COLP means compliance Officers for Legal
Practice while COFA stands for Compliance Officers for Finance Administration.
The establishment of COFA and COLP is part of the conscious move to regulate
legal and financial service delivery to advocate risk management and ensure
that all regulations are complied with. COLP and COFA have the responsibility
for a firm’s system and controls, as well as ensuring that processes are in
place to enable that the firm and members of staff comply with the guidelines
stipulated in the handbook. COLP and COFA ensure a culture of compliance in
financial and legal service delivery to avoid completely material breach or
breaches as the case may be. Through the stipulations of COLP and COFA, the SRA
is encouraging the dividends of a close working relationship between the
regulator and those who are being regulated. These stipulations are
consistently been updated and amended at the discretion of the SRA and some of
them include the following.
The size of the firm, risk registers, area of risk, client base
determines the type of system to be put in place. Suffice to say, a firm
complies with the COLP and COFA guidelines applicable to its identity to avoid
material breach and ensure a culture of compliance. The compliance with the stipulation of the handbook is not solely the responsibility of COLP and COFA, but also a certain
level of compliance is expected from the firm, its managers, but generally,
COLP and COFA have a crucial role to play in ensuring that accurate systems are
in place, in reporting material breaches to the Solicitors Regulation Authority
(SRA). Material reaches are reported at the discretion of the compliance
officer if the breaches form a pattern and are detrimental to clients or could
result to loss of confidence in the firm or in the provision of legal services.
COLP and COFA have undertaken or put in
place the following developments in the years past until recent times:
developments which are not but limited to
·
Be an individual and must be
fit to undertake the role(s). The assessment is done by taking into cognizant
the stipulation and criteria in the SRA suitability Test 2011 and any other
information of relevance and importance. The assessment is so as to ascertain
the level of fitness of the individual in carrying out the function or role
expected of him, and this is subject to initial approval by the firm and for
future references, approval may be withdrawn if you are no longer considered
fit.
·
You must be a certified COLP
and/or COFA
·
Have a stipulated year of
experience, seniority to effectively function in the role
·
COLP must be a lawyer of
England, Wales or a registered European lawyer.