PEXA announces that Amity Law has been able to appoint it as its third party managed account provider (TPMA) following approval from the Council for Licensed Conveyancers (CLC).
The approval follows the Financial Conduct Authority’s (FCA) approval of PEXA’s application to become an Authorised Payment Institution (API). It means that PEXA can handle client funds on behalf of Amity, enabling it to automate the settlement of funds and lodgement of title almost instantly for any transactions that use Amity as the conveyancer. This is a process which PEXA has already proven is possible following the completion of the first ever fully digital purchase transaction in June, paving the way for the industry to establish greater security and certainty for all.
Amity is the first conveyancing firm to receive CLC approval. The news indicates a critical milestone as PEXA moves towards the launch of its Sale and Purchase solution in the Autumn, and paving the way for other firms to follow suit.
Joe Pepper, UK CEO at PEXA, commented:
“This is a hugely significant step in our journey to launching Sale and Purchase – it sets the precedent for the rest of the market to follow, showing the robustness of our systems and controls and giving firms further confidence we operate with the highest standards of security and compliance.
“Having already proven that transactions can be digitalised, this will help us drive further momentum in the UK when it comes to the deployment of the right infrastructure and we’re looking forward to working with the industry in the lead up to the full launch of Sale and Purchase in the coming months.”
Sarah Ryan, Head of Legal Practice and Finance & Administration, commented:
“Having PEXA on board as a TPMA is a game changer. It reduces the risk of fraud for us and creates a safer, more transparent and more certain completion process to remove some of the angst borrowers currently feel. It’s a positive step in our own digitalisation journey, and we’re excited to see the impact.”
Jason Hinrichsen, Director of Finance and Operations at the Council of Licensed Conveyancers, added:
“The CLC is committed to fostering a regulatory environment that encourages innovation, delivers quality outcomes, and safeguards consumers from harm. TPMAs can deliver added security, transparency and efficiency to the home buying and selling process and we hope to see more practices adopt them. If any CLC practice would like to speak to the CLC about using a TPMA we would be happy to engage with them.”
