Vast majority of firms have chosen COLPs and COFAs

More than 93 per cent of the 11,000 law firms in England and Wales have chosen their Compliance Officers for Legal Practice and Finance and Administration (COLPs and COFAs), the SRA said this afternoon. The deadline for applications expired last night.

A spokeswoman for the SRA said the 93 per cent was made up of those who completed the nomination process or were in the final stages. She said the remaining seven per cent, or 770 firms, included those who had recently applied and firms which may have merged.

The spokeswoman said the number of firms which had done nothing at all was “very small” and the SRA would be “proactive in working with those who are struggling to resolve their difficulties”.

COLPs and COFAs are responsible for ensuring firms have systems and controls in place to enable them to comply with regulation. While ultimate responsibility rests with the firm’s managers or the sole practitioner, the new officers must ensure compliance, and are responsible for recording and reporting failures..

“When we introduced outcomes-focused regulation, we moved away from the focus on prescribed rules to concentrate on what outcomes we want for the consumer and for the sector as a whole,” Antony Townsend, chief executive of the SRA, said.

“The appointment of COLPs and COFAs is key to this new regime and we’re delighted to be in the position of assessing nominations.”

The SRA has until 31 December this year to process applications. COLPs and COFAs will be required to take up their roles from 1 January 2013.