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Understanding the COFA - their role in practice

Following the introduction of the new Code of Conduct in October 2011, practices should be turning their attention to nominating a compliance officer for finance and administration (COFA).

Firms will need to make their nominations by 31 July 2012 and the forms will be available from 31 May 2012 so the need is pressing. On current timetabling, the COFA will formally assume duties on 31 October 2012.

Before a practice decides who to nominate, they should have a full understanding of the role of the COFA and the skills required to fill the position.