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The role of the COFA

The time for theory is over – practical solutions need to be implemented to ensure compliance with the regulatory responsibilities of this role.

The SRA have made it very clear from the communications to date, that their initial focus under the outcome focused regulatory (OFR) regime will be to ensure that all firms achieve and retain financial stability.

They have designed a risk-based framework which includes key indicators to assess all regulated firms, and their efforts will be targeted at those firms that represent the greatest risk in respect to the SRA’s ability to achieve its regulatory responsibilities.