Press Release - Lenders back new search industry standards says PCCB

Press Release

Lenders back new search industry standards says PCCB

Wednesday 20 June 2007

Following the introduction of the Search Code prescribing standards for firms providing searches as part of the home buying process, over 30% of the 90 lenders which accept personal local searches have confirmed that they will also require search firms to be registered under the Code. The Search Code provides comprehensive consumer protection including:

A code of good practice
Training and competence requirements for search firms
An independent complaints scheme
Robust insurance provisions
Compliance with the Search Code is independently monitored by the Property Codes Compliance Board, which can impose sanctions if firms fail to meet the required standards. All private search firms can subscribe to the Code and register with the PCCB including those providing local, environmental, chancel repair, mining, drainage and water searches. Home buyers, conveyancers, HIP providers and lenders are encouraged to choose search organisations registered with the PCCB under the Search Code.

Commenting on lenders’ support for the Search Code, PCCB Chairman, Sue Scott said:

‘The Search Code is designed to protect those who rely on personal local search reports and we are delighted that over 30 lenders have already given their backing to the Code. We will continue to work with the lending industry to enhance consumer protection and to encourage more lenders to support these new standards for all searches, when choosing search providers.’

Contact: Frank Finch, PCCB Compliance Director, info@propertycodes.org.uk, 07984 228106