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SRA Delays COLP and COFA Nomination Process

29 February 2012

The SRA have announced that the start of the process for nominating COLP‘s and COFA’s has been delayed.

In a statement on their website the SRA have blamed the delay on the postponement of the closure date for online renewals which has meant that the date for opening the process for nominating compliance officers for legal practice (COLPs) and compliance officers for finance and administration (COFAs) will be later than originally planned. The SRA have said that a full update will follow as soon as dates are finalised.

With the start of the process having been delayed it seems inevitable that there will be slippage in the original nomination deadline of 31 March 2012.

If you would like to know more about what is involved in the being a COFA our CPD training course, which is entitled COFA - The Role and Responsibilities Explained, has been carefully compiled to provide practical advice and guidance on key topics such as the SRA Accounts Rules, common compliance problems, appropriate accounting systems and controls, identifying high risk areas and fulfilling your obligation to record and report breaches of the SRA Accounts Rules to the SRA.

If you would like us to keep you updated on the latest legal regulatory and compliance news, including the latest developments relating to roles of COLP and COFA, sign up for our FREE newsletter.

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