PEXA, the world leading digital property exchange and data insights business, has announced that Amity Law has been able to appoint it as its third party managed account provider (TPMA) following approval from the Council for Licensed Conveyancers (CLC).
The approval follows the Financial Conduct Authority’s (FCA) approval of PEXA’s application to become an Authorised Payment Institution (API). It means that PEXA can handle client funds on behalf of Amity, enabling it to automate the settlement of funds and lodgement of title almost instantly for any transactions that use Amity as the conveyancer. This is a process which PEXA has already proven is possible following the completion of the first ever fully digital purchase transaction in June, paving the way for the industry to establish greater security and certainty for all.
Amity is the first conveyancing firm to receive CLC approval. The news indicates a critical milestone as PEXA moves towards the launch of its Sale and Purchase solution in the Autumn, and paving the way for other firms to follow suit.
Joe Pepper, UK CEO at PEXA, commented: “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.
“Having already proven that transactions can be digitalised, this will help us drive further