20.12.12 – Luqmani Thompson & Partners has been asked to provide further training in the New Year for legal professionals on the roles of compliance officers. We regularly receive enquires as to how legal professionals are required to meet regulatory obligations under the new regime with the requirement of every firm to have a Compliance Officer for Legal Practice (“COLP”) and a Compliance Officer for Finance and Administration (“COFA”).

A number of firms have been advised by the SRA that they face sanctions either as to the failure to appoint compliance officers or as to the suitability requirements of the proposed nominees. We anticipate that with the growth of regulatory obligations, incidents of alleged non-compliance, appeals and legal challenges are also likely to rise.

Related Posts