Engagement with COLPs & COFAs will reap benefits for law firms says Andrew Garbutt
Firms who co-operate and actively engage with their regulator will reap the benefits, says the Solicitor’s Regulation Authority (SRA). A year on from the introduction of outcomes-focused regulation (OFR), the SRA is stressing the importance of firms creating a firm-wide culture of compliance. Key to making the relationship work will be the SRA’s liaison with the nominated compliance officers for legal practice (COLPs) and compliance officers for finance and administration (COFAs).
While the majority of firms met the SRA’s nomination deadline of 31 July and many more responded to chase-up letters and constructive engagement, there still remain a few hundred who have yet to complete the process.
COLPs & COFAs Conference
Speaking at the COLPs and COFAs Conference in Holborn Bars on 18 October, SRA executive director Samantha Barrass reported on the benefits of co-operation and proactive engagement between the SRA and the regulated community. The SRA is on target to approve nominations by the end of the year. Ms Barrass reported that there were still
