header-logo header-logo

04 January 2013
Categories: Legal News , Risk management , Regulatory , Profession
printer mail-detail

COLPs and COFAs miss New Year deadline

About 1,000 law firms did not have compliance officers in place on 1 January.

Firms were required to have approved Compliance Officers for Legal Practice (COLPs) and Compliance Officers for Finance and Administration (COFAs) in place by 01 January, however, although individuals were approved at more than 8,800 firms, more than ten per cent of firms have failed to meet the deadline.

Nearly 200 firms had not completed the nomination process.

The Solicitors Regulation Authority said the situation was better than it had anticipated a few weeks before.

It said it will not impose automatic loss of authorisation on firms and individuals who do not receive their approvals in time.

SRA director of risk Andrew Garbutt said: “There are some firms which came very late to the process, or who delayed providing us with further information when required to do so, consequently these have not yet received notification of our decision concerning the nomination.

“In cases where we now have all the information we need, I anticipate we will be able to make a decision shortly. We are making every effort to ensure firms and individuals know the status of their nominations.
“However, despite repeated requests, there remains a number of firms who have not co-operated with us. In these cases, we will begin the appropriate level of enforcement action, including revocation of their authorisation.”

 

MOVERS & SHAKERS

WSP Solicitors—David Ashcroft & Jessica O’Shea

WSP Solicitors—David Ashcroft & Jessica O’Shea

Commercial property and child law teams expand with senior hires

Duxton Hill Chambers—Lucas Bastin KC & Joshua Hiew

Duxton Hill Chambers—Lucas Bastin KC & Joshua Hiew

Set expands London and Singapore offering with senior international disputes hires

Gilson Gray—Gregor Duthie & Stephen Forsyth

Gilson Gray—Gregor Duthie & Stephen Forsyth

Firm strengthens real estate and litigation teams with partner promotions

NEWS
Behind the profession’s polished exterior, lawyers are ‘internally drained rather than physically tired’, according to a stark assessment of burnout in legal practice
Five years after the Domestic Abuse Act 2021 came into force, concerns remain that the family courts continue to minimise allegations of abuse in child contact disputes
Uber has built a formidable strategy for insulating itself from liability for drivers’ conduct, but the legal terrain differs sharply between the US and England and Wales
The House of Lords (Hereditary Peers) Act 2026 marks a constitutional watershed by severing the centuries-old link between hereditary titles and automatic membership of the upper chamber
The Civil Justice Council’s review of Part III of the Solicitors Act 1974 could mark the end of what one commentator calls an ‘outdated’ and overly technical regime governing solicitor-client fee disputes
back-to-top-scroll