Digital property exchange Pexa has been cleared by the Council for Licensed Conveyancers (CLC) to act as Amity Law’s third-party managed account (TPMA) provider.
The approval follows the Financial Conduct Authority’s earlier decision to authorise Pexa as a payment institution, allowing it to handle client funds. Amity will now be able to use Pexa to automate settlement of funds and registration of property titles.
Amity is the first conveyancing practice to receive CLC approval for Pexa’s service. The move comes ahead of the latter’s planned launch of its sale and purchase product in the UK this autumn.
Pexa previously completed the UK’s first fully digital property transaction in June, a pilot intended to demonstrate how conveyancing can be automated to increase speed and reduce risk.
The CLC said the use of TPMAs could add security and transparency to the home buying process and encouraged other firms to explore the option.
Pexa UK chief executive Joe Pepper says: “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.
