Peter Cadman, as a member of the Law Society’s Professional Standards & Ethics Committee has prepared new guidance for the profession in relation to mandatory compliance officers.
On 22 April, the Law Society issued revised guidance for compliance officers for legal practice (COLPs) and compliance officers for finance and administration (COFAs) as to their responsibilities and obligations.
All practices authorised by the SRA must appoint a COLP and COFA. The responsibilities placed on compliance officers are broad. While the responsibility for compliance ultimately rests with the management of the firm, compliance officers may also find regulatory action is taken against them where they fail to meet their responsibilities.
The Solicitors’ Regulation Authority has stated that it will not use COLPs and COFAs as 'sacrificial lambs' for lack of a firmwide compliance culture. Therefore it is imperative that all practitioners are aware of their role in ensuring compliance.
As a member of the Professional Standards & Ethics Committee, Peter Cadman was assigned the task of preparing the revised practice note. Peter specialises in advising law firms in relation to compliance and professional conduct issues.
To read the guidance note, please visit the Law Society website.