Compliance officer nominees come under question
Law firms have nominated bankrupts, convicted criminals and lawyers subject to “serious disciplinary sanctions” as their COLP and COFA compliance officers.
A Solicitors Regulation Authority (SRA) progress report published this week outlined the SRA’s concern about “the levels of non-disclosure of information” among nominees. It revealed that more than 450 nominees failed the verification report for “multiple issues, some of which were serious, ranging from undisclosed criminal convictions through to serious disciplinary sanctions and undeclared bankruptcy”.
Nearly all firms (9,744 or 98.5%) have now completed their nominations, and most (9,165) have been approved. Enforcement action has begun against 152 firms that have not yet completed their forms.
SRA executive director Samantha Barrass says: “Enforcement action will be proportionate and will range from letters of advice, fines, rebukes, through to revocation of authorisation, and referral to the Solicitors Disciplinary Tribunal. The importance of having the right people in place in these key compliance roles cannot be underestimated and we are pleased at the high levels of co-operation we have received from the great majority of firms.”
