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HOFA, COFA, WHATA?

Unfortunately, much press has been given to the new SRA Accounts Rules and how they have hardly changed. I say 'unfortunately', because this may have encouraged some people to simply give the rules a cursory glance and conclude the only significant changes are several pages of definitions (especially what the word 'you' means within the rules) and new rule numbers applied to the same old rules!

However, the more vigilant will have noticed a new definition under rule 2: ”COFA” – Compliance Officer for Finance and Administration. The definition mentions rule 8.5 to SRA Authorisation Rules and guidance note 1 to rule 6 expands on this.

The appointment of a COFA satisfies the requirement of the Legal Services Act 2007 for a licensed body to appoint a Head of Finance and Administration (known as HOFA - who knows why the SRA felt the need to change an existing abbreviation?).