On Wednesday 15 October the ILFM officially launched iCOFA [1], a new dedicated community for COFAs and compliance professionals. The breakfast event brought together COFAs from a range of different sized firms for an engaging morning of discussion, practical insights, and shared experience.
The event explored the evolving responsibilities of the COFA role and the importance of professional support, qualifications, and governance in a regulatory environment that is becoming increasingly complex and demanding. Our thanks go to KBP Finance for providing a delicious breakfast that fuelled discussions!
A professional home for COFAs
Opening the discussion, Tim Kidd shared the vision behind iCOFA: a community built to empower COFAs with practical guidance, resources, and peer connection. From tools like the COFA Handbook to ongoing training and specialist webinars, iCOFA will provide the support network COFAs need to carry out their responsibilities with confidence and clarity.
Expert insights from Financial Eye
Nigel Wilson and David Thorpe, Directors of Financial Eye, led a session titled The Shape of Things to Come, exploring the major changes on the horizon for compliance and regulation.
They began by highlighting developments within the SRA, including the appointment of a new CEO, the introduction of Principle 8, and recent Legal Services Board guidance – all pointing to a shift towards more formalised and closely monitored governance.
Looking ahead, Nigel and David discussed how law firms may soon face regulation more akin to that of the FCA, with increased supervisory oversight, more intrusive monitoring, and greater reporting requirements. This, they suggested, will demand enhanced internal governance structures, robust management accountability, and clearer division of responsibilities – particularly around the “golden roles” of COFA, COLP and senior partners.
They encouraged firms to view themselves as businesses that must be run like businesses, emphasising the importance of sound governance, a culture of professionalism, and regular management meetings where finances are discussed transparently.
Key recommendations included:
- Reviewing COFA and D&O liability insurance coverage
- Strengthening risk management and documentation through clear procedures and controls
- Ensuring competent management and adequate supervision
- Developing strategies for managing residual balances – the “big taboo” – and understanding what can and should be done with them
- Seeking independent advice where needed and learning from past failings
Their overarching message was clear: law firms should prepare now for more rigorous oversight by embedding good governance and compliance behaviours as part of everyday culture.
Our guest speaker – Jonathan Pratt FRICS FGA, Auctioneer & Valuer followed with an engaging session covering everything from the importance of qualifications & society memberships, to due diligence and duty of care, with some very thought-provoking examples from the antiques world!
Join the community
The discussion underlined a shared need: a professional home for COFAs to learn, share and grow together.
If you couldn’t attend, you can still be part of this growing network. iCOFA membership gives COFAs access to:
- The COFA Handbook – an essential reference for everyday compliance
- Expert-led training focused on real-world challenges
- A peer network of compliance professionals who understand the role
- Continuous regulatory updates and guidance
- Ongoing support from the UK’s leading body for legal finance and compliance
Join iCOFA today [2]
For more information, visit https://www.ilfm.org.uk/site/cofa/join/ [3] or contact our membership team at info@ilfm.org.uk or 020 8302 2867.