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In full transparency, I work at Shieldpay and will attempt to answer the comments below in one go:

@Michael Mercer - Thank you. It has been a long road so far, but we hope that this first transaction sets the ball rolling for the implementation of Third Party Managed Accounts on an industry wide basis.

@anon 12:49 - The lawyer is still in control of the funds and when these are released. Shieldpay is not removing the lawyer from the process, just providing a utility to lawyers and law firms to hopefully drive efficiencies and costs savings to all. All fees and mortgage redemptions are paid out by Shieldpay on completion according to the information provided to Shieldpay by the legal representatives on either side.

@anon 12:45- We don't want that either! If the contrary happens, the market will not want our solution and we will be but a faint memory.

@anon 12:42 - costs are to be determined, but they will reflect the benefit to each party in the transaction (lender, lawyers and clients) and will reflect the level of charges that currently form part of disbursement items charged to clients. In terms of additional workload, Shieldpay is being designed and developed with the intention to improve efficiencies to all parties and integrate where possible with existing systems and practices. We encourage input from all readers on how best this could be achieved.

@James Bowers - AML is still the responsibility of lawyers pursuant to their own regulatory requirements. Shieldpay undertakes its own KYC and AML on all parties to a transaction and pursuant to its requirements as an FCA authorised entity.

Please don't hesitate to contact me if you would like any additional information. My email is gdunnett@shieldpay.com.