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SRA Board to Delay Launch of COFA and COLP Regime

16 May 2012

It has emerged that the Solicitors Regulation Authority (SRA) is set to delay the implementation of the compliance officer regime until 2013.

The scheme for Compliance Officers for Legal Practice (COLP‘s) and Compliance Officers for Finance and Administration (COFA’s) should have gone live with effect from 1 November but at a board meeting today, Charles Plant, chairman of the SRA Board, will table a motion asking that the start date for the scheme be delayed until 2013.

As reported last month, the delay in opening up the process for firms to nominate their COLPs and COFAs, suffered some slippage when the original deadline of 31 March 2012 was missed and it was announced that nominations would open on 31 May and close on 31 July 2012. Whilst originally the SRA had hoped to stick to the original implementation date of 31 October 2012 this always seemed optimistic given the delay in the nomination process.

If you would like to know more about what is involved in the being a COFA our CPD training course, which is entitled COFA - The Role and Responsibilities Explained, has been carefully compiled to provide practical advice and guidance on key topics such as the SRA Accounts Rules, common compliance problems, appropriate accounting systems and controls, identifying high risk areas and fulfilling your obligation to record and report breaches of the SRA Accounts Rules to the SRA.

If you would like us to keep you updated on the latest legal regulatory and compliance news, including the latest developments relating to roles of COLP and COFA, sign up for our FREE newsletter.

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