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[SITUATION] · [ACTIVE] · [BUSINESS]
2 clusters · 3 sources · 3 days · First seen · Last updated
Solicitors Regulation Authority compliance role dispute
Overview
The Solicitors Regulation Authority (SRA) faced potential leadership challenges following proposed regulatory changes regarding compliance roles. The dispute centered on plans to separate the roles of Compliance Officer for Legal Practice (COLP) and Compliance Officer for Finance and Administration (COFA) from individuals with “unilateral decision making” responsibilities.
Critics, including Jade Gani of the SME & Boutique Law Firm Alliance, argued that the proposed thresholds—targeting firms with over £600,000 in turnover or more than £2 million in client accounts—would disproportionately impact small and boutique law firms.
In response to professional backlash, the SRA announced a pause on the rule changes. Executive director for policy and strategy Aileen Armstrong stated the regulator would pause to ‘take stock’ and consult with stakeholders to create more proportionate options.
Entities
Solicitors Regulation Authority · Law Society of England and Wales · Circe Law · SME & Boutique Law Firm Alliance · Jade Gani
Timeline
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[BUSINESS] 2 sourcesSolicitors Regulation Authority pauses compliance officer rule changes
The Solicitors Regulation Authority has paused proposed rules that would separate COLP and COFA roles in law firms following pushback from smaller firms and the legal profession.
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[BUSINESS] 2 sourcesSolicitors Regulation Authority faces no confidence threat
The Solicitors Regulation Authority faces a potential vote of no confidence over proposals to separate COLP and COFA roles, which critics say will disproportionately impact small and boutique law firms.
Sources
legalfutures.co.uk · todaysfamilylawyer.co.uk · todayswillsandprobate.co.uk