COLP and COFA: Compliance in Practice

Third Edition

Häftad, Engelska, 2022

2 979 kr

Beställningsvara. Skickas inom 5-8 vardagar

Fri frakt för medlemmar vid köp för minst 249 kr.

It is a condition of authorisation that all SRA-authorised law firms must have a compliance officer for legal practice (COLP) and a compliance officer for finance and administration (COFA), and that these individuals must comply with regulatory duties imposed on them personally.Now in its third edition, COLP and COFA: Compliance in Practice provides the role-holders, and anyone concerned with supporting the role-holders, with essential information about regulatory and ethical standards and compliance procedures that will support the achievement of these standards and facilitate a good working relationship with the SRA.Written by Tracey Calvert, a former employee of both the Law Society and the SRA, this edition has been updated to include the latest requirements as evidenced by the SRA Standards and Regulations, and includes lessons learned from supervisory and enforcement action.

Produktinformation

Utgivningsdatum2022-11-22
Mått156 x 234 x 12 mm
Vikt274 g
FormatHäftad
SpråkEngelska
Antal sidor153
Upplaga3
FörlagGlobe Law and Business Ltd
ISBN9781787429192

Tillhör följande kategorier

Juristyrken inom Juridik
Juridisk kompetens och praktik inom Juridik

Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . viiAbout the author . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiChapter 1: The requirement to have a COLP and COFAIntroduction to roles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Brief background to the Legal Services Act 2007 . . . . . . . . . . . . . . . . . . . . . . 1Role of the SRA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Key extracts from Standards and Regulations that explain the authorisation process for compliance officer role-holders . . . . . . . . . . . . . 5Approval of role holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Approval process for individuals who are not deemed approved . . . . . . 7Individual role-holder and ongoing transparency requirements . . . . . . . 8Withdrawal of approval . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Temporary emergency approval of a COLP or COFA................... 12Chapter 2: Appointing your COLP and COFAKey extracts from STaRs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Compliance and business systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20The duties of managers in SRA authorised firms . . . . . . . . . . . . . . . . . . . . . . 22Compliance officers – necessary skills, knowledge, experience Compliance officers – time factors and other considerations . . . . . . . . . 25Specific considerations about the COFA role . . . . . . . . . . . . . . . . . . . . . . . . . . 26Can the COLP and COFA be the same person? . . . . . . . . . . . . . . . . . . . . . . . . 27Can we buy in a COLP or COFA? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28Chapter 3: Working with the SRA – understanding entity and risk-based regulationRegulatory objectives and a changed approach to regulation . . . . . . . . 31The impact of the LSA on the work of approved regulators . . . . . . . . . . . 31The SRA’s approach to risk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Regulatory reach over the authorised law firm . . . . . . . . . . . . . . . . . . . . . . . . 34The SRA’s supervision and enforcement work . . . . . . . . . . . . . . . . . . . . . . . . . 35Investigation and enforcement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35What this style of regulation means for the COLP and the COFA . . . . . . 36Enforcement powers against the COLP and COFA . . . . . . . . . . . . . . . . . . . . . 36Chapter 4: The COLP’s essential knowledge and suggested systems and controlsThe extent of the COLP’s responsibilities contrasted with the role of the COLP and the firm’s managers . . . . . . . . . . . . . . . . . . . . 39Key knowledge from the SRA Standards and Regulations of relevance to the COLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41Overview of the STaRs from the COLP’s perspective . . . . . . . . . . . . . . . . . . . 42SRA Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43SRA Codes of Conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Chapter 5: The COFA’s essential knowledge and suggested systems and controlsThe extent of the COFA’s responsibilities contrasted with the role of the COLP and the role of the firm’s managers . . . . . . . . 95Key knowledge from the SRA Standards and Regulations of relevance to the COFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96SRA Principles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96SRA Codes of Conduct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99SRA Accounts Rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101Chapter 6: Identifying, recording, and reporting non-complianceHow will compliance officers know what they need to know? . . . . . . . . . 126Record-keeping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127File-based or central records? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129Centralised or decentralised record-keeping? . . . . . . . . . . . . . . . . . . . . . . . . . . 129Self-reporting by staff or file reviews and supervisory oversight? . . . . . . 129Just STaRs breaches or all complaints data? . . . . . . . . . . . . . . . . . . . . . . . . . . . 130Records of decisions to deviate from the firm’s systems and controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130What information should be included in the record? . . . . . . . . . . . . . . . . . . 130Identifying serious breaches – where to start . . . . . . . . . . . . . . . . . . . . . . . . . . 131The role of the management team in dealing with non-compliance issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131Common breaches . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133Chapter 7: Compliance officers and international issuesOccasional or temporary practice outside England and Wales . . . . . . . . 135Firms with an “overseas practice” . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135How to respond to this section of the SRA Standards and Regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138Other international regulatory issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139Chapter 8: Behaviours outside of practiceEquality issues outside of practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144Chapter 9: Personal perspectivesThe relationship of the COLP and COFA with the management of the firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147Is the role full-time or part-time?....................................... 147Should the role be held for a fixed period? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148Should there be a deputy or understudy? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148Remuneration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149When and how often the compliance officer should report to the management team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149How will compliance officers work with the management team? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150Insurance and indemnity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151Sources of help . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152About Globe Law and Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153