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LATEST NEWS & EVENTS Lenders call for review of residential property conveyancing market  Lenders have called for a "fundamental review" of the residential property conveyancing market to tackle problems with insurance arrangements for solicitors. The Council of Mortgage Lenders (CML) wants to see an alternative approach to that outlined by the Solicitors Regulation Authority (SRA) to deal with the volume and escalating size of claims in recent years. To ease pressure on the professional indemnity insurance market, the SRA proposed removing from minimum terms and conditions the requirement for insurance to apply to financial institutions. "Lenders recognise that reform of the current arrangements is necessary, but this should go hand-in-hand with tighter regulatory controls and a more targeted approach to the underlying causes of problems (such as fraud and professional negligence) in the conveyancing profession," the CML said in its newsletter. It notes that the SRA plans could result in solicitors losing residential property conveyancing business. The news comes as it emerges that Michael Coogan is to stand down as the director-general of the CML. Posted by Gaby Hamerton 
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