David Opie speaks with Stuart Young of http://peacetrust.com/s_ne.php MyIdentity about the work being done to improve the process of verifying the identity of home movers in the conveyancing process. The idea is to create a single verification of an individual’s identity which can then be used throughout the home moving process.
Not only will this save time and cost through the course of a transaction, it is anticipated that compliance with the standards and certifications being established could see Professional Indemnity insurance premiums come down over the next few years for firms conducting conveyancing transactions given that 60% of property fraud starts with identity fraud.
Tune in to hear what Stuart has to say about improving the quality of information in the sector, the move to placing greater liability on the identity providers, and which identity providers are currently working toward compliance with the new standards.
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