What is a COFA SRA?
All practices authorised by the Solicitors Regulation Authority (SRA) must appoint a Compliance Officer for Finance and Administration (COFA) and Compliance Officer for Legal Practice (COLP).
How do I become a COFA?
The COFA must:
- be an individual;
- be a manager or an employee of the authorised body (or be an approved COLP and/or COFA (as appropriate) in a related authorised body);
- consent to their designation as the COLP and/or COFA;
- be of sufficient seniority and responsibility to fulfil the role;
Who can be a Colp and COFA?
COLP and COFA Personnel A COLP must be a lawyer of England and Wales, a Registered European Lawyer (REL) or an individual registered with the Bar Standards Board under Regulation 17 of the European Communities (Lawyer’s Practice) Regulations 2000. A COFA does not have to be any of these.
Who should be a COFA?
Law firms are given flexibility in selecting who will serve as a COFA, however, the person that is appointed for this role doesn’t have to be a solicitor or a lawyer. This person tends to be high up in the firm, like Head of Accounts, a PM (practice manager), or a well-trusted employee of the company.
Does a compliance officer need to be a lawyer?
Do you need a law degree to be a Compliance Officer? The qualifications required to enter a Compliance jobs vary between different roles. While a Compliance officer will usually sit within the in-house legal team of a company or be employed by a law firm, a law qualification is not always a prerequisite.
When did Colp and COFA start?
In 2012 the SRA introduced Compliance Officers into law firms, the first being the Compliance Officer for Legal Practice (COLP) which focuses on regulatory requirements for the work undertaken by the staff and firm.
Can you be a Colp of two firms?
An individual can hold the role of COLP and/or COFA for multiple firms who are related authorised bodies.
Can a non lawyer own a law firm UK?
The Legal Services Act 2007 (LSA 2007) allows non-lawyers to own and manage law firms. This practice note provides details on Solicitors Regulation Authority (SRA) regulated alternative business structures (ABSs) and how to apply to become one.
What is a Colp solicitor?
The COLP is responsible for ensuring general regulatory and statutory compliance by the firm, its managers and its employees. The COLP is not expected to ensure compliance with the SRA Accounts Rules; this falls to the Compliance Officer for Finance and Administration (COFA).
What is a COFA in a law firm?
A COFA is a Compliance Officer for Finance and Administration, and the SRA (Solicitors Regulation Authority) mandates that all authorised practices appoint a COFA as well as a COLP. We know that some of you will be a COLP and a COFA, normally in 1 – 3 partnership level firms, or sole practitioners of course.
Can a licensed conveyancer become a partner?
A licensed conveyancer at a Kent law firm has become the first in his profession to be promoted to partnership.
Does a solicitor have to be SRA regulated?
If a solicitor provides their services through a limited company, it is the company that is providing the services. If these services include reserved legal activities, this company must be an SRA-authorised law firm.
Is compliance a good job?
Compliance Officers rank #17 in Best Business Jobs. Jobs are ranked according to their ability to offer an elusive mix of factors. Read more about how we rank the best jobs.
Is a compliance officer a lawyer?
As effective communicators and problem solvers, lawyers can leverage their legal training in compliance, even though a law degree may not be required. In fact, compliance is often not technically a legal role, and compliance professionals typically do not provide legal opinions or represent their firms.
Who is a COFA?
When should I make an emergency Colp or COFA application to the SRA?
When should I make an emergency COLP or COFA application to the SRA? Unforeseen circumstances such as the compliance officer’s death, incapacity, cessation of employment, long-term illness or leave, or furlough can result in a firm ceasing to have a COLP or COFA.
What is the fee for SRA approval?
This fee applies only if the predecessor firm has paid a firm fee for the current practising year. £150 for each person who needs SRA approval under rule 13.1 of the SRA Authorisation of Firms Rules. We will send an invoice to the applicant contact and payment is due on receipt.
What is the role of the COFA in the application process?
Had the candidate applied for a different role, such as a manager in a licensed body, it may have been possible to manage the risk he posed by restricting his involvement with client account or accounting records. However, the role of the COFA is to make sure compliance with the Accounts Rules.
Can a replacement compliance officer be approved by the SRA?
The SRA will only approve a request for temporary emergency approval of a replacement compliance officer if: the SRA believes that the replacement compliance officer is fit and proper to be a compliance officer.