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COFA Reporting Requirements to be Relaxed
18 March 2013
Speaking at the Law Society's Risk and Compliance Annual Conference in London on Friday 15 March 2013, Samantha Barrass, Director of Supervision, Risk and Standards at the Solicitors Regulation Authority (SRA), announced plans to launch a consultation regarding dropping the requirement to report non-material breaches.
It seems inconceivable that the consultation process will see any serious opposition to the suggestion that both Compliance Officers for Legal Practice (COLPs) & Compliance Officers for Finance and Administration (COFAs) will, from October, no longer need to report non-material breaches of the SRA Handbook, including the SRA Accounts Rules, to the SRA as part of an annual information report.
However, the requirement for all non-material breaches to be recorded will remain unchanged meaning that COLPs and COFAs will still need to ensure that they have robust procedures in place to identify and record all breaches that occur.
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