State registries must simplify Verification of Identity (VOI) requirements causing excessive costs and time delays in the settlement process, an online search provider has argued.
InfoTrack, a search provider which offers national property searches and certificates, has made the call to arms following claims by conveyance practitioners that many of their clients don’t have the necessary documents – including a driver’s licence or passport – to meet new VOI requirements.
According to a recent survey of conveyancing practitioners by InfoTrack, many are concerned of the effect these new stringent requirements are having on their clients.
“In fact, 40% of respondents have had clients raise objections related to VOI, saying that they find the requirements excessive and intrusive, especially the requirement to take a photo of the client,” InfoTrack chief executive, John Ahern, said.
“In practice, the new requirements are fairly cumbersome for a practitioner to follow categories for what ID is or is not required, as clients may not have the most commonly provided ID.”
Another concern raised was in regards to the security of VOI data. Practitioners are required to keep copies of their clients’ identity documents for several years, and 15% of respondents are concerned about the security of this data. With the majority of respondents storing VOI data in-house, this data is only as secure as their premises.
“Practitioners are following the new VOI rules, but stricter – and perhaps unnecessary document requirements – are placing a very significant burden on their clients.
“We would like to think that the state registries will take these concerns seriously and consider making the process less onerous.”