Version 4 of Handbook goes live as SRA promises no further COLP/COFA delay


Fix the date: COLP and COFA regime will begin 1 January 2013

The fourth edition of the SRA Handbook in less than 10 months was published yesterday.

The latest version includes the delay in the introduction of the compliance officer regime, and it has emerged separately that the Solicitors Regulation Authority (SRA) has given the Legal Services Board (LSB) a guarantee that there will be no further hold-ups.

The latest edition of the Handbook contains three changes. The first deals with the controversial change to rule 4 of the practice framework rules, dealing with when in-house legal teams need to become alternative business structures (ABSs).

This requires in-house lawyers to consider whether section 15(4) of the Legal Services Act 2007 requires them to become an ABS; the section says in-house lawyers offering reserved legal activities to “the public or a section of the public” must do so from an ABS, but these terms have not been defined.

The second change deals with the scheme for compliance officers for legal practice (COLPs) and for finance and administration (COFAs). This was due to go live on 1 November, but the Handbook confirms that this has now been put back to 1 January 2013, driven by the delays in opening up the process for firms to nominate their COLPs and COFAs.

The deadline for this was originally 31 March, so that they could be approved by 31 October, but instead only opened on 31 May. It closes on 31 July. An SRA spokesman told Legal Futures that “a very significant number of firms have already completed or partially completed their nominations. We are very pleased with progress and firms have told us that they find it is easy to complete the form”.

Approving the SRA’s application to change the authorisation rules to facilitate the new date, the LSB said: “It is regrettable that the slippage to the timetable for completion of the SRA’s authorisation process for COLPs and COFAs, which necessitated this regulatory change, occurred.

“The LSB has received assurance, in writing, from the SRA that the extension of the grace period to 31 December 2012 will provide sufficient time for the SRA to complete its processes. The board hopes that the SRA will identify how it can strengthen its project management processes to guard against such delays in future.”

The final change is the inclusion of the SRA Quality Assurance Scheme for Advocates (Crime) Notification Regulations 2012, an interim measure to ensure that all solicitors wishing to conduct advocacy under the upcoming scheme notify the SRA. Regulations to implement the scheme in full will be made in due course.

 

Tags:




Leave a Comment

By clicking Submit you consent to Legal Futures storing your personal data and confirm you have read our Privacy Policy and section 5 of our Terms & Conditions which deals with user-generated content. All comments will be moderated before posting.

Required fields are marked *
Email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Blog


How the Oldham community helped my law firm against rioters

On the evening of 7 August, we anxiously watched CCTV footage from outside the building, waiting for the mob. Our blood ran cold when we saw a group of around 150 people approaching.


Essential tips for junior lawyers

Starting out as a junior lawyer can be daunting, with the challenge of balancing the demanding day-to-day responsibilities, honing legal skills, and engaging in profile-raising activities.


What’s your problem? The cause of complaints and how to resolve them

In today’s digital age, where review sites and social media platforms abound, it’s never been easier to vent, and negative feedback can have serious consequences.


Loading animation