Are you ready?
Your Compliance Officer for Finance and Administration (COFA) and Compliance Officer for Legal Practice (COLP) need to be registered by 31st July 2012 with their obligations commencing from 1st January.
Don’t delay though as there is plenty requiring their attention before this date!
Their main responsibilities are to ensure the firm’s compliance with the firm’s authorisation, their statutory obligations and to record, and where relevant, notify the SRA, any failure to comply. The extent of these obligations depends on whether you are the COLP or the COFA (or maybe both!)
The roles require someone of sufficient seniority and authority within the firm (there is no requirement for the COFA to be a solicitor, but it is a requirement for the COLP). The individual needs to be knowledgeable of the most up to date version of the SRA Handbook if you are to be the COLP or the SRA Accounts Rules if you are the COFA, changes to which came into force on 6th October 2011.
How can we help?
Our tailored compliance support services include:
- Getting Started Action Plan that includes practical advice on everything the COFA/COLP requires to get started so they are ready for when their obligations begin
- Support Pack which contains the documents, templates & registers that the COFA/COLP will need to maintain, including recommended internal controls required to support the new compliance regime
- System & Controls Review to identify weaknesses in your current compliance procedures and policies with advice to strengthen these and to adhere to best practice
- CPD Accredited Training providers, with tailored in-house training to the COFA/COLP on their new duties and to all staff on the SRA Accounts Rules and Code of Conduct.
“Getting Started” – YOUR 10 POINT ACTION PLAN AVAILABLE FOR THE COFA & COLP
Submit your details below (include ‘COFA’ and/or ‘COLP’ in the subject box to request a FREE copy of the action plan) or enquire about our compliance support services.