AICWA has made its submission to ARNECC in response to Draft Version 5 of the Model Operating Requirements and Model Participation Rules. AICWA’s submission can be viewed in its entirety HERE
AICWA is pleased to note that its long held position relating to a lack of consumer pricing protection, as well as support for competition through interoperability have been addressed in the draft version 5 of the MOR, however, we wish to highlight to members our concerns regarding proposed rule “5.6 Separation”.
Draft rules 5.6.1 through to 5.6.4 should be deleted in their entirety and replaced with rules that would prohibit an ELNO from providing any “Downstream Services”.
It is not inconceivable that conveyancers for the most part could be bypassed in favour of complete ‘end to end’ services offered by the ELNO. Such an outcome would not benefit consumers. As regulators ARNECC should be focusing on supporting the conveyancing industry to transition to e-conveyancing with a long term outlook of sustainability for a profession that is focused on delivering independent unbiased advocacy for buyers and sellers in property settlements.
Source:4th May 2018 AICWA e-Newsletter