Professional Practice Update - December 2017 HSBC panel update

400 firms have now joined HSBC panel

Since HSBC announced earlier this year that that they would be implementing an open panel approach across Scotland, managed by Legal Marketing Services (LMS), more than 400 Scottish firms have applied and been accepted onto the HSBC panel.

HSBC previously advised implementation of the panel changes would be in two phases and have now shared more detail around these plans, including timeframes and what this means for conveyancers.

The first change coincides with the launch of HSBC’s new broker application platform which launched via a phased roll out in early November. Any purchase customers applying via this platform will be able to appoint their own conveyancer in Scotland to act both for them and HSBC, as long as their conveyancer has been accepted onto the HSBC panel and has the right number of partners for the case value.

Law firms will be notified by an email from LMS when a new mortgage instruction is available and will access the mortgage instruction through LMS Panel Link. For firms already registered, LMS will have provided information on this.     

The second change applies to any purchase customers applying via HSBCs direct channels, i.e. HSBC Branch Network & Call Centres, with the move to the open panel approach via LMS in late February 2018.

Until then, customers will continue to use firms on the HSBC Countrywide panel to act for them, or if they wish to use their own conveyancer, this will be on a separate representation basis. 

Whilst HSBC is rolling out this new approach, two conveyancing approaches will be running and HSBC are keen to work with us and the Scottish conveyancing firms to make this transition period as smooth as possible for all parties.