header-logo header-logo

04 January 2013
Categories: Legal News , Risk management , Regulatory , Profession
printer mail-detail

COLPs and COFAs miss New Year deadline

About 1,000 law firms did not have compliance officers in place on 1 January.

Firms were required to have approved Compliance Officers for Legal Practice (COLPs) and Compliance Officers for Finance and Administration (COFAs) in place by 01 January, however, although individuals were approved at more than 8,800 firms, more than ten per cent of firms have failed to meet the deadline.

Nearly 200 firms had not completed the nomination process.

The Solicitors Regulation Authority said the situation was better than it had anticipated a few weeks before.

It said it will not impose automatic loss of authorisation on firms and individuals who do not receive their approvals in time.

SRA director of risk Andrew Garbutt said: “There are some firms which came very late to the process, or who delayed providing us with further information when required to do so, consequently these have not yet received notification of our decision concerning the nomination.

“In cases where we now have all the information we need, I anticipate we will be able to make a decision shortly. We are making every effort to ensure firms and individuals know the status of their nominations.
“However, despite repeated requests, there remains a number of firms who have not co-operated with us. In these cases, we will begin the appropriate level of enforcement action, including revocation of their authorisation.”

 

MOVERS & SHAKERS

Gateley Legal—Jack Kelly

Gateley Legal—Jack Kelly

Gateley Legal expands Midlands residential development team

Gibson Dunn—Richard Surtees

Gibson Dunn—Richard Surtees

Gibson Dunn adds employee benefits and executive compensation practice in London with partner Richard Surtees

Laytons ETL—Alec Cameron

Laytons ETL—Alec Cameron

Laytons ETL appoints new partner and head of intellectual property disputes

NEWS
A series of recent decisions has clarified important principles across property law, from perpetuities to lease renewals and public rights over land
Employers cannot rely on wellbeing services alone to defend workplace stress claims after a High Court decision awarding almost £1m to an overworked employee
Andy Burnham's brand of 'Manchesterism' could offer fresh thinking on legal aid and access to justice if it reaches Westminster, according to Roger Smith, NLJ columnist and former director of JUSTICE
The constitutional fallout from a change of prime minister, rather than the politics, is under scrutiny as questions arise over the limits of executive authority in a leadership transition
The legal profession is undergoing a fundamental shift from selling services to creating technology-enabled products, according to Professor Luke Mason, Head of School of Law at Regent's University London
back-to-top-scroll