Help trial an alternative to client account with Shieldpay and the CLC

23 October, 2024

Third Party Managed Accounts (TPMA) offer firms the chance to de-risk and simplify the handling of client money in conveyancing transactions. In fact, working with the CLC in 2018 Shieldpay completed the first ever fully digital mortgage transaction in collaboration with My Home Move. https://todaysconveyancer.co.uk/shieldpay-power-first-digital-property-transaction/

Fast forward 6 years, TPMAs haven’t received the adoption we were perhaps hoping to see in pursuit of secure, transparent and seamless conveyancing transactions. Whilst the reasons are multifaceted, and things that Shieldpay have identified for our future roadmap, one of the consistent pieces of feedback was the upfront cost of using a TPMA. 

Technology is sadly not a straightforward nor quick thing to develop, but pricing is something we can approach in a proactive, agile way. 

Alongside the insights we’re sharing from the Shieldpay and CLC roundtable in July, Shieldpay are making CLC-regulated firms an offer so that they can assess the benefits of TPMA themselves and so that the CLC can gather more information about the impact of TPMA in operation:

£500 monthly minimum fee

£12.00 per transaction

If you’re a smaller firm processing under 40 transactions per month, £500 is the maximum you will pay. 

If you typically process more than 40 transactions per month, you’ll pay £500 per month, plus an additional £12 for every transaction thereafter. 

If you want to learn more, please get in touch with Claire Van der Zant at cvanderzant@shieldpay.com

The CLC will be in touch with a questionnaire to assess your firm’s experience of using TPMA if you decide to take part in this trial.