Earlier this year the direct-only lender launched a severely restricted panel sparking outrage at the lawyers’ trade body The Law Society.
There have also been reports that customers have complained the restricted number of firms has led to processing delays.
Since then HSBC has released a set of criteria for legal firms wishing to join the panel including establishing electronic links with the panel manager Countrywide to facilitate case allocation and case tracking.
HSBC said the firms waiting for sign off are based across the UK with more in rural areas, Scotland and Wales. Currently the panel covers 96 offices across the UK.
A spokeswoman for the lender said: “We have always reiterated that the panel is not closed and that we would be reviewing it on an ongoing basis.
“We continue to make enhancements to the panel and our processes to benefit our customers and invite those firms who meet our criteria to submit their applications."
Each of the 33 would-be panel firms is at a different stage in the vetting process ranging from due diligence through to waiting to sign contracts.
Firms wishing to join HSBC’s panel must agree to fixed fees and any accompanying service proposition guarantees, for example “no sale no legal fees” while only CQS accredited firms by the Law Society of England and Wales will be accepted.
Other criteria announced by HSBC include firms agreeing to Solicitor Regulation Authority and CCJ checks and registration with the Solicitors Regulation Authority or the Council of Licensed Conveyancers.
Firms must have a minimum of two licensed conveyancers or qualified solicitors; the panel firm entity should have been actively trading in purchase and sale conveyancing for at least six months; and firms must have personal indemnity insurance of at least £2m.
