OFR and COFA - a checklist
As much has already been written about the roles of the COFA and COLP, emphasising the necessity to comply with outcomes focused regulations (OFR), here we provide a high level checklist of key procedures and processes that should be in place or considered.
Given the continued delay in many of the SRA deadlines associated with OFR and in particular, COFA & COLP registration, some firms have deferred the decision as to who it will be and many firms have deferred the detailed preparation for compliance with OFR.
It is suggested that without the SRA’s direct intervention, firms do not feel under pressure to comply with some of the more far reaching implications of OFR and without detailed guidance and example forms from the SRA, law firms are not even sure what, exactly they will need to report to the SRA annually. Some even suggest that those firms who are not part of the SRA’s risk based relationship management are waiting to see what happens before taking action – waiting for the first firm to be ‘caught out’… a dangerous tactic!