Building trust in property transactions using TPMA, with Quill and Shieldpay
Technology is having a profound impact at all levels of our society. Nowhere is this more true than in the
property sector, where there is a live debate about the merits of introducing new technological solutions
versus the risk of moving beyond established practices.
This paper aims to advance that debate by examining the role that technology-enabled Third Party Managed
Account (TPMA) services can play in addressing common issues and improving the experience of property
transactions in the UK.
• Technology-enabled TPMAs have the potential to radically reduce the time and cost burdens of property
transaction administration and compliance compared to using client accounts, benefitting not just buyers
and sellers, but also lawyers, lenders, insurers and regulators.
• TPMAs can help reduce the risk of delays, cancellations, and the misuse of client money, which are
major problems affecting consumers and professionals involved in property transactions (delays and
cancellations due to late funds or property vacation cost UK consumers £15m per year, while the misuse
of client money saw payouts of £100m in the preceding five years from the Solicitors Regulation Authority
• TPMAs are recognised by bodies that regulate Solicitors, Licensed Conveyancers and CILEx practitioners,
but clarity is needed on how liability should be apportioned where TPMAs are used as compared with the
use of client accounts.
• While there are plans to issue specific guidance to clarify TPMAs’ regulatory status, awareness amongst
consumers and regulated firms about the benefits of TPMAs is low, which has produced an unwillingness
to adopt them at scale for use in property transactions.