The SRA Annual Report Indicates Increase in Conveyancing Fraud

For the third year in a row, money paid out by the SRA on property related issues through the compensation fund has increased.

Newly released data for the SRA’S 2017/18 annual review shows that, conveyancing problems resulted in £7.9 million of the £18.1 million being paid out to all affected by property sales.

A year earlier, conveyancing fraud did not even make the top five pay outs.

Regardless of the Solicitors Regulation Authority paying out £2.6 million more in 2017/18, the overall number of complaints that they received dropped marginally.

Anna Bradley, Chair of the SRA Board, said: “Publishing the Review is an important part of our commitment to transparency and accountability and provides a wealth of information on how we work and what we do.

At mosshaselhurst solicitors we have robust procedures to counter the risk of fraud in Conveyancing matters and we advise our clients to be vigilant at all times.

If you have any questions about how, by working together, we can combat the risk of fraud in your property matter, please don’t hesitate to contact us.