The recent update to the Core Practice Management Standards (CPMS) requires CQS firms to have a policy in place in relation to risk management (s5.1).
CQS Policy documents can be time-consuming and difficult to prepare without a Policy Template as a starting point
18 sections in the current version.
The Risk Management Policy Template includes reference to:
...as well as other formalities and general obligations as required under 5.1 of the CPMS.
Own an earlier version? Buy only the paragraphs that have changed. Each paragraph arrives by email as a PDF as soon as you pay.
Introduces checks before relying on searches supplied by sellers, estate agents or portals. It also requires property-specific enquiries and recorded action on unresolved risks, reflecting the proposed Conveyancing Protocol.
HMLR made amendments to Practice Guide 8, providing a timely opportunity for firms to review their procedures for the execution, attestation and certification of deeds. Firms should ensure that execution defects are identified before completion or submission because an apparently minor error can cause a requisition/delay registration.
HM Land Registry’s strict error-blocking and regulatory data-sharing mean inaccurate applications now carry severe financial risks. Update your Risk Management Policy to reflect the importance of protecting your firm from liability, and maintain vital lender panel status.
To satisfy standard 3.3c, procedures must actively prevent passive supervision through mandatory file reviews and risk-based supervisor ratios. Ensure your compliance frameworks remain current and effectively mitigate systemic risks. Consider adapting this updated policy text.
HMRC registration brings your firm within a sanctionable conduct framework carrying penalties of up to £1,000,000, publication on GOV.UK, and the power to suspend your ability to complete transactions. This updated section gives your COLP the framework to manage that exposure, from registration maintenance and file access escalation through to PII coverage and SRA breach reporting.
Updated section Integrating UKAS-audited digital identity providers into your Risk Management Policy under the Data (Use and Access) legislation. Adopting this risk-based wording reinforces regulatory resilience and protects the firm from evolving identity fraud risks.
The rationale for draft wording is to identify HMRC de-registration as a critical operational threat. By requiring "senior managers" to disclose tax defaults or convictions, the firm protects its CQS standing and ensures it meets HMRC’s "fit and proper" eligibility criteria.
Buying 7 or more paragraphs? The full current policy costs the same or less at £475.00 + VAT.
Sample template bundles do not include a template to show the structure of the residential conveyancing department at a firm. The data protection policy template covers the requirements of CQS, however it is the responsibility of the firm to ensure it is compliant with the requirements of the General Data Protection Regulation.