The Law Society of Scotland (LSS) has released an interim report from the working group set up to look at the issue of separate representation for lenders in conveyancing transactions. The working group was set up following the LSS AGM in May 2012. See my previous blog for some of the background to the issue.
Whilst the working group has received feedback from 30 or so parties, it has still to hold detailed discussions with the Council of Mortgage Lenders, the Scottish Government and Consumer Focus. As such they are not yet in a position to make any detailed recommendations.
My own sense is that while there are those in the industry on both sides of this debate with deeply held views, the heat has largely dispersed from what was at one point a highly charged topic. This important topic is one for mature reflection rather than knee jerk reaction, and the working party approach adopted by the LSS has certainly allowed both sides some breathing space. We await a further report from the working group with some interest.