Lender attempts to reduce fraud
August 03, 2010
Posted by:Sonita Hayward
Lloyds Banking Group are reducing the number of solicitors on their panel in an effort to reduce fraud. They are apparently looking to remove all solicitors who do not submit at least one case a month as they say that if a solicitor does not do large volumes of business with them, then they cannot be up to date with their policies and procedures, including aspects relating to fraud. The move comes amidst the increase in fraud claims which reportedly costs the industry over £1 billion per year. This means that smaller firms are most likely to lose their panel places. A lot of lenders have brought claims against solicitors and surveyors to try and recoup their losses following the property crash and this move by Lloyds is another attempt to try and protect their business.