COLPs and COFAs – latest developments
In this article we look at the latest developments for firms in appointing their COLP and COFA.
Following the introduction of the new Code of Conduct in October from the Solicitors Regulation Authority (SRA), practices are required to appoint a compliance officer for legal practices (COLP) and a compliance officer for finance and administration (COFA).
My article in the previous newsletter, ‘Understanding the COFA – their role in practice’, set out the responsibilities of the COFA, and looked at who can and should be nominated for the role. This article outlines the latest developments.