13 September, 2021
The home buying and selling process is based on a high level of trust between trusted third parties such as estate agents, conveyancers & lawyers, financial intermediaries and mortgage lenders. The core of the transaction centres on proof of identity and ownership and currently organisations will not trust identity verification carried out by another organisation. This is causing a continuing increase in time to complete the transaction with poor consumer experience and ample opportunity for identity and subsequent fraud.
The common view is that the introduction of a standards based digital identity assurance process, backed by regulators and based on Government standards, should be adopted by the industry.
The CLC is supporting a pilot of a scheme, which will be part of an overall framework set by government. We really need CLC firms to take part so that we can understand the viability of the approach for the future and make sure that it retains or enhances client protection while delivering security for conveyancers.
Find out more, including how to take part:
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