Law society slams banks for bond registrations hoarding

According to the society’s notice dated July 16th 2025, several financial institutions are compelling property buyers seeking mortgage financing to use the bank’s panel attorneys not only for bond registration which secures the bank’s interest in the property but also for the property transfer process, a distinct legal service that has historically been the choice of the buyer or seller.

The LSB says the practice violates Section 31(1) (b) of the Competition Act of 2018, which prohibits “tying and bundling conduct” by dominant market players.