Tag Results
Exclusive: SRA chairman says too many solicitors are "simply not good enough"
Wednesday, 14 November 2012There are too many solicitors in England and Wales “who are simply not good enough”, the chairman of the Solicitors Regulation Authority claimed yesterday. He told the 500 firms yet to nominate COLPs that “enough is enough” – they face having their right to practise withdrawn.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Law Society, legal education and training review, legal practice course, Legal Services Board, LETR, outcomes-focused regulation, Solicitors Regulation Authority
Posted in Latest news, Solicitors
SRA warns firms and solicitors: co-operate or else
Friday, 19 October 2012The Solicitors Regulation Authority sent out a strong message yesterday that firms which fail to co-operate with it will face tough action. It also emerged that the SRA is set to share details of the risks it considers law firms face with their COLPs and COFAs.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Regulation Authority, supervision
Posted in Latest news, Solicitors
The nitty gritty
Wednesday, 17 October 2012When it comes to processes and formal audits, the natural tendency for anyone is to put off analysing and understanding what you do and don’t do, until you really have to. That’s the point of deadlines, right? Well, compliance controls are designed so that they are a permanent part of operating culture, not just when you stand by your beds for inspection. This is certainly the case for the requirements under the SRA Handbook revision and cannot be taken lightly.
Tags: Client care, COFA, compliance, compliance officer for finance and administration
Posted in Blog
Law Society takes equity stake in compliance software business
Wednesday, 10 October 2012The Law Society has taken the unusual step of investing in a company set up by a non-lawyer law firm partner to sell a groundbreaking web-based risk and compliance software package for solicitors.
Tags: compliance, compliance officer for finance and administration, compliance officer for legal practice
Posted in Latest news, Solicitors
No place left to hide
Tuesday, 9 October 2012The introduction of the new SRA Handbook on 6 October 2011, and the creation of compliance officers, was the first tangible wave of a further tightening of audit and control procedures among law firms. The regime seeks to create a framework for solicitors to adopt risk management and control processes that should, frankly, already be well established for the majority. It’s pleasing no doubt that the vast majority therefore complied and registered nominated solicitors and finance directors to pick up the compliance officer chalice. Yet, a staggering 800 had not registered on expiry of the deadline – do these really believe that the regime will not flex its muscles and that by ignoring this, they will remain hidden?
Tags: compliance, compliance officer for finance and administration, compliance officer for legal practice
Posted in Blog
Hundreds of firms face SRA enforcement action over COLP and COFA failure
Wednesday, 26 September 2012Hundreds of law firms that have yet to nominate their compliance officers could soon face enforcement action, the SRA has warned. Separately the SRA is to conduct visits to 100 random law firms to check on their compliance with equality and diversity rules, while more than 10,000 solicitors have registered their intention to join QASA.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, equality and diversity, QASA, Quality Assurance Scheme for Advocates, Solicitors Regulation Authority
Posted in Latest news, Solicitors
The 'chosen ones' get answers at COLP seminar
Wednesday, 12 September 2012Proportionality and preparation were the key messages for the legal sector at a Manchester seminar hosted by Weightmans and accountancy firm HURST this week for those lawyers in the COLP hotseat.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice
Posted in associate news
Compliance officer failures bolster SRA bid for automatic fining powers
Thursday, 6 September 2012The Solicitors Regulation Authority is to seek powers to levy automatic fines for breaches of its rules to avoid a repeat of the embarrassment caused by hundreds of law firms failing to nominate compliance officers on time.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Hundreds of firms fail to meet COLP/COFA nomination deadline
Wednesday, 1 August 2012Around 750 law firms have failed to meet the 31 July deadline for nominating their compliance officers, the Solicitors Regulation Authority has reported. More than 93% of firms have completed or nearly completed the process.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice, Solicitors Regulation Authority
Posted in Latest news, Solicitors
Exclusive: personal liability risk discouraging people from becoming COLPs and COFAs
Tuesday, 24 July 2012Wariness among individuals of becoming compliance officers – especially because of the risk of personal liability – has led to some firms nominating persons who lack the most relevant expertise, research seen exclusively by Legal Futures has found.
Tags: COFA, COLP, compliance officer for finance and administration, compliance officer for legal practice
Posted in Latest news, Solicitors