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16 November 2012 / Andrew Garbutt
Issue: 7538 / Categories: Features , Training & education , Profession
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Compliance is key

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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

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Jurit LLP—Caroline Williams

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NEWS
Talk of a reserved ‘Welsh seat’ on the Supreme Court is misplaced. In NLJ this week, Professor Graham Zellick KC explains that the Constitutional Reform Act treats ‘England and Wales’ as one jurisdiction, with no statutory Welsh slot
The government’s plan to curb jury trials has sparked ‘jury furore’. Writing in NLJ this week, David Locke, partner at Hill Dickinson, says the rationale is ‘grossly inadequate’
A year after the $1.5bn Bybit heist, crypto fraud is booming—but so is recovery. Writing in NLJ this week, Neil Holloway, founder and CEO of M2 Recovery, warns that scams hit at least $14bn in 2025, fuelled by ‘pig butchering’ cons and AI deepfakes
After Woodcock confirmed no general duty to warn, debate turns to the criminal law. Writing in NLJ this week, Charles Davey of The Barrister Group urges revival of misprision or a modern equivalent
Family courts are tightening control of expert evidence. Writing in NLJ this week, Dr Chris Pamplin says there is ‘no automatic right’ to call experts; attendance must be ‘necessary in the interests of justice’ under FPR Pt 25
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