download here: //www.ukfinance.org.uk/lenders-handbook/disclosure-of-incentives-form-faqs

Twitter

If you or your firm are on twitter we would encourage you to follow us @CLConveyancers where we post useful information supporting compliance, amongst other things from us and trusted partners.