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Regulators

The key legal industry regulators are supportive of Third Party Managed Accounts (TPMAs) and their potential to significantly improve efficiency and security of property settlement.

Thirdfort is being built to adhere to both SRA and CLC requirements.

The SRA recently amended their accounts rules to permit the use of Third Party Managed Accounts. Information and guidance on using TPMAs can be found here.

A lawyer who uses a TPMA must notify the SRA with a simple one page form which can be found here.

As the regulator of specialist property lawyers, the CLC is strongly focused on supporting improvements to the conveyancing process that can make transactions smoother, faster and more secure. Our Code of Conduct permits the use of third party managed accounts.

CILEx Regulation is supportive of any initiative that adds security and efficiency to property settlement. They are reviewing their accounts rules to permit the use of Third Party Managed Accounts.

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