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16 November 2012 / Andrew Garbutt
Issue: 7538 / Categories: Features , Training & education , Profession
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Compliance is key

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Engagement with COLPs & COFAs will reap benefits for law firms says Andrew Garbutt

Firms who co-operate and actively engage with their regulator will reap the benefits, says the Solicitor’s Regulation Authority (SRA). A year on from the introduction of outcomes-focused regulation (OFR), the SRA is stressing the importance of firms creating a firm-wide culture of compliance. Key to making the relationship work will be the SRA’s liaison with the nominated compliance officers for legal practice (COLPs) and compliance officers for finance and administration (COFAs).

While the majority of firms met the SRA’s nomination deadline of 31 July and many more responded to chase-up letters and constructive engagement, there still remain a few hundred who have yet to complete the process.

COLPs & COFAs Conference

Speaking at the COLPs and COFAs Conference in Holborn Bars on 18 October, SRA executive director Samantha Barrass reported on the benefits of co-operation and proactive engagement between the SRA and the regulated community. The SRA is on target to approve nominations by the end

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MOVERS & SHAKERS

Flint Bishop—Charlotte Harris

Flint Bishop—Charlotte Harris

Sheffield expansion continues with appointment of commercial property partner

Browne Jacobson—Paul Duggan

Browne Jacobson—Paul Duggan

Browne Jacobson strengthens banking and finance practice with latest partner appointment Paul Duggan

Ward Hadaway—Chris Piggott

Ward Hadaway—Chris Piggott

Employment partner joins Ward Hadaway

NEWS
The Law Society RFC Festival of Sport returns next month, bringing together legal and financial services professionals for one of the sector’s largest annual sporting events
Legal aid deserts leave almost one in four without adequate access to justice
The Solicitors Regulation Authority (SRA) has warned solicitors and law firms that using artificial intelligence does not alter their professional obligations, amid concerns over inaccurate legal material and client confidentiality
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

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