Compliance officers
Tags
COLPs & COFAsGuidance
Guidance
Responsibilities of COLPs and COFAs - GuidanceGuidance: To assist COLPs and COFAs in understanding their duties and responsibilities.
Money missing from client account - Warning noticeWarning notice: Relevant to all firms and individuals we regulate but is particularly relevant to you if you are a manager of a firm or a firm's COFA or COLP.
Glossary terms
COLP
means compliance officer for legal practice and in relation to a licensable body is a reference to its HOLP
manager
means:
- the sole principal in a recognised sole practice;
- a member of a LLP;
- a director of a company;
- a partner in a partnership; or
- in relation to any other body, a member of its governing body
interest holder
means a person who has an interest or an indirect interest, or holds a material interest, in a body (and "indirect interest" and "interest" have the same meaning as in the LSA), and references to "holds an interest" shall be construed accordingly
SRA
means the Solicitors Regulation Authority
regulatory arrangements
has the meaning given to it by section 21 of the LSA
COFA
means a compliance officer for finance and administration and in relation to a licensable body is a reference to its HOFA