'Several hundred' firms will not have COLPs and COFAs
SRA warns of enforcement action in the new year
More than 8,000 out of almost 10,000 firms have had their nominations for the roles of COLPs and COFAs approved, the SRA said today.
The regulator said it would work through the remaining nominations as quickly as possible before the 1 January deadline, but admitted that it was likely that “several hundred firms” would not have compliance officers next year.
“In some cases this will be because firms submitted their nominations after the deadline, or further investigation has been required,” a spokesman said.
“There are also still around 250 firms which have failed to complete the process, or even start it. In addition, there are a sizeable number of firms who have nominated individuals who will not be approved due to disciplinary and other significant issues.”
Samantha Barrass, executive director at the SRA, said: “We have a large team of staff working through the nominations, as it is crucial that we have as many COLPs and COFAs in place on 1 January as possible.
“I’m pleased to report, therefore, that we are likely to have more individuals able to take up their roles on that date than we thought a few weeks ago.
“If any firm submitted their nominations accurately and on time, but either the firm or their nominees have not heard from us requesting further investigation in support of the nomination, they can expect to receive their approval by 31 December. There is no need to take further action.
“There are also some firms which came very late to the process for a variety of reasons, or have delayed in providing us with further information where requested. These firms know who they are and, so long as they and/or their nominees provide us with all the information we have told them we need, we anticipate being able to make a decision early in the new year.
“It is disappointing, however, that while the vast majority of firms have met their regulatory requirements and completed the process, as required, there is still a number who have not.”
Barrass added that where firms failed to co-operate with the SRA, steps would be taken to revoke their authorisation.