SRA talks tough on COLPs and COFAs
Six hundred law firms had failed to nominate compliance officers by mid-September, the Solicitors Regulation Authority has revealed.
The organisation this week warned firms they could have their licences revoked if their officers for legal practice, and finance and administration (COLPs and COFAs) are not in place by 1 January. The SRA insists the appointment process has been ‘running smoothly’ and that 90% of firms had their nominations in before the 31 July deadline.
For those yet to nominate, enforcement action will begin this week after attempts to engage constructively with firms failed. Over the next two weeks, the first tranche of COLPs and COFAs will be approved, subject to suitability checks.
Where the nominating firm has had issues flagged up by the SRA’s risk-based assessment, appointments could take longer. The SRA (based at The Cube, pictured) has also confirmed that 150 firms will be randomly selected to take part in a scrutiny exercise to test the validity of self-declarations.
Andrew Garbutt, SRA director of risk, said: ‘We're enormously encouraged by the response but the small number of firms who have not yet nominated their COLP/COFA must do so now.
‘We have sent three reminders and we will be following up with firms over the next few weeks. Nominating a COLP and COFA is a regulatory requirement and we will have to take disciplinary action if firms do not comply.’
Comments
This represents mind numbing
This represents mind numbing double standards
First the SRA burdens the profession with inconsistent, outcomes based, Byzantine like rules, of breathtaking irrelevance. Then it bullies.
If it cant get its own way with threats, on the spot fines and unannounced diversity swoops, then it will threaten to put decent solicitors, who did not want the very considerable burden of being a COLP etc out of business.
This is complete madness.
I agree. When is the new
I agree.
When is the new group having its first meeting?
Oh dear Its that old chesnut
Oh dear
Its that old chesnut - the "Luddite slur"
I promise that the electric light bulb is indeed popular in these parts .Problem is the candle grease is spilling all over my computer screen which is currently showing the outcome of digital dictation
Please remember that the FSA employed similar messianic zeal in regulating the Banks, and look how that ended up!!
You are confusing light touch compliance, with the dead hand of an out of touch, impractical regulator, suffocating and squeezing the life from the very lawyers it is suppose to support.
The current logo on the top of SRA letterheading is laughable, since it is so divorced from the dreadful reality of what solicitors have to put up with but hopefully not in the longer term
Madam President Once more are
Madam President
Once more are you reading these comments?
Nothing the SRA ever does is
Nothing the SRA ever does is done "smoothly" so i think we can ignore that quote from the article.
As for the rest of it, I wouldnt be surprised in the least if they later announce that a computer glitch caused a problem with their figures and the nomination rate is closer to 98% than 90%.
What a pathetic mess they make of everything they do.
sra
As well as COLPs and COFAs, we also now need an ORC and an AUS to complete the PC renewal process! Where will it al end?
Is the SRA going intervene in
Is the SRA going intervene in all the firms?
SRA threats
Being a sole practitioner firm we spent many a long hour discussing who should take these important new roles within the firm. In the end, we decided me. But then we hit a problem, our diversity officer (me) pointed out that our diversity would be undermined if we just appointed me in yet another role without formally considering the diversity issues. Also from a risk management point of view we had to consider the extra burden of more work on the same person (me). Accordingly I put in a formal complaint (anonymously) to our senior partner (me). Incredibly the complaints committee (me) has not met for months and they are totally ignoring the complaint. How come they only ignore complaints from white anglo saxon males like me? Here's the stats - complaints from white members of staff - 10. No of complaints ignored by me - 10. This is outrageous. I am thinking of whistleblowing the whole lot to the SRA and while I'm at it, I might as well include the FSA.
COLPs and COLFs are an excellent idea - whatever they are. I don't know why people can't just fill in the forms and send them back. This is useful use of time and avoids doing anything for clients who only then complain, don't pay and then make a PI claim. See, the SRA is on our side.
SRA threats
My wife came to visit me for a rare coffee at the office today. Whilst we chatted and she reminded me of all my failings and list of 'yet-to-be-done-husbandy-things', it dawned on me that I need to log back into the system and change our COLP and COFA. I have now found the ideal candidate who would never hesitate to whistleblow.. unfortunately though she is neither a solicitor nor is she a person over whom I exercise any control whatsoever, both I believe being requirements of the role.
She is however able to discriminate discretely....
ha ha! Beautiful.
ha ha! Beautiful.
Amidst all the admin, roles
Amidst all the admin, roles and functions being created to carry out my own supervision and regulation (which do not generate an income) I wonder what time I will have to do any fee earning work amidst all the COLP's COFA's Partners meetings, ORC's, AUS's, compliance, CPD, PI renewals etc. etc. etc. I thought I was here to assist people in their legal affairs, not monitor my own performance.
Law Society articles
I am beginning to think the Law Society are playing quite a good hand.
The majority of articles lately have been about the SRA and its new initiatives and warnings about not complying with this, that or the other.
The result is that most readers direct all their anger at the SRA as is evident from the adverse comments here. It is almost seems as if the articles are written to generate as much negativity about the SRA as possible.
Just an observation.
Dear P.W.T You are clearly
Dear P.W.T
You are clearly not a solicitor as you refer to us as being "your lot". Would you care to disclose who are "your lot"? Not, perchance, a regulator?
We have been successfully managing compliance and fair regualtion since the year dot.
You say "The equivalent roles of COFA and COLP are part of the landscape of most modern professions and will ultimately improve the end benefit product result experienced by your consumers."
We don't have consumers, we have clients, to whom we provide a service, not a product. Sounds to me like a regulator speaking .
"It should be embraced and not challenged with Ludite zeal." I am clearly misguided if I think that change should be carefully examined before being unthinkingly embraced. Forgive me if I attempt to wonder why we are being herded in a lemming like rush to the brink. Who is actully benefiting? The "consumer", the profession (if it still is one) or the regulation industry? As placidlawyer wisely states, for how long?
Good hand
A fair amount of anger is also directed at the Law Society, which is seen as the Dr Frankenstein of the piece. It set up the SRA and now seems unable to reason with it. It's pretty unedifying when you see the SRA saying one thing about referrals to financial advisers and the Law Society saying something else. It's also not very impressive to see the Society asking Vince Cable to produce a long-term solution to the question of lender panels in the same week that the SRA expresses concerns about the level of claims/complaints being generated by poor conveyancing. The SRA seems to be relishing its role to the point of overkill, while the Society is struggling to come to terms with its representative function.
but will Frankenstein turn on
but will Frankenstein turn on its master?
Frankenstein
You should be aware that Dr Victor Frankenstein is the master. He is killed by his creation. His creation - the Monster- is composed of dead body parts and has the brain of a corpse. A dead criminal's brain no less. Are we still talking about the SRA? I rest my case.
Listen I'm a banker.I am fed
Listen I'm a banker.I am fed up being treated as if we have only just emerged from the primordial pool.
I come from a family of bankers
My father told me years ago that he was a respected member of his community but then he and others were told that looking after his customers best interests was potentially a ground for disciplinery action and he would to start hitting targets and educate his staff as to what a modern banker must now do.
Problem was over the years his friends drifted away as they could no longer get impartial advice and he was always trying to sell them things which they didn't understand
The final straw was the abuse from customers and lack of respect
His morale crashed and he sought solace by becoming a part time worker at Primark whilst writing a critique of modern banking
Lessons have been learned and
Lessons have been learned and the debate is closed
The debate may be closed-but
The debate may be closed-but no lessons learned!
no it hasn't
no it hasn't
More like YOU have been found
More like YOU have been found out, and dont like it! Who would have thought a lawyer would have carried out some research.
By the way.....is it really safe and fitting for someone in the regulatory body to have such strong feelings against the very profession they regulate? Should there not be more of an even keel? Such strong feelings could result in a blind fury which results in the baby being thrown out with the bath water. Sometimes even you need to stop and think not whether something can be done, but whether it should be done. And not just to feed your own bias.
If P.W.T's (note - no full
If P.W.T's (note - no full stop after the 'T', shows lack of attention to detail) claim of working for the SRA is true then I expect that s/he has had a knuckle-rapping, and that's why s/he claims that 'lessons have been learned' - ie regulators should not be drawn into unseemly and desultory tirades against those they regulate - and further claims the debate to be 'closed' because they are forbidden by those on high from trolling even more.
PWT
I see that several posts by "PWT" have been removed.
If anyone has a print, or cashed versons of those please would them re-post them for us or send them to ne at neil.howlett@fromeharris-harris.co.uk